Energa has informed that the head of the Energy Regulatory Office has imposed sanctions on the Energa Obrót subsidiary in a total amount of more than PLN 254 million. The company was fined, among other things, for non-compliance with the obligation to adjust prices and electricity rates.
As reported, a fine of PLN 60.7 million was imposed due to the company’s non-compliance with the obligations referred to in Art. 6 Section 1 and 2 of the law issued on December 28, 2018 amending the Excise Duty Law and some other laws, including the obligation to amend prices and electricity rates during the period specified in this law.
In contrast, a fine of PLN 193.7 million was imposed due to the company’s failure to fulfill its 2018 obligations specified in Art. 52 Section 1 of the Law of 20 February 2015 on Renewable Energy Sources, i.e. obtaining certificates of origin or certificates of origin of agricultural biogas issued for electricity or agricultural biogas, produced with renewable energy, and submitting them for refund to the Head of the Energy Regulatory Office. Energy source facilities located on the territory of Poland or located in the exclusive economic zone by June 30, 2019.
Energa will create a reserve and announce that it will resume
Energa indicated in the announcement that the imposition of these fines necessitates the creation of a provision in the 2023 financial statements, which will directly translate into a decrease in the EBITDA result (operating profit plus depreciation) and a write-off of the revaluation of the company’s value. Non-financial fixed assets of the Capital Group are a maximum of 254 PLN 0.4 million. He added: “The amount of the reserve created will be subject to the company’s internal analyzes and auditor verification, and its final amount will be presented in Energa Group’s consolidated financial statements for the year 2023.” – The company mentioned. Meanwhile, Energa informed that the decisions of the Head of the Energy Regulatory Office are neither final nor legally binding, and the company will appeal against them.
About company
Orlen Group’s Energa is one of the four largest domestic energy companies and one of the three largest electricity suppliers in Poland. The company’s core business is the production, distribution and trade of electricity, heat and gas.
Energa has 3.3 million customers. Its distribution network consists of power lines with a length of 195,000 metres. km It covers about a quarter of the country’s area.
Main image source: TVN24
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