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Rules of procedure

[G4-34] The Company’s Management Board operates on the basis of the Commercial Company Code, provisions of the Company’s Articles of Association and provisions of the Management Board Bylaws of TAURON Polska Energia Spółka Akcyjna in Katowice, which is available online. When fulfilling their duties, Management Board members are guided by the principles included in the Code of Best Practice.

Two Management Board members acting jointly or a Management Board member acting with a commercial proxy are authorized to make representations on behalf of the Company. If the Management Board consists of one person then one Management Board member or a commercial proxy is authorized to make representations on behalf of the Company.

Management Board meeting are convened by the President of the Management Board or by the Vice-President of the Management Board named by him/her. Management Board meetings are also called on request of the majority of Vice-Presidents of the Management Board and also by the Supervisory Board Chairperson. Meetings are held at the Company’s registered office, on the date set by the person calling the meeting. In justified cases, they may be held outside of the Company’s registered office.  They are chaired by the President of the Management Board or by the Vice-President of the Management Board named by him/her.

The Management Board votes in open ballots. The voting result is recorded in the minutes of the meeting. The President of the Management Board orders a secret vote upon request of any of the Vice-Presidents of the Management Board.

Management Board resolutions are adopted by an absolute majority of votes, with 3/5 of Management Board members attending the meeting. In the case of an equal number of votes, the Management Board President’s vote will prevail. The Management Board may adopt resolutions in the written procedure or by using remote means of direct communication. Voting in the above procedures is resolved by the President of the Management Board or by the Vice President of the Management Board named by him/her, while setting the final date for Management Board members to cast their vote. A dissenting opinion may be submitted. It is recorded in the minutes along with its justification. Management Board decisions on current matters, which do not require a resolution, are recorded in the minutes only.

In a situation, in which there are less Vice-Presidents of the Management Board than the Divisions, they may discharge their duties in two Divisions or allocate their powers otherwise, in a manner that is not contrary to the allocation of powers made by the Supervisory Board.

The scope of activities of the President of the Management Board includes the powers related to the areas of operation of organizational units in the Division of the President of the Management Board, as per the Company’s organizational chart.

The scope of activities of the Vice-Presidents of the Management Board includes the powers related to the areas of operation of organizational units in the Divisions of the Vice-Presidents of the Management Board, as per the Company’s organizational chart.

The structure of Divisions reporting to the individual Management Board members is defined in the Company’s organizational chart discussed in item 1.6.2. of this report.

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Appointing or dismissing Management Board members

The Company’s Management Board consists of one to six persons, including the President and Vice-Presidents. Management Board members are appointed for a joint term of office, which lasts 3 years, except for the first term of office, which lasted 2 years.

Management Board members or the entire Management Board are appointed and dismissed by the Supervisory Board, which appoints them to the positions of the President and Vice-Presidents. Each Management Board member can be dismissed or suspended by the Supervisory Board or the Shareholder Meeting.

Management Board’s powers

The Management Board conducts the Company’s affairs and represents it in all court and out-of-court activities. All the affairs related to running the Company’s affairs that are not reserved to the Shareholder Meeting or the Supervisory Board by legal regulations or the clauses of its Articles of Association fall within the powers of the Management Board.

According to the Articles of Association, Management Board resolutions are required for all matters going beyond the Company’s ordinary business, in particular for the matters specified in the table below:

 

