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Today, no country can function without electric power industry. This sector of the economy is of strategic importance for any state, hence it is subject to strict regulation, by both domestic and European laws. 

This regulation aims to ensure the availability of electricity at reasonable prices, improve operational efficiency and develop the power industry. The introduction of various regulatory mechanisms is to eliminate undesirable operations, including possible disruptions to electricity supply or uncontrolled price hikes that could adversely affect the entire economy.

In Poland, the power market is regulated by the Energy Regulatory Office (URE), which belongs to the central authorities of the government administration. URE regulates the operation of electricity companies in compliance with the Energy Law Act and the assumptions of the state’s energy policy, striving at the same time to balance the interests of each participant of the power market. In 2016, the President of URE decided to uphold the duty to submit tariffs for households for approval, as a result of which trading companies had a limited influence on earned margins in the Sales Segment (tariff G).

Domestic regulations

Renewable Energy Sources (RES) Act

On 1 July 2016, the amended Renewable Energy Sources (RES) Act came into force. The aim of the amended act was to remove doubts about interpretation of the provisions of the Renewable Energy Sources Act of 20 February 2015 which had not come into force yet.

In particular, the amendment was intended to regulate the situation of producers of electric power from RES and rules of granting public aid to them. In connection with the above, one of the additions introduced to the act was a definition of prosumer as an end-user who purchases electricity on the basis of a comprehensive agreement, producing electric power only from RES in a micro-installation in order to use it for his or her own needs not connected with the performed business activity.

The regulation also started to be applicable to a wider range of entities, including small and medium-sized enterprises. The support system in the form of fixed tariffs guaranteed for the smallest producers in micro-installations applicable until then was abandoned in favor of the prosumer settling surpluses of electricity produced by the given micro-installation, the so called discounts.

A new support system for electricity producers from RES was also introduced, the so called auction system. Installations established after the amendment came into force may receive support only by submitting a relevant proposal to sell electricity at an auction organized by the President of URE. If the producer wins an auction, they will have support guaranteed in the amount off the offered electricity price for the entire period of receiving support as defined in the relevant regulation. RES installations operating before the amendment entered into force may remain in the previous support system and receive certificates of origin or turn to the auction system.

On 30 December 2016, the first auction of power from RES was held. The order of auctions, permitted auction baskets and maximum volumes and value of power to be purchased were defined in the relevant governmental regulations. A regulation was also issued on calculating the value of public funding for producers of electricity from RES, defining the manner of calculating granted public funding whose amount must be presented in the procedure of submitting an offer to sell energy at an auction.

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Wind Energy Investments Act

The Wind Energy Investments Act passed on 20 May 2016 defines rules for locating and building installations of wind power plants. According to the provisions of the act, the minimum distance of a wind power plant from a residential building or a building with the residential function as well as from forms of nature protection and promotional forest complexes; the distance should be also equal to or greater than ten times the total height of the power plant. In the case of power plants existing before the date of entry into force of the above act which do not fulfill the condition of the minimum distance, it will be only possible to do repairs and perform operations necessary to use the plant properly, excluding the possibility of increasing operational parameters of the plant or increasing its impact on the environment. For new wind power plants, locations will be possible only on the basis of the local area development plan. It will be then much more difficult to invest in new installations, not only because of the need to seek appropriate location, satisfying the distance requirement and being in line with the local area development plan.

Energy Efficiency Act

On 1 October 2016, the Energy Efficiency Act came into force. The new act implements provisions of Directive 2012/27/EU of 25 October 2012 on energy efficiency. Provisions of the act envisage actions to increase energy efficiency by end-users and increase energy savings during its production, transmission and distribution. The market mechanism that is to lead to achieve the aims of the act is a system of energy efficiency certificates (“white” certificates), presented for redemption by energy companies as a proof that they have satisfied the duty to perform projects to improve energy efficiency.

The act abolishes the duty to conduct a tender for the President of URE to select projects serving to improve energy efficiency for which energy efficiency certificates could be awarded. This increases flexibility in selecting efficiency-related investments. In addition, companies will be able to settle the duty in a 3-year period.

