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The electricity market in Poland is made up of about 16.6 million users, of which some 13.6 million are households. Customers on the electricity market fall into two groups:

The enactment of the Energy Law (Act of 10 April 1997) is considered to mark the beginning of the process of creating the electricity market. Closely interconnected processes contributed to this, namely the demonopolization of the power industry (entailing its division into the subsectors of generation, transmission and distribution and supply), market liberalization involving the successive extension of areas in which competition is in play and privatization – transformation of state-owned enterprises into companies fully-owned by the State Treasury, and then selling shares in them to Polish or international investors. The major objective of starting market mechanisms in the power industry is to ensure reasonable energy prices for its buyers and, at the same time, to guarantee security of supply.

Other important aspects are to enhance the efficiency of energy use, simultaneously minimizing its environmental impact (mainly cutting emissions of CO2, sulphur and nitrogen oxides). The concept of a competitive electricity market assumes that production and sale of electricity are not natural monopolies. Market mechanisms, including competition, cause a pressure decreasing energy prices and improving service quality for customers.

Suppliers and customers on the energy market

Participants of the electricity market are the producers, entities involved in transmission, distributors and companies trading in electricity.

Electricity transmission and distribution operate as a natural monopoly – the customer has no choice of a grid. Prices for transmission and distribution of electricity are regulated by the Energy Regulatory Office (URE).

TPA rule

It is possible to purchase electricity from a different seller than the present supplier owing to the Third Party Access (TPA) rule. According to it, a local supplier is obligated to distribute energy purchased by a customer located in the supplier’s area from any seller (naturally provided that it is technically feasible).

Every year, there are more customers taking advantage of the rule. According to it, each seller of electricity has the right to offer it for sale to end-uses based on an agreement on the sale of electricity or a comprehensive agreement. The prerequisite for performing a sale agreement is for the seller to enter into a distribution services provision agreement, namely a general distribution agreement (GUD) with the distribution system operator to whose grid a given end-user is connected. The total quantity of electricity sold in 2016 to end-users on market terms and conditions, i.e. following the TPA rule, was nearly 65 TWh, which is 48% of the total energy delivered to end-users. It worth noting that for 2015, the above data are 59 TWh and 45.6% respectively. This shows the growth rate of competition development on the electricity market in Poland.

In the segment of institutions and business entities, where there is a strong competition and clients have taken advantage of deregulation of electricity prices, the progress of liberalization made increasingly aware business clients to expect very competitive solutions. An increased sales activity of energy companies exerts an increasingly stronger pressure on prices. There have also appeared new entities competing for customers, and transparency of offers is already necessary, since business clients more and more frequently take advantage of the possibility of changing the seller. A large potential is seen in the segment of households, where a small percentage of customers decide to change the seller.

In 2016, over 86 thousand electricity users switched sellers (approx. 15 thousand institutional clients and about 71 thousand households). The growth rate for households and institutional clients was 69% and 43% respectively.

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Electricity prices

Wholesale energy prices in Poland slightly increased in 2016 as compared to 2015. The average price on the Day-Ahead Market (DAM) on Towarowa Giełda Energii S.A. [(Energy Exchange, TGE)]  was PLN 159.22 per MWh (+ PLN +2.27 vs. 2015), while the settlement price on the Balancing Market (CRO price) was PLN 164.19 per MWh (+ PLN +6.88 on an annual basis). The major cause of the inconsiderable price growths on the market in 2016 was an increased system demand for capacity, which on an annual basis translated into an increase in the use of electricity by over 3 TWh, up to 164.6 TWh (+2% y/y). The impact of the increased electricity use on the growth of its prices was not off-set even by relatively low coal prices, which fell by PLN 0.99 per GJ on an annual basis, down to PLN 8.79 per GJ. The increase of spot prices was also caused by a change of the structure of electricity production.

Launching about 730 MW of new capacity in wind power plants in 2016 contributed to the growth in the production of energy from these sources by 1.6 TWh. At the same time, also in 2016, a considerable decrease in production was recorded in lignite-fired power plants, by as much as 4.4%. This had to be compensated by increased production in more expensive power plants, e.g. gas plants, where production rose by 37.8% on an annual basis, up to 5.8 TWh. The increase in production from gas is also the result of launching a project by Orlen in Włocławek. In addition, the National Power System (KSE) was supported by the import balance of energy exchange with the neighboring countries in the amount of nearly 2 TWh.