Management Board’s powers
Export table to Excel Zoom
 

Matters requiring a Management Board resolution

as at 31 December 2016 and as at the date of this report

1. Management Board bylaws;
2. organizational bylaws of the Company’s business;
3. establishing and disbanding branches;
4. appointing a commercial proxy;
5. taking out loans and borrowings;
6. accepting annual material and financial plans of the Company and the Group and the Group’s Corporate Strategy;
7. incurring contingent liabilities within the meaning of the Accounting Act of 29 September 1994, including extending guarantees, sureties and drawing bills, subject to § 20 sec. 2 items 4 and 5 of the Company’s Articles of Association;
8. giving donations, forgiving interest or releasing from debt, subject to § 43 section 2 items 1 and 2 of the Company’s Articles of Association;
9. purchasing real property, perpetual usufruct or share in real property or in perpetual usufruct, subject to § 20 section 2 item 1 of the Company’s Articles of Association;
10. purchasing non-current assets, except for real property, perpetual usufruct or share in real property or in perpetual usufruct with the value equal or above the PLN equivalent of EUR 10 thousand, subject to § 20 section 2 item 2 of the Company’s Articles of Association;
11. disposing of non-current assets, including real property, perpetual usufruct or share in real property or in perpetual usufruct with the value equal or above the PLN equivalent of EUR 10 thousand, subject to § 20 section 2 item 3 of the Company’s Articles of Association;
12. defining the method of exercising the voting rights at the shareholder meetings of the companies in which the Company holds shares, in the matters that are within the powers of shareholder meetings of those companies, subject to § 20 section 3 item 9 of the Company’s Articles of Association;
13. the rules governing the sponsorship activity;
14. adopting the annual sponsorship activity plan;
15. matters referred by the Management Board to the Supervisory Board or the Shareholder Meeting.
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Personnel composition:

The Management Board’s current 5th term of office commenced on 15 March 2017, i.e. on the day the Supervisory Board dismissed all members of the Management Board of the 4th term of office and on which the Company’s Management Board of the 5th joint term of office was appointed. In accordance with the Company’s Articles of Association, it has a joint term of office lasting 3 years.

Composition of the Management Board as at the date of this report

Filip Grzegorczyk – President of the Management Board

He is a graduate of the Faculty of Law and Administration and the Faculty of International and Political Studies at the Jagiellonian University in Kraków, where he obtained the title of PhD in EU law and then a habilitation in the field of the economic law.

He has also completed the Summer Advanced Course in European Law University of London, King’s College, Centre of European Law; the International Business and Trade Summer School at the Catholic University of America – Columbus School of Law and the Ecole de droit français Université d’Orléans. He holds the position of a professor at the Kraków University of Economics, where he is a lecturer at the Faculties of Management and Economics and International Relations.

He has professional experience in the energy and fuel sector. In 2011-2013, he worked for Kompania Węglowa as management board proxy for energy sector development. In 2007-2008 he was a member of the TAURON Management Board. From November 2015 he was Undersecretary of State in the State Treasury Ministry. He is fluent in English and French.​​​

He has served as President of the Management Board of TAURON Polska Energia S.A. since 15 November 2016. Currently, he oversees the following business areas: strategy and regulation, external relations, legal and internal audit. He also oversees the operation of the risk management, compliance and security system and the human resources development policy.

Jarosław Broda – Vice-President of the Management Board

He is a graduate of the Warsaw School of Economics and holds a postgraduate diploma in project management from the Kozminski University.

He has experience in consolidation and operation of the energy sector, privatization of state-owned electric utility groups, development of restructuring and strategic processes and development projects for electric utilities.

Since the beginning of his career, he was linked to energy sector entities, where he held senior management positions. He gathered professional experience by working for the Ministry of State Treasury for TAURON and GDF Suez Energia Polska. In his previous engagement, he worked for GDF Suez Energia Polska – Katowice and GDF Suez (Branch Energy Europe), where he was responsible for market analyses, development of the corporate growth strategy, regulatory management and M&A projects. He also participated in the development of the business growth strategy in the sales and marketing area in Europe. From mid-2015, he was responsible for development of a commercial strategy and contract for difference for a nuclear project in the UK.

He has served as Vice-President of the Management Board of TAURON Polska Energia S.A. since 8 December 2015. He currently oversees the following business areas: asset management, research and innovation, investment projects and occupational health and safety.

Additionally, until the Vice-President of the Management Board for Sales is appointed, he oversees the operation of the following areas: fuel trade, trading portfolio management, commercial settlements and reporting.

Kamil Kamiński – Vice-President of the Management Board

He graduated from the Faculty of Management and Social Communication of the Jagiellonian University. He also holds an MBA Executive diploma (Stockholm University School of Business / Kraków University of Economics) and a post-MBA Diploma in Strategic Financial Management (Rotterdam School of Management, Erasmus University/GFKM).

