Stable distribution as a foundation for Energa's performance

In Q2 2022, the Energa Group's EBITDA stood at PLN 0.94 bn, securing a stable financial position and allowing energy transformation projects to continue. Distribution activities accounted for the largest share in the consolidated EBITDA for Q2, at around 60%. Further, the share of RES in total electricity production by the Energa Group came to approximately 31% in the last three months.

– We continue to focus on the development of the Energa Group, improving its competitiveness domestically. The Group's capital expenditures in Q2 2022 totalled PLN 619 m. Nearly 63% of that amount was spent on distribution operations, being the pillar of the Group's performance and a driver of its growth. Expansion of the distribution network is indispensable from the perspective of further development of the RES potential of Poland, critical to achieving carbon neutrality. Therefore, strengthening of the power sector is one of  building blocks in the development of a modern, multi-energy group, and follows directly from the ORLEN2030 strategy  – emphasizes Daniel Obajtek, President of PKN Orlen's Management Board and acting President of the Management Board of Energa SA.

The Group's consolidated net profit for Q2 2022 came to PLN 0.45 bn, revenues stood at PLN 4.58 bn, and EBITDA at PLN 0.94 bn. Generation sources owned by Energa generated, year on year, 17% more electricity (1,048 GWh), of which 31% was generated by zero-emission sources. The largest share in power generation from RES in Q2 came from hydropower plants (198 GWh), followed by wind farms (107 GWh). In the entire year-half, generation from renewable sources improved by 6% y/y (827 GWh). 

In the reporting period, the volume of electricity sale totalled 5.20 TWh, with the wholesale volume growing by 31% y/y, and the retail volume dwindling by 4% y/y.

Owing to capital expenditures in the Distribution Business Line 805 kms of power lines were built or upgraded, and 19 k new customers were connected. 

Progress with low-emission projects

Key events in Q2 included signature of the contract for the construction of a CCGT unit in Grudziądz with the consortium of Siemens Energy Global GmbH & Co KG, Siemens Energy Sp. z o.o. and Mytilineos S.A. The power plant with the output of approximately 560 MW will be one of Europe's most modern units of this type.

At the same time, a reserve-peak boiler house was handed over for operation in Elbląg, with the heat output of some 114 MWt, being the first of the two new generation sources for CHP Elbląg. The new sources will allow Energa Kogeneracja, operator of the site, to move away from coal as the fuel for heat production in the near future. The contractor for the project is Energotechnika-Energorozruch SA.

In a twin project developed in the reporting period in CHP Kalisz, a contractor for the gas turbine unit was selected. The target total heat output of the unit is 20.6 MWt, and its electrical output 22.8 MWe. The contractor is a consortium of Introl-Energomontaż Sp. z o.o. (leader) and Bergen Engines AS (partner).


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