On the forward market, contracts for 2017 were subject to quite dynamic changes as early as in the first months of 2016. The increasingly cheaper emission combined with low coal prices on global markets caused low prices on the Forward Commodity Market (FCM), further supported by stable spot prices, until the end of March. Large price fluctuations in April transformed the decreases in the BASE_Y-17 contract price into an upward trend, which persisted until June when contract prices hit PLN 165.50 per MWh.

Low prices of emission allowances recorded in the summer reached minimum levels in the 1st half of September, when they were approx. EUR 4-4.2 per Mg. These low prices, together with very cheap energy on the spot market, where in July the price of electricity was as low as PLN 155 per MWh, and in September dropped to the minimum average monthly level of PLN 140 per MWh, caused BASE_Y-17 contract prices to fall to approx. PLN 155.5 per MWh.

The last quarter of 2016 saw prices increase. Persistently high coal prices through the summer (about USD 58-60 per Mg) in connection with a dynamic rise of prices of CO2 emission allowances whose quotations moved in a direction indicating the possibility of returning to the price of EUR 6 per Mg, caused BASE_Y-17 contract prices to increase to about PLN 160 per MWh. Furthermore, increased spot prices in October, as a result of the failure in Turów and lower temperatures than forecasted, made it possible to break the resistance line and for the prices to increase up to approx. PLN 161-161.50 per MWh. At the end of 2016, electricity prices in BASE_Y-17 contract reached PL 162 per MWh.

The average volume weighted price of BASE-Y-17 product was at a level of PLN 160.27 per MWh, with a total of over 76.7 TWh sold within the product. Compared to the trading in the BASE_Y-16 product, the turnover was nearly twice as lower. The average price on the TGE exchange was PLN 159.77/MWh, with the volume of 51.5 TWh, while outside the TGE, the price was higher and amounted to PLN 161.29/MWh for the volume of 25.2 TWh.

For Peak Y-17 contract, quotations were at a similar level to those of the base contract. The maximum level of quotations in 2016 occurred on 18 January and was PLN 227.85 per MWh, and the minimum was listed on 16 February at PLN 202 per MWh. The total trade in the product was 7.3 TWh, of which 70% (5.1 TWh) fell to the exchange segment at the average price of PLN 209.94 per MWh, and 30% (2.2 TWh) was accounted by the participation of brokers at the average price of PLN 209.98 per MWh. In the entire period of trading the Peak Y-17 product, the total volume of electricity sold was 7.75 TWh at an average price of PLN 209.93 per MWh.

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CO2 emission allowances and property rights

The CO2 emission allowance market featured exceptionally high price volatility in 2016. The price dip in January from EUR 8.30 per Mg to EUR 4.90 per Mg resulted from a combination of several overlapping factors unfavorable to the EU ETS market. The first was the unusually warm winter, which caused significant decreases in electricity contract prices in Germany, France and the United Kingdom. Another factor was data showing an economic slowdown in China. A low demand for coal contributed to record-low decreases in its prices in the ARA ports at the beginning of the previous year (down to USD 37 per Mg, the lowest level since 2003). The downward trend continued in spite of withdrawing, through the back-loading mechanism, the last 200 of 900 million   units in the full year of 2016. A temporary reversal of the trend occurred only after three months, in April, and resulted merely from the increased demand for EUAs in connection with the need to settle emissions for 2015.