The new regulations also assume that the opportunity to make a replacement fee for the failure to satisfy the duty will be gradually withdrawn. An alternative mechanism of improving energy efficiency will be available to companies which use at least 100 GWh per year.

The act imposes a new duty to conduct an energy audit every 4 years. The duty is applicable to enterprises as defined in the Business Activity Freedom Act, except for micro-businesses as well as small and medium-sized enterprises. The group of entities subject to the duty is very wide as it includes any large enterprises, regardless of the industry and the use of electricity, heat or natural gas. The audit is to take into account at least 90% of the energy used. The first audit must be conducted by an obligated enterprise in the period of 12 months of the act’s entry into force.

In the act, rules are defined for the Energy Minister to prepare a national plan of operations for improving energy efficiency every 3 years.

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Operating Capacity Reserve (ORM)

In 2016, the ORM model did not change in the functional area. On the other hand, its parameters changed considerably, which is connected with changing the base to calculate the model. The hourly budget of ORM was increased, from PLN 106.2 to 128.8 thousand, and so was the reference price per hour CRRM – from 37.28 to 41.20 PLN/MWh. The size of the required reserve in an hour increased from 3451.09 to 4155.37 MW/h. The changes to the above parameters did not affect to any considerable extent the prices of electricity on the current market. The average CRR price in 2016 rose by 1.70 PL/MWh, i.e. up to 32.76 PLN/MWh.

Capacity market bill

Work was done in Poland on a mechanism to form a medium and long-term guarantee of sustaining generation capacities at an appropriate level having regard for the low electricity prices that lead to an inability to take binding investment decisions, thereby possibly generating problems with ensuring the security of energy supply to the National Power System (KSE). At the beginning of July, the Energy Ministry and PSE presented draft functional solutions for a two-commodity market, introducing payments for the readiness to provide supply services or capacity reduction on top of the payment for energy.

After consultations in the industry, on 5 December 2016, a capacity market bill was published. The bill assumes that a capacity market will be created, centralized within KSE, with auctions for capacity supplies or reductions in annual or quarterly periods. Further work on the bill were planned for 2017, and in 2018, the first auction for contracting capacity is to be held; the mechanism itself is to start operating in 2021.

The mechanism is to provide an incentive to build new and to modernize and not withdraw the existing capacities, at the same time creating conditions for development of services of demand reductions – demand-side response (DSR). Costs of the capacity market are to be incurred by end-users through a component of the transmission tariff known as the capacity fee.

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Amendment to the Natural Gas Reserves Act

On 2 September 2016, an amendment to the Act of 22 July 2016 Amending the Energy Law and Certain Other Acts entered into force. The lawmaker’s objectives are for this law to eliminate the grey market in fuels, strengthen competition on the market and improve the state’s energy security. The amendments introduced by the act primarily concern the market for natural gas and liquid fuels.

The amended act introduced the following changes:

1) An entity importing natural gas is obligated as of 1 October 2017 to maintain mandatory gas reserves. Under current law, the requirement to maintain mandatory gas reserves applies to energy enterprises conducting commercial activity involving import of natural gas from abroad to resell it to customers. Under the amended act, the duty to maintain mandatory gas reserves will apply to energy enterprises conducting foreign trading in natural gas, as well as any other entities importing natural gas.

2) The entities that did not maintain gas reserves will determine the amount of mandatory reserves as the quantity corresponding at least to the 30-day average daily imports of gas in the period from 1 January 2017 to 30 September 2017. The provisions of the Fuel Reserves Act prevailing to date allow for an exemption from the obligation to maintain reserves of natural gas for energy enterprises with fewer than 100 thousand customers and imports of natural gas not exceeding 100 million m3 in a calendar year. This type of exemption has been granted by the Minister of Energy by way of an administrative decision. Under the proposed amendment, the obligation to maintain gas reserves will be absolute, and the possibility of obtaining an exemption will be eliminated. Previously issued exemptions will remain in effect until 30 September 2017.

