Key events in 2018
Affirmation by Fitch Ratings of ENEA S.A.’s ratings
On 1 October, Fitch Ratings affirmed ENEA S.A.’s long-term local- and foreign-currency Issuer Default Ratings at ‘BBB' with stable outlooks. The affirmation reflects the Company's changed business profile with a higher contribution to EBITDA from riskier – according to Fitch – segments, i.e. electricity generation and coal mining. Still, the more predictable distribution of electricity remains an important part of the Company’s operations.
First anniversary of commissioning Unit No. 11 at Kozienice Power Plant
On 19 December 2018, one year passed since Unit No. 11 with a capacity of 1,075 MW - the most modern and efficient production unit in the Polish power industry – had been commissioned at ENEA Wytwarzanie.
ENEA Ciepło and Elektrociepłownia Białystok join forces
On 30 November 2018, Elektrociepłownia Białystok, which thus far had been a part of ENEA Wytwarzanie, was incorporated into ENEA Ciepło. This is the next stage of the previously announced changes in ENEA Group, which will allow for optimisation of heat production in Białystok, the capital of Podlasie, under one recognisable brand.
LW Bogdanka S.A. for the 10th time in the RESPECT Index
The Warsaw Stock Exchange once again selected the participants of the prestigious RESPECT Index rating. Lubelski Węgiel Bogdanka was qualified to