In June, continuing the high price volatility, the EU ETS market responded with another big sale to the result of the United Kingdom EU membership referendum – the price fell from EUR 6.00 to 4.40 per Mg. Such low prices continued for the entire summer holidays and then, as a response to the energy (atomic) crisis in France in the fall and winter, returned to the level of EUR 6.60 per Mg. After detecting irregularities in nuclear power stations, ASN (the French Nuclear Safety Authority) ordered immediately to stop the operation of 12-13  out of 58 reactors. France obtained the required power by importing it from the United Kingdom, Austria, Germany and Belgium. The situation resulted in an increase in electricity prices and greater generation from conventional sources (coal and gas), which translated directly into an increase in prices of raw materials and CO2 emission allowances. The situation improved only in December, when ASN, fearing that the French electric power system would not be able to meet an increased demand for energy in winter, issued permission for restoring conditionally the operation of several reactors. The last important event affecting the prices of EUAs was the December vote in the European Parliament Committee on the Environment, Public Health and Food Safety (ENVI), on the proposed shape of phase IV of EU ETS and the operation of the Market Stability Reserve mechanism. The ENVI Committee proposed that the Reserve mechanism should withdraw twice as many allowances for the first 3 years of its operation (24% instead of the original 12%). In addition, to achieve a 43-percent emission reduction, it is proposed that a higher linear reduction rate of 2.4% should be adopted. In spite of such strict proposals, clearly aiming to increase the prices of EUAs, these still cost below the opening level – EUR 6.57 per Mg at the end of 2016.

2016 was also a year of decreases in the prices of “green” certificates, caused mainly by information about a new system for supporting RES. Its implementation was to start at the beginning of 2016 but, pursuant to the Act of 29 December 2015, the date was postponed to 1 July 2016. The final shape of the RES support system was described in the Act of 22 June 2016 to Amend the Renewable Energy Sources Act and Certain Other Acts. As a result of the market uncertainty and a still very high surplus in the system of certificates, the prices of property rights confirming energy production from renewable sources PMOZE_A fell in 2016. The OZEX-A index reached at the October session the lowest price in history: PLN 32.57 per MWh.

The average weighted session price was PLN 73.63 per MWh, or PLN 49.98 per MWh lower than in 2015. The balance of PMOZE_A, as of the beginning of the register at the end of December, was 29.1 TWh, and the surplus rose by 2.04 TWh compared to the previous year. Taking into account the allowances blocked for redemption, the surplus at the end of 2016 was 19.8 TWh.

The amount of the replacement fee set for 2016 was PLN 300.03 per MWh, and the rate of the PMOZE_A certificates that must be presented for redemption, which in H1 was 15%, fell to 14.35%. With a reduction of the amount of required “green” certificates, as of H2, a new type of certificates was introduced to confirm production of energy from agricultural biogas – “blue” certificates, for which the required amount was 0.65% (i.e. equal to the reduced required amount of “green” certificates). The average weighted session price of PMOZE-BIO in 2016 was very close to the replacement fee of PLN 300.03 per MWh, amounting to PLN 295.52 per MWh. The balance of this instrument’s register at the end of the year was 48.01 GWh.

According to the Energy Law as amended in 2016, by 30 June of a given calendar year, it is possible to redeem property rights issued to co-generation units for production in the previous year. Therefore, cogeneration rights from 2015 were quoted until the end of H1 2016. As of July, only property rights confirming energy generation in 2016 were quoted.

The average price of property rights confirming energy production in a high-efficiency coal co-generation PMEC-2015 (“red” certificates) in 2016 was PLN 10.76 per MWh, while the average price of property rights PMEC-2016 was PLN 10.68 per MWh at the end of 2016. The KECX index was very stable, hovering around the replacement fee of PLN 11 per MWh.

Similarly, the average price for gas co-generation PMGM-2015 was PLN 118.85 per MWh, with the replacement fee of PLN 121.63 per Mwh, while the average price of “yellow” certificates PMGM-2016 also fluctuated around the replacement fee of PLN 125 per MWh, amounting to PLN 121.13 per MWh at the end of 2016.

“Purple” certificates, which are co-generation rights confirming production of electricity in 2016 during methane removal from mines, achieved prices in H1 at a level around the replacement fee of PLN 63.26 per MWh, while their average weighted price PMMET-2015 was PLN 62.24 per MWh. On the other hand, PMMET-2016 was sold at the end of December at the average price of PLN 61.73 per MWh, with the replacement fee of PLN 63 per MWh.

Prices of the property rights following from the energy efficiency certificates PMEF, or “white” certificates, were also characterized by low volatility. With the replacement fee of PLN 1,000 per toe, the average weighted price of the EFX index was PLN 977.35 per toe. The prices fluctuated between PLN 958.30 and 1,001.76 per toe.

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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