What goes on in Poland on the 5th of February.
Orlen mulls over green bonds and announces fat Thursday
PKN Orlen boasted about good results from the last quarter of 2020 despite the coronavirus pandemic. The company is considering issuing green bonds, which are already expected to arouse great interest in the market.
– Many refineries around the world are put up for sale – reminded Orlen’s vice-president Jan Szewczak. – Thanks to good management, petrochemicals have counteracted the bad impact of the pandemic.
In his opinion, the results of Orlen’s power generation segment are “historically positive” and confirm the legitimacy of building a multi-energy company. However, this is not the end of efforts related to green activities. – We’re thinking about green bonds. We are preparing for this process. There is great interest in non-European entities – revealed Szewczak.
PKN Orlen announced the goal of achieving climate neutrality in 2050. Orlen reports that in 2020 it achieved a high LIFO EBITDA of PLN 12.1 billion, and a net profit of PLN 3.4 billion, including a gain on the acquisition of the Energa shares. The company announced that in the fourth quarter of last year it recorded a record result in the power generation segment, which amounted to PLN 1.1 billion in LIFO EBITDA. That is an increase of 192 percent year on year. This result was achieved mainly as a result of the consolidation of the Energa Group’s results with a favorable macro impact (yoy) caused by a faster increase in electricity prices compared to gas prices. At that time, the company had 3.2 GWe of installed electrical capacity and 6 GWt of thermal capacity.
The results were announced on Thursday the 4th of February. Szewczak joked that considering the success of the company, they should be announced a week later – on the 11th, when Poland will celebrate „fat Thursday”, the last day before the lent when Poles eat inordinate amounts of doughnuts.