Summary of the year

2020 was an extremely important period for the operations and future of the PGE Group:

  • a new Management Board headed by President Wojciech Dąbrowski commenced its work in February;
  • we reviewed the projects in the Group, closing projects outside the core business;
  • the Holding Council of the PGE Group was established;
  • we continued the expansion of the portfolio of renewable energy assets;
  • the PGE Group’s Strategy until 2030 was presented with an outlook until 2050.
Wojciech Dąbrowski
President of the Management Board, PGE Polska Grupa Energetyczna

According to the information from February 2020, immediately after the appointment to the PGE Management Board of the 11th term, I announced changes and the start of work on a new strategy for the PGE Group. Today, I would like to inform you that PGE Polska Grupa Energetyczna is ready to be a leader in sustainable energy transformation, and the Management Board has a very specific plan for this. In the new strategy, we responded to social expectations, regulatory and market changes, and decidedly focused on low and zero-emission energy sources. Our goal is PGE Group’s climate neutrality in 2050. To implement it, we accelerate the process of changes in the company. Already in 2030, the PGE Group will be a completely different enterprise.

In addition, it should be remembered that since March 2020 we have been working in difficult conditions, struggling together with the coronavirus pandemic and at the same time – as the largest energy producer in Poland – ensuring uninterrupted electricity supplies to Polish homes, institutions and enterprises. The efficient organization of work in our companies allowed for uninterrupted functioning in a demanding sanitary regime, and as a Group, we also contributed our donation to supporting the fight against coronavirus – by donating funds to hospitals. We cannot forget about our employees, who at that time became involved in helping with the call centre of the National Health Fund.

Looking at PGE’s financial results – we have reduced our debt by over PLN 2 billion during the year. The Management Board reduced unnecessary expenses and focused on investments with the highest rate of return. Projects that did not guarantee adequate profits in the future were closed. The Group’s management efforts and financial stability have been noticed by rating agencies. PGE maintained the highest credit ratings among fuel and energy groups in Poland.

Wojciech Dąbrowski
President of the Management Board

PGE Group used the difficult year of the pandemic to prepare for the energy transition and a new opening in green investments. It was a time of intense concept work. We used this difficult time to put the Group in order and create a strategic framework for its new opening.

2020 calendar

  • Contract for construction of new gas units no. 9&10 in Dolna Odra power plant
  • Environmental permits for offshore wind farms Baltica 2 and Baltica 3
  • Appointment of the Management Board of the 11th term
  • Agreement with PSE S.A for connection of new units of Dolna Odra power plant
  • Agreements with the Ministry of Climate for financing of green investments
  • Appointment of the Holding Council of PGE Group
  • Commisioning of Starza/Rybice and Karnice II wind farms (97 MW)
  • Acquisition of Skoczykłody wind farm (36 MW)
  • Fitch affirms credit rating
  • PGE Group announces strategy until 2030 with 2050 perspective
  • Letter of intent with the State Treasure on sale of PGE EJ1 shares
  • Result of the main capacity auction for 2025

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