PGE Polska Grupa Energetyczna

PGE Polska Grupa Energetyczna S.A. (PGE SA or PGE Group, the name can be translated as Polish Energy Group) is a state-owned public power company and the largest power producing company in Poland.[2] PGE is listed on the Warsaw Stock Exchange and is a constituent of the WIG30 index.

PGE Polska Grupa Energetyczna Spółka Akcyjna
Typestate owned
WSE: PGE
ISINPLPGER000010 
IndustryElectricity
Founded1990 (1990)
Headquarters
Warsaw
,
Poland
Key people
Henryk Baranowski, CEO
ProductsElectrical power
Revenue$7.3 billion
Total assets$16.2 billion[1]
Total equity$5.2 billion
Number of employees
41,227
Websitewww.gkpge.pl/en/

The group is largely controlled by the Polish State Treasury who as of 9 July 2014 owns 58.39% of the public limited company.[3] In addition to the activities of its core businesses of central and holdings companies in the generation and distribution of electricity, the group also trades electricity and other relevant products on the market. The total company revenue for 2015 was 28.542 billion złoty and the company made a net income loss of 3.032 billion złoty.[4]

In October 2020, PGE Polska Grupa Energetyczna published a new strategy by 2030 with a perspective by 2050 and a transformation plan aimed at achieving climate neutrality of the Group in 2050.[5][6] The key directions of the PGE Group's development will be offshore and onshore wind energy, photovoltaics, grid infrastructure, low-emission heating and energy services. The area of divestment and limitation of activity will include coal energy and hard coal trade.[7]

History
The company's headquarters in Warsaw
Dolna Odra Power Station
Branch of PGE in Tomaszów Mazowiecki (Łódź Voivodeship)

The PGE Group was founded as Polskie Sieci Elektroenergetyczne S.A. (translates as Polish Electrical Power Lines Share Company) in 1990. In 2007 the Transmission System Operator division (PSE-Operator) was separated from the PSE S.A. group. On 9 May 2007 Polska Grupa Energetyczna was established by the merger of PSE, PGE Energia SA and BOT Górnictwo i Energetyka S.A.[8] 6 November 2009 IPO in Warsaw Stock Exchange. 19 March 2010 included to WIG20.

Operations

The PGE Group operates two large lignite mines and more than 40 power stations, including the Bełchatów Power Station. Power stations are fueled mainly by hard coal and lignite. The company consists of eight distribution system operator companies, eight electricity retail sales companies, an electricity wholesale company and enterprises operating in other industries (including the telecommunications).[8] PGE holds a 38% market share in generation of electricity and an estimated 30% market share in supply in electricity for the year 2015.[9] Projects of this company are, among possible other sources, funded by mBank (2020)[10]

Nuclear energy

On 15 January 2009, the company announced a plan to build two nuclear power stations in Poland.[11][12] It also participates in the Visaginas Nuclear Power Plant project.[11]

As of 2018 the Polish government was still considering whether the first nuclear power plant should be built,[13] but in May 2018 PGE decided to invest in offshore wind power instead.[14]

Sponsorship

The company bought the naming rights for the PGE Arena Gdańsk, a football stadium in Gdańsk, Poland, for 35 million złoty (about €8.5 million) for a duration of five years. The 2010 Speedway World Cup is named according to PGE.[15] Polska Grupa Energetyczna bought PGE Skra Bełchatów volleyball club.

References
  1. "The List". Retrieved 2017-09-24.
  2. Pawel Kozlowski; Katarzyna Klimasinska (2009-02-25). "Poland Can't Delay Asset Sales, Treasury's Grad Says". Bloomberg. Retrieved 2009-03-07. Cite journal requires |journal= (help)
  3. "PGE - PGE Polska Grupa Energetyczna SA". Stooq. 2016-07-08. Retrieved 2016-07-08.
  4. "PGE Polska Grupa Energetyczna SA, PGE:WSE financials - FT.com". markets.ft.com. Retrieved 2016-07-08.
  5. S.A, PGE Systemy. "Press center - Press releases - Corporate - PGE Group's strategy: climate neutrality in 2050". www.gkpge.pl. Retrieved 2020-11-22.
  6. "PGE deklaruje neutralność klimatyczną w 2050 r." Teraz-Środowisko (in Polish). Retrieved 2020-11-22.
  7. "Strategia Grupy PGE do 2030 roku z perspektywą do 2050 roku przyjęta - Serwis informacyjny". www.cire.pl. Retrieved 2020-11-22.
  8. Tomasz Zadroga (2008-10-31). "Activities of the Polish Energy Group" (PDF). Baltic Rim Economies. Pan-European Institute. Archived from the original (PDF) on 2011-07-16. Retrieved 2009-03-07.
  9. "PGE Group Facts and Figures (2016)" (PDF). PGE Group. Archived from the original (PDF) on 2017-05-12. Retrieved 2016-07-08.
  10. "Source". Retrieved 27 March 2020.
  11. "Poland wants nuclear home and abroad". World Nuclear News. 2009-01-16. Archived from the original on 2011-11-30. Retrieved 2009-03-07.
  12. "Polska Grupa Energetyczna". bankier.pl. 2009-01-15. Archived from the original on 2011-10-06. Retrieved 2009-03-07.
  13. "Poland to decide later this year on building nuclear plant". Reuters. 29 January 2018. Retrieved 12 September 2018.
  14. "Poland's largest power group opts to back wind over nuclear". Power Engineering International. 11 May 2018. Archived from the original on 13 September 2018. Retrieved 12 September 2018.
  15. "Komunikat prasowy FIM" (in Polish). pzm.pl. 2010-07-14. Retrieved 2010-07-14.
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