3) Enterprises conducting foreign trading in natural gas and those importing natural gas will be able to outsource tasks involving storage of mandatory gas reserves – having obtained consent from the President of URE – to another enterprise which conducts business activity involving foreign trading in natural gas, or another entity importing natural gas – such a service is called a “ticket“ agreement.

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European regulations:

Decisions on the rights to CO2 emissions

2016 was another year when the European Parliament continued to work on a reform of the Emission Trading Scheme. The key issues discussed during the works include the so called compensation mechanisms that could be used by, among others, Poland in 2021-2030. These are rules for free allocation of the rights to CO2 emissions for the power industry and for using cash from the Modernization Fund dedicated to investments in the power industry. During the European Union’s climate summit in October 2014, the European Council decided, among other things, that the target reduction of carbon emissions for 2030 is 40% against 1990, while within the installations covered by the EU ETS system the reduction is to be 43% against 2005. Under the agreements adopted then, it was resolved that free allowances for Poland, among others, will not expire and their maximum pool in 2021-2030 should not exceed 40% of all the rights assigned to a given member state.

In 2016, pursuant to the Act of 12 June 2015 on Greenhouse Gas Emission’s Allowances Trading System, actions were taken to launch a national auction platform through which CO2 emission allowances would be sold within the EU ETS scheme. The Financial Supervision Authority gave consent to running such a platform by the Polish Power Exchange (TGE). The power exchange, however, must first win the tender organized by Poland for the operator of the national auction platform.

At present, Poland, as one of three states (the other two being Germany and the UK), in accordance with the Auctioning Regulation (European Commission Regulation No. 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances), used the possibility of opting out from the joint procurement of the common auction platform and until the target platform is launched, sells allowances through the EEX exchange. Now only two auction platforms make sales of allowances by auctioning – the European Power Exchange EEX, based in Leipzig, organizes community auctions (for 24 EU states and Poland) and German auctions, while the ICE/ECX exchange, based in London, runs auctions for the United Kingdom.

The Ministry of the Environment informed that in 2017 a tender will be announced for running auctions of emission allowances through a national platform. It is estimated that in 2017-2020, Poland will have about 314 million CO2 emission allowances to sell. Considering the above reservation, the division of the pool of emission allowances for sale in particular years is as follows: in 2017 – 71 million allowances, in 2018 – 78 million allowances, in 2019 – 67 million allowances and in 2020 – 98 million allowances.

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Draft European regulations within the “Winter Package”

On 30 November 2016, the EC presented a number of proposals for introducing new directives and regulations and amending selected ones to improve the changes to the EU’s energy policy in the direction of a model concentrated on the customer and clean energy. The whole set of proposals was called the “Winter Package” and has been the largest single change of EU’s energy regulations since 2011, when the Third Energy Package came into force.

The main official assumptions of the present package include: further integration and development of RES, strengthening competitiveness and the role of customer as well as increasing harmonization and integration of wholesale energy markets in the EU. In addition, the Commission counts on an increase in energy efficiency, security of supplies and standardization of rules for managing the energy union.

In practice, the proposal of the “Winter Package”, under the guise of market liberalization, restricts to a significant extent powers of members states in favor of the European Commission and transnational institutions. From the perspective of Poland, the most important provisions concern strengthening of the role of the Agency for the Cooperation of Energy Regulators (ACER), establishment of regional operational centers (ROC) for transmission system operators, establishment of a European organization for distribution system operators (EU-DSO) and introduction of a number of restrictions for member states that would like to introduce a capacity market. In accordance with the proposed regulations, for a country to introduce a capacity market mechanism, it must first agree the rules with neighboring countries, show that inter-system connections cannot eliminate potential shortage of capacity and open the mechanism being introduced to suppliers from the areas of other operators. Furthermore, in the draft document, there is a provision that has never been consulted anywhere that sources emitting more than 550 g CO2/kWh will not be allowed to participate in capacity markets, which in practice will totally torpedo the Polish plans for revitalization of power plants producing electricity based on domestic coal deposits.

