In the first six months of this year, PGE’s investment spending increased to 4.64 billion PLN, compared to 3.95 billion PLN in the same period last year. The company emphasizes that this is a response to the dynamic changes in the energy market and the need to adapt to new regulatory realities. “Our most important investments in the second half of this year include securing financing for the largest offshore wind farm, Baltica 2, and finalizing investments in our gas segment,” said Dariusz Marzec, CEO of PGE Polish Energy Group.
“Our group’s results for the second quarter of this year are still under pressure from the conventional energy segment. However, thanks to our diversified production structure and various business segments, the company is showing stable results, and we have even managed to increase investments to maintain the group’s stable growth in the coming periods,” Marzec told Newseria Biznes.
In the first half of this year, PGE achieved a net profit of nearly 2.09 billion PLN, close to the 2.17 billion PLN reported in the same period last year. The recurring EBITDA result in Q2 was just over 2.3 billion PLN. The conventional energy segment, struggling with challenges, posted an EBITDA result of -177 million PLN during this period, attributed to a decline in electricity generation margins. On the other hand, the renewable energy segment saw growth, with an EBITDA result of 267 million PLN, due to lower energy purchasing costs and increased revenue from the capacity market.
A significant increase in investment spending has drawn attention—expenditures rose to 4.64 billion PLN compared to 3.95 billion PLN in the first half of last year.
“Our most important investments in the second half of this year include securing financing for the largest offshore wind farm, Baltica 2. We plan to complete financing for this project in Q4, as it is key to the development of PGE’s zero-emission generation segment,” said the CEO.
PGE Group’s offshore program aims to build the Baltica offshore wind farm by 2030, in two phases, with a total capacity of approximately 2.5 GW. These projects are being developed in partnership with the Danish company Ørsted. After 2030, the portfolio will also include Baltica 1, with a capacity of about 0.9 GW. With new areas acquired for development in the Baltic Sea, PGE will be able to build additional offshore wind farms by 2040, with a total installed capacity exceeding 7 GW.
“In the second half of this year, we will also finalize investments in our gas segment, including two gas units in Gryfino and a combined heat and power plant and gas-steam units in Wrocław, at Czechnica. These are key investments in the Heating segment, as well as in the production of low-emission electricity from natural gas,” said Dariusz Marzec.
One of the units at the Dolna Odra Power Plant in Gryfino was already commissioned in mid-August. The commissioning of the second unit, number 10, is scheduled for September 30.
Additionally, in the coming months, the EC Czechnica-2 project near Wrocław will be launched—a new low-emission combined heat and power plant consisting of a gas-steam unit, four peak-reserve boilers, and a heat accumulator. It will produce energy for residents of Siechnice and the southern part of Wrocław. The plant will be powered by natural gas, replacing coal, which will reduce CO2 emissions by 622,000 tons per year, or more than 60%. The new unit will have a thermal capacity of 315 MWt (currently 247 MWt) and an electrical capacity of 179 MWe (currently 100 MWe).
