Enea Group is entering the next stage of its energy transition. The coming months are expected to be marked by spending on new gas-fired capacity in Kozienice, modernisation of the distribution grid, renewable energy development and digitalisation. Total capital expenditure is set to rise this year to PLN 9 billion. The scale of acceleration is even more significant given that 2025 was already a record year for the group in this respect.
In 2025, Enea’s investment expenditure amounted to PLN 6.2 billion, of which more than PLN 2 billion was allocated to the development of renewable energy sources. Last year, the group increased its installed RES capacity by 220.5 MW, partly thanks to three acquisitions of wind farms. The company officially stated that this was the largest investment programme in its history.
“We continue to invest heavily in distribution, on which we spent PLN 2.8 billion last year. This was a record level of investment,” Marek Lelątko, Vice-President for Finance at Enea, told Newseria news agency.
In the distribution area, seven key 110 kV grid investments were completed last year, among other projects. Thanks to the ongoing work, the SAIDI indicator, measuring interruptions in electricity supply, and the SAIFI indicator, measuring interruption frequency, are now among the best results achieved by Poland’s four largest energy distributors.
“We are improving the quality of the grid for customers — SAIDI improved by 3%, while SAIFI improved by 11%. Operationally, the grid is also better because we are cabling it. It is better to cable a line once than repeatedly repair overhead lines after storms,” said Enea’s Vice-President. “In addition, the digitalisation of the distribution grid is progressing: large investments are being made in TETRA and SCADA systems, as well as in tools for managing field crews in order to improve the efficiency of distribution operations.”
The new investment cycle is to be based primarily on two pillars: flexible gas-fired sources and a modern grid. Construction of two CCGT gas-and-steam units at the Kozienice Power Plant, with a combined capacity of 1,336 MWe, began in February 2026, while the units are planned to be commissioned in 2029. According to Enea, the project is of key importance for energy supply security and for integrating the growing share of renewable energy sources into the system.
“We plan to spend more than PLN 9 billion in total. We will reach a stage in the CCGT investment in Kozienice, where two gas-fired units are being built, at which we will spend almost PLN 3 billion on this project this year. In distribution, we will reach an almost maximum level of investment — PLN 3.3 billion, in line with the development plan,” Marek Lelątko announced.
The company also wants to maintain a high level of activity in renewable energy, developing, among other things, photovoltaic projects and energy storage facilities. By 2028, it plans to launch storage facilities with capacities of 232 MW in Kozienice and 200 MW in Połaniec.
“Until now, we were a group that was 100% focused on mining and conventional generation. Now we are investing heavily in gas as another fuel in our mix, as well as in renewables,” said Enea’s Vice-President.
At the same time, Enea is not giving up spending on the maintenance of its existing assets. Significant funds are still to be allocated to Bogdanka, the coal-fired units in Kozienice and Połaniec, and the heat segment, where the group is carrying out the decarbonisation of systems in Białystok, Piła and Oborniki.
Digital transformation is also becoming increasingly important. Enea is investing in grid automation and digitalisation, and by 2030 it plans to install 3 million smart meters.
“The energy sector of the future is based on AI and modern remote systems. This kind of energy system can no longer be managed manually,” Marek Lelątko emphasised.
As he added, the adopted model of advance contracting makes it possible to avoid a concentration of expenditure at the end of the year and to implement the investment plan evenly. Such a broad investment programme requires a stable financing structure. The group emphasises that regulated revenues from distribution remain its foundation. Additional support comes from contracted capacity market revenues of nearly PLN 16 billion, a preferential BGK loan for distribution grid development under the National Recovery Plan worth nearly PLN 10 billion, and record funding of nearly PLN 1.15 billion from the National Fund for Environmental Protection and Water Management for infrastructure modernisation and increasing the capacity to connect renewable energy sources.
“Financing for the CCGT units in Kozienice amounts to almost PLN 7 billion in a project finance formula. This is the largest onshore project finance arrangement to date,” the expert said.
The company stresses that this structure allows it to carry out a strategic investment without placing excessive pressure on the group’s balance sheet. Enea Group’s strategy until 2035 assumes total capital expenditure of PLN 107.5 billion, of which PLN 40.9 billion is to be allocated to distribution, PLN 36.2 billion to renewable energy sources, and PLN 15.2 billion to the construction of gas-and-steam units. By 2035, the group aims to have 4.9 GW of installed RES capacity and 1.33 GW in energy storage.
“We are focusing on diversification. We want to have a full value chain and diversify our generation sources. From the perspective of security, distribution is the core business, but we want to build value across different segments. At present, the renewable energy segment is still relatively small, but we want to operate effectively within it. It is an alternative to our conventional assets, which will soon be complemented by gas assets,” Enea’s Vice-President concluded.