The presented proposals, in spite of the declared equal treatment, provide for the possibility of maintaining access priority to the grid for RES or exemption from the balancing duty where it is already in force. At the same time, it is assumed that limitations will be introduced for electric power from biomass (units bigger than 20 MW) in achieving RES targets. On the other hand, the member states whose achievement of RES targets is insufficient would pay funds for the special EU platform. The funds would come, for example, from the sale of emission allowances granted to these states.

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White certificates white certificates "White" certificates "white" certificates Certificates confirming the saving of a specific quantum of energy as a result of completing investments to enhance energy efficiency.
Biomass biomass Denotes a biodegradable fraction of products, waste and residue from agricultural and forestry production and related branches of industry, including fishing and aquaculture, and biogas and a biodegradable fraction of industrial and communal waste.
Sub peak power generation units sub peak power generation units Power generation units used during a period when the power system has a higher demand for capacity. Power generation units in this class are used from 2000 to 4000 hours a year.
Peak power generation units peak power generation units Power generation units used only during a period when the power system has the highest demand for capacity. Power generation units in this class are used fewer than 2000 hours a year.
Blue certificates blue certificates "Blue" certificates "blue" certificates Certificates confirming the generation of energy from agricultural biomass.
CAPEX Capital expenditures.
Red certificates red certificates "Red" certificates "red" certificates Certificates confirming the generation of energy in highly-efficient coal co-generation.
Net debt net debt Liabilities for loans and borrowings less cash and cash equivalents.
Dividend dividend Portion of a company’s net earnings per share designated for payment to shareholders.
EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization.
Electromobility electromobility Using electric vehicles, both individual vehicles such as an electric car, electric scooter, electric motorcycle and electric bicycle and public transport means: trams, trolleybuses and trains. The assumptions for the Electromobility Development Plan and the domestic framework for the policy of alternative fuel infrastructure development call for there being one million electric vehicles on Polish roads by 2025. TAURON is conducting research and analyses on developing, promoting and disseminating electromobility among Polish nationals, developing the electromobility industry in Poland and in particular collaborating in launching and implementing the findings of scientific and technical work in this area. Moreover, jointly with PGE, Energa and Enea, TAURON has submitted an application to the Office of Competition and Consumer Protection to receive a permit to establish a company called ElectroMobilityPoland to create grounds for developing electromobility.
EMAS EMAS Eco Management and Audit Scheme, an EU instrument to encourage all types of organizations to improve their environmental protection constantly. Functions on the basis of Regulation (EU) no. 1221/2009 of the European Parliament and of the Council of 25 November 2009 on the voluntary participation by organizations in a Community eco-management and audit scheme (EMAS). The EMAS requirements constitute guidelines for organizations to structure their environmental protection duties, optimize costs and effectively manage energy and resources. EMAS is also a system for reporting an organization’s environmental impact making it easier to conduct dialogue in this area with stakeholders. Registration in the EMAS system means that an organization has satisfied the most rigorous environmental requirements.
Prosumer energy prosumer energy Generation of electricity, chiefly for one’s own needs and on a small-scale in installations harnessing renewable energy sources. Households and businesses that do this are called prosumers, meaning that they simultaneously play the role of energy producer and consumer.
Energy from distributed sources energy from distributed sources energii ze źródeł rozproszonych energetyka rozproszona rozproszone wytwarzanie generacja rozproszona energetyki rozproszonej generacji rozproszonej distributed energy Generation of energy by small generation units or facilities connected directly to distribution grids or located in the user’s electrical energy grid that usually generate electricity from renewable energy sources or non-conventional sources, frequently in cogeneration with the generation of thermal energy (distributed cogeneration). The following parties, for instance, may be part of a distributed generation grid: prosumers, energy cooperatives and municipal power plants.
