„There are no substantive grounds for denying approval of the PGE management board for the 2020-2024 term. During this period, the management board has implemented a number of important actions for Poland’s energy security,” Wojciech Dąbrowski, former PGE CEO, tells BiznesAlert.pl.
„There are no substantive grounds for denying approval of the PGE management board for the 2020-2024 term. During this period, the management board carried out a number of important activities for Poland’s energy security. The value of the company on the stock exchange increased by 50 percent, rating agencies such as Fitch and Moody’s awarded some of the highest ratings, inspections of authorities such as the Supreme Audit Office (NIK) were positive and selected investments were assessed as exemplary,” says Wojciech Dąbrowski, president of PGE in the years 2020-2024.
Dąbrowski emphasizes that despite operating in a difficult environment (pandemic, global energy crisis, war across the eastern border), the PGE Group developed intensively:
– the value of the company in 2020-2024 increased by 50 percent,
– EBITDA reached a record of over $ 10 billion in 2023,
– increased funds for investments amounted to PLN 24 billion in 2020-2023: PLN 3.2 billion was allocated for decarbonization of heating (the cost of 10 currently implemented and completed investments), and PLN 4 billion was allocated for investments in the modernization of transmission networks in 2023 alone.
According to the former CEO, the actions taken were based on a new strategy available to the public and shareholders. This strategy set the path for energy transition for the energy sector and PGE was the first in Poland to adopt the zero emissions target in 2050.
„In order to develop towards green energy and ensure energy security, PGE Group has been prepared to divest its coal assets. An investment in offshore wind farms with a total capacity of 3.5 GW was carried out (PGE won further concessions and became the offshore leader in Poland with a potential of 7 GW of capacity), and – as a complement to large – scale renewable energy projects – an energy storage program was launched, under which PGE was to build energy storage facilities for at least 3.7 GW,” says Wojciech Dąbrowski.
„PGE received the first concession in Poland for the construction of the biggest large-scale energy storage facility in the history of Poland in Żarnowiec with a capacity of up to 263 MW and a minimum capacity of 900 MWh. A feasability study for a pumped storage power plant in Młoty with a capacity of over 1000 MW had been also prepared. A Polish–Korean project for the construction of a 2.8 GW nuclear power plant in the Konin region has been initiated. The company PKP Energetyka, which supplies electricity for the entire Polish railway, was purchased, which strengthened the energy security of Polish transport. In order to increase the security of supply for customers, the installation of remote meters has begun. We were also developing the LTE 450 communication system dedicated to the energy industry, which enables the metering of the distribution network and the implementation of remote network management components. The business segment of the circular economy was built from the ground up, integrating companies around one large entity, PGE Ekoserwis, and the PGE Group became the leader of the circular economy. The ESG reporting system was also introduced, which was highly rated by analysts and set as a model in the industry,” enumerates the former president of PGE.
„Since the change of the management board of PGE, financial results have been at least 50 percent worse, which resulted in a 20 percent decline in the company’s share price and a decrease in its stock value by nearly PLN 3.5 billion. If the downward trend continues, this will affect PGE’s ratings in the long run, which will cause a further loss of credibility among shareholders and the ability to raise funds for investments. The public sees delays in such important investments for Poland as nuclear energy and offshore wind farms. The energy transition, which is very necessary for Poland, is increasingly falling behind schedule,” comments Wojciech Dąbrowski.
Compiled by Jędrzej Stachura