His experience ranges from building company value, mergers and acquisitions, to business integration and operationalization of strategy, to management of complex projects in both public and private sectors. He has taken part in complex corporate transformation and restructuring processes in the energy and fuels and transport logistics sectors.

His professional experience was built at the positions of Management Board President or Vice-President and at senior management positions. From the beginning of 2014 he worked for the Węglokoks Group where he participated in the consolidation of electricity and heat generating assets of Kompania Węglowa and Węglokoks. At that time he managed the works of the Management Committee. His prior professional engagements include, among others, working for the Research and Development Center of the Refining Industry in Płock and the John Paul II International Airport in Kraków-Balice. He also managed the operations of John Menzies PLC in Poland. For many years he cooperated with LOTOS Group, where he supported the development of aviation fuel segment, which resulted in a joint venture with Air BP Ltd. and establishment of LOTOS Air BP.

He has served as Vice-President of the Management Board of TAURON Polska Energia S.A. since 8 December 2015. Currently, he oversees the following business areas: corporate management, human resources, customer, procurement and administration, security and compliance.

Marek Wadowski – Vice-President of the Management Board

He is a graduate of the Faculty of Economics at the University of Economics in Katowice. He also completed post graduate studies  at École Supérieure de Commerce Toulouse where he obtained a Mastère Spécialisé en Banque et Ingéniere Financière diploma and Executive MBA studies at the Kozminski University in Warsaw.

He has experience in the field of financial, controlling and accounting process management in industry (power, mining, steel industry) and in financing of investments and international trade transactions. He participated in numerous due diligence and enterprise valuation projects (using income-based, equity and comparison valuation methods).

Since the beginning of his career, he was linked to energy, mining and steel sector entities, where he served as Management Board President or Vice-President and also held senior management positions. He gathered professional experience working for BRE Corporate Finance S.A., Huta Cynku Miasteczko Śląskie S.A. and in companies of the Jastrzębska Spółka Węglowa S.A. Group. From 2008, serving as Vice-President of the Management Board responsible for the finance division of Jastrzębska Spółka Węglowa Group companies, he was responsible for structuring trade transactions, implementation of foreign exchange risk hedging policy, financial costs reduction, liquidity management, raising financing from a bank consortium through a bond issue program. He also took part in the IPO of Jastrzębska Spółka Węglowa S.A. (implementation of International Accounting Standards, modification of management information system, development of IPO prospectus, talks with investors). He was also President of the Management Board at Towarzystwo Finansowe Silesia where he was involved in a bond issue program for Kompania Węglowa and in the raising of debt financing from a bank consortium.

He has served as Vice-President of the Management Board of TAURON Polska Energia S.A. since 29 January 2016.  At present, he oversees the following business lines: finance, controlling, business analysis, accounting and tax, risks and IT.

A detailed description of the experience and competence of Management Board members is published on the website.

Changes in the composition of the Management Board in 2016 and until the date of this report

As at 1 January 2016, the Management Board was comprised of the following members: Remigiusz Nowakowski (President), Jarosław Broda (Vice-President), Anna Striżyk (Vice-President), Kamil Kamiński (Vice-President) and Piotr Zawistowski (Vice-President).

On 8 January 2016, the Supervisory Board dismissed Anna Striżyk, Vice-President of the Management Board for Finance, from the Management Board.

As of 29 January 2016, the Supervisory Board appointed Marek Wadowski to the Management Board for the position of the Vice-President of the Management Board for Finance.

On 14 November 2016, the Supervisory Board dismissed Remigiusz Nowakowski, President of the Management Board, from the Management Board.

As of 15 November 2016, the Supervisory Board appointed Filip Grzegorczyk to the Management Board for the position of the President of the Management Board.

On 15 March 2017, the Supervisory Board dismissed Piotr Zawistowski, Vice-President of the Management Board, from the Management Board. As at the date of this report, there were no other changes to the composition of the Management Board.

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