Purple certificates purple certificates "Purple" certificates "purple" certificates Certificates confirming the generation of energy from methane captured in mines.
grid parity Grid parity Signifies the equivalence of the production costs of renewable energy with the energy generated in conventional power plants.
TGE’s FCM Indices Towarowa Giełda Energii (TGE) is the power exchange running the following markets: electricity (Forward Commodity Market - FCM), Day-Ahead Market - DAM, Intraday Market - IDM) and gas (FCMg, DAMg) and the Property Right Market.
smart metering Smart metering Comprehensive and integrated information system encompassing electrical energy smart meters for users of energy, telecommunication infrastructure, central database and management system. Smart metering systems support two-way communication in real time between information systems and electronic electricity meters installed in customers’ locations. Moreover, they may automate the entire billing process for energy users - from obtaining metering data to processing and aggregating them to issuing invoices.
Stakeholder stakeholder stakeholders Natural or legal entity (individual, community, institution, organization, office etc.) which may affect the company or remain under the influence of its actions.
IoT Internet of Things – concept according to which clearly identified objects may directly or indirectly collect, process or exchange data via computer network.
Emergency Cold Reserve IRZ Mechanism introduced by the transmission system operator in 2016. It involves the TSO paying the owners of generation sources which are planned to be withdrawn for keeping them ready to run in response to the operator’s instruction during the anticipated periods of capacity shortage.
ISO 14001 PN-EN ISO 14001:2005 standard PN-EN 14001 standard One of the ISO standards used in managing environmental protection. This standard designated for all organizations regardless of their type and size defines the requirements whose satisfaction supports the achievement of environmental (for instance preventing the emission of pollutants) and economic objectives.
Covenant covenant Contractual clause, order or ban imposed on a borrower to minimize the risk of its invsolvency. Covenents most frequently constitute protection for sources of debt payment to creditors, e.g. by banning further borrowing or disposing of assets.
Aggregate aggregate Bulk organic or mineral material used mainly to produce construction mortar and concrete and build roads.
HV and MV Lines linii WN i SN sieci WN i SN HV - high voltage grid in which the voltage ranges from 110 kV. This grid is used to transmit electrical energy over large distances. MV - medium voltage grid, i.e. an electrical energy grid in which the electrical voltage ranges from 1 kV to 110 kV. Medium voltage is broadly used in electrical energy grids to transmit electrical energy over medium distances and switch energy. It is used as an intermediate voltage between high voltage and low voltage connected to end-users.
Customer loyalization customer loyalization Strategy to acquire and retain customers in this time of growing competition.
Micro-grid micro-grid Electrical energy micro-grid – set of generation equipment, electrical energy storage and receiver units connected in a joint network to ensure the reliable supply of electrical energy and minimize its cost.
Micro-cogeneration micro-cogeneration Technological process involving the cogeneration of thermal and electrical energy based on the utilization of small-scale equipment and medium capacities. Micro-cogeneration may be employed in all facilities in which there is a concurrent need for electrical and thermal energy. The greatest benefits from employing micro-generation are obtained in facilities in which the demand for these two types of energy does not oscillate much or is constant. That is why individual users, hospitals and educational centers, sports centers, hotels and public utilities are usually the most frequent users of cogeneration systems.
MSCI Emerging Markets Europe 10/40 Index Index comprising key companies listed on emerging markets in Europe.
MSCI Poland Index Index comprising more than 20 key companies listed on the Warsaw Stock Exchange.
Best Available Technology BAT The most efficient and sophisticated level of technology development and methods for conducting a given business. BAT are defined for various branches of industry. In the energy sector BAT forms the basis for determining borderline emission quantities, among others, to eliminate, or if that is not practicable, limit emissions and their overall environmental impact.
Sensitive user sensitive user According to the Act entitled Energy Law, a sensitive user is a person to whom a housing allowance has been awarded and who is a party to a comprehensive agreement or electricity sale agreement and who lives in the place where electrical energy is supplied.
Impairment losses impairment losses Losses because of the impairment of non-current assets taken in accordance with the regulations of international accounting IFRS (MSSF) standard.
