Energa concluded Q1 2024. 66% of energy was generated from RES

Energa Group summarised its financial and operating results for Q1 2024. The Group’s sales revenue amounted to PLN 6.25 billion (-16% YoY). The Group’s EBITDA amounted to PLN 1.08 billion (-54% YoY)The consolidated net profit in the first three months of the year amounted to PLN 431 million (-73% YoY).

In Q1, the Group’s gross production of electricity totalled ca. 0.9 TWh, of which 49% came from water, 29% from coal, 18% from wind, 2% from biomass and 1% from photovoltaics. In the three months, 577 GWh of gross electricity was produced from RES. The share of RES in the company’s own production was 66% (excluding the pumped-storage power plant in Żydów). The volume of energy supplied was 6.1 TWh, and retail electricity sales in the period amounted to 4.6 TWh.

The installed capacity at the end of March this year was 1.41 GWe, of which 44% was renewable energy sources.

During the first three months of 2024, capital expenditures in Energa Group amounted to PLN 759 million and were PLN 46 million higher (+6% YoY) than in the same period of the previous year.


EBITDA of the Generation Business Line in Q1 2024 amounted to PLN 183 million (-39% YoY). The decline in EBITDA was primarily due to lower electricity prices and production volumes at the Ostrołęka coal-fired power plant.


EBITDA of the Distribution Business Line recorded a decrease compared to the previous year. In the three months of 2024, it was PLN 949 million (-42% YoY). The result was mainly influenced by the high base effect of 2023, in which the balance sheet valuation of the estimate of network losses at the purchase price in force in 2023 had a significant positive impact. In the current year, due to the valuation of network loss estimates in balancing market prices, a similar effect did not occur.


In Q1 2024, the total volume of electricity sold by the Sales Business Line amounted to 5,586 GWh and was higher by 347 GWh (+7% YoY) compared to the first quarter of last year. The increase in sales volume is the result of higher sales in the wholesale market with solid sales in the retail market.

The Sales Business Line reported a negative EBITDA of PLN -29 million (compared to 445 million in Q1 2023). The financial results of this line in the period under review were influenced by statutory regulations in the field of electricity sales prices for some of the end users in the first half of 2024 and the level of the electricity tariff for households approved by the President of the Energy Regulatory Office for 2024. Also significant was the overall decrease in unit margins on electricity sales to end users, which were adversely affected by, among others, the effect of balancing of the energy portfolio.


During the first three months of 2024, capital expenditures in Energa Group amounted to PLN 759 million and were PLN 46 million higher (+6% YoY) than in the same period of the previous year. Investments in the Distribution Business Line accounted for 48% of the total expenditures made by the Group and amounted to PLN 364 million.

The investments in the distribution area included the expansion of the grid with a view to connecting new customers and generators, as well as modernisations aimed at improving the reliability of electricity supplies. During the first quarter of this year, 15,000 new customers were connected, a total of 588 kilometers of high-voltage (HV), medium-voltage (MV) and low-voltage (LV) lines were extended or upgraded, and 230 MW of new renewable energy sources were connected to the grid.

Investments in the distribution network are reflected in grid failure rates (planned, unplanned and catastrophic). In the period under review, the SAIDI index, which measures the average duration of a long outage (more than 3 minutes) in electricity supply, decreased to 28.2 minutes per customer, compared to 73.4 in Q1 2023. The SAIFI index, which measures the average number of long outages per customer, was improved YoY to 0.4 from 0.6.

In the Generation Business Line, investment expenditures amounted to PLN 72 million. Tasks related to the construction of new RES capacities, especially PV power, most notably PV Mitra (Turek District, Greater Poland Voivodeship), were a significant contributor. This project involves the construction and commissioning of a photovoltaic plant with a total capacity of approximately 65 MW.

In March, Energa Green Development became the owner of the Farma Wiatrowa Szybowice sp. z o.o, a special purpose vehicle that owns the Szybowice wind power project. The order to start the work was also issued. The investment will be carried out in the Prudnik District, Opolskie Voivodeship. The farm will consist of 17 turbines, each with a capacity of 2.2 MW and an overall height of 180 meters.

CCGT projects

Energa Group is currently developing two gas-fired power plant projects in the EPC (“turn-key”) formula: CCGT Ostrołęka and CCGT Grudziądz. Both projects are designed to implement Poland’s decarbonisation goals, as well as ORLEN Group’s strategy to reduce carbon dioxide emissions by 40% for every MWh by 2030. The development of the low-emission generation units will also increase the country's energy security and secure the stability of the country’s energy supply.

Work on both projects is proceeding on schedule. At CCGT Grudziądz, the progress of work – including design and construction work, as well as purchases and deliveries – at the end of March was 75 percent, and at CCGT Ostrołęka – more than 65 percent. 

As for CCGT Grudziądz, in the first quarter of the year, key machinery and equipment of the power plant – transformers, cooling tower pump units, generator as well as steam and gas turbines – were delivered to the site. Installation of the power plant’s turbine unit is currently underway.

At the Ostrołęka CCGT project, further parts of the general contractor’s work were accepted.


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