Corporate Social Responsibility CSR Corporate Social Responsibility – business philosophy and management strategy calling for an organization to take responsibility for the impact exerted by its decisions and actions on society and the environment. Its foundations are rooted in ethical and transparent conduct, taking into consideration the expectations of stakeholders and cultivating good long-term relations with the overall environment. Corporate social responsibility is one of the key methods of achieving sustainable socio-economic development.
PV cells Photovoltaic cell (PV) – semi-conductor material in which the energy of solar radiation is converted into electrical energy.
omni-channel Omni-channel According to the omni-channel idea, the future of commerce is to conduct online sales while simultaneously encouraging customers to make traditional purchases. Online and offline sales during the digital revolution should fluidly penetrate one another.
Operating Capacity Reserve ORM Mechanism of providing operational reserves by the Centrally Discharged Units (JWCD), where they were able to deliver electricity to the system, but for market reasons were not used. It was implemented in Poland in 2014.
RES Renewable energy sources.
PM-RES Property rights to certificates of energy for electrical energy generated in RES.
Polygeneration polygeneration Parallel generation of energy and chemicals.
RESPECT Index Index consisting of companies listed on the Warsaw Stock Exchange to identify companies managed in a responsible and sustainable manner. It takes into account the quality of reporting, the level of investor relations, corporate governance and liquidity, among others, whereby it simultaneously constitutes a real point of reference to measure the attractiveness of companies as investments.
Balancing market balancing market The balancing market is what is referred to as a technical market. That means it is not a place to sell energy. Its purpose is the physical delivery of the energy purchase/sale agreements executed by participants and balancing the demand for electricity with its generation in real time in the national electrical energy system (KSE). The existence of the balancing market is indispensable for the energy market to function. Entities that buy energy have an obligation to participate in this market.
CATALYST Market Catalyst market Bond market. It is run on the transaction platforms of the Warsaw Stock Exchange and BondSpot.
SAIDI System average interruption duration index in the supply of electricity calculated in minutes per user. It is a reliability index whose value is the sum of the products of interruption duration in energy supply and the number of users affected by the consequences of such an interruption during a year divided by the total number of users connected to a grid.
SAIFI System average interruption frequency index of long interruptions in energy supply. It is a reliability index whose value is the number of users affected by the consequences of all such interruptions during a year divided by the total number of users.
Gangue gangue The rock that is extracted from a deposit of a given mineral that is considered to be unusable waste.
Smart City smart city Smart city is a project involving the implementation of specific solutions exerting a real impact on citizens. One example is supplying tools to urban residents to monitor energy consumption, among others. This is possible thanks to the special platform called eLicznik (eMeter). TAURON supplies smart meters, for instance, under the Smart City Wrocław project.
Smart Home smart home System to control a smart home. SMART HOME technologies control burglar alarms, temperature control and electricity supply systems. This is a real-time power consumption monitoring solution that TAURON offers via a platform to check readings from the smart power meter.
Smart grid smart grid Smart electrical energy grids to facilitate communication between participants on the energy market to supply energy services while cutting costs and enhancing efficiency and integrating distributed sources of energy, including renewable energy.
smart metering Smart metering Smart metering system – electronic system used to measure energy consumption obtaining more information than from a conventional meter, and to send and receive data through electronic communication.
small carbonate sorbent Small carbonate sorbent Fine carbonate sorbent (limestone powder) – is a product derived from the process of dehydrating and profound milling of limestone whose active ingredient is calcium carbonate, CaCO3. Fine carbonate sorbent is used in processes to desulfurize flue gas – to remove SOx.
Enterprise Risk Management System ERM Set of rules, standards and tools to accomplish the fundamental objective of risk management i.e. ensuring the security of the TAURON Group’s operations. This system is regulated by the document entitled Enterprise Risk Management System in the TAURON Group, defining the TAURON Group’s enterprise risk management framework and rules.
Tauronet tauronet TAURON Group’s corporate intranet portal, one of the most important tools of communicating with employees. One of the largest platforms of its type in Poland at the time of publishing this report.
CCS Carbon dioxide capture, transport and geological storage technology.
CCU Capture and use (management) of carbon dioxide, eg. in the the chemical industry.
Smart Technology smart technology Control system in a smart home, among others - it is responsible for the safety and living comfort of residents.
Towarowa Giełda Energii S.A. Polish Power Exchange TGE Towarowa Giełda Energii (TGE) (Polish Power Exchange) is the only licensed power exchange in Poland. Presently, TGE runs the following markets: Day-Ahead Market (DAM), Commodity Forward Market with physical delivery (CFM), Property Rights Market for RES and Cogeneration. TGE also keeps a register of the Certificates of Origin for electrical energy produced in RES and in highly efficient cogeneration sources and the CO2 Emission Allowance Market.
Energy Regulatory Office ERO Government authority regulating the Polish energy market (electricity and gas, among others).
Coal winnings coal winnings The rock material taken from the mine face. It includes the mineral and gangue.
WACC Financial ratio - weighted average cost of capital.
WIBOR Warsaw Inter Bank Offered Rate Warsaw Inter Bank Offered Rate - interest rate used on the Polish interbank market for interbank loans.
WIG Index comprising all the companies listed on the Main Market of the Warsaw Stock Exchange that fulfill the basic criteria for inclusion in its indices.
WIG20 Index comprising the 20 largest and most liquid companies listed on the Main Market of the Warsaw Stock Exchange.
WIG30 Index comprising the 30 largest and most liquid companies listed on the Main Market of the Warsaw Stock Exchange.
WIG-Energy Sectoral index comprising companies participating in the WIG index and simultaneously classified in the energy generation sector.
WIG-Poland National index comprising only the domestic companies listed on the Main Market of the Warsaw Stock Exchange that fulfill the basic criteria for inclusion in its indices.
Underground mining pit underground mining pit Space created as a result of mining works.
Highly-efficient cogeneration high-efficiency cogeneration Generating electrical or mechanical energy and usable thermal energy in cogeneration to save the original energy used in the cogeneration unit in an amount no lower than 10% compared to the generation of electrical energy and thermal energy in separate systems or in a cogeneration unit with an installed electricity capacity under 1 MW compared to the generation of electrical energy and thermal energy in separate systems.
Green certificates green certificates "Green" certificates "green" certificates Certificates of origin, i.e. a document that confirms the generation of electricity with renewable energy sources. The green certificate system has been in force in Poland since 1 October 2005 (and has changed in the new RES Act).
Yellow certificates yellow certificates "Yellow" certificates "yellow" certificates Certificate certifying the origin of energy. Operators of cogeneration units fired with gaseous fuels or with a total installed power source of less than 1 MW may be compensated with yellow certificates.
TPA Third Party Access - TPA is one of the most important principles (besides unbundling) on which the deregulated energy market is founded. TPA gives an energy user the right to buy it from any energy seller of its choosing.
EUA CO2 emission unit.
IFRS International Financial Reporting Standards – standards and their interpretations approved by the International Accounting Standards Board (IASB).
RFX Request for proposal.
Global Reporting Index GRI Independent international organization whose mission is to create a joint global framework for communicating responsibility and sustainable development. The GRI guidelines are an international reporting standard for organizations regardless of size, business sector and venue. Their application gives a guarantee of consistency in terminology and indicators.
International Integrated Reporting Council IIRC The International Integrated Reporting Council is an organization whose purpose is to create globally accepted integrated reporting guidelines based on combining financial, environmental, social and corporate governance reporting in a clear, succinct, coherent and comparable format. It consists of global leaders such as the International Federation of Accountants (IFAC), the International Accounting Standards Board, the United Nations Environmental Program (UNEP), the International Organization of Securities Commissions, the World Business Council for Sustainable Development and the Global Reporting Initiative (GRI).
integrated reporting non-financial reporting standard International integrated reporting standard encompassing financial and non-financial data devised by IIRC.

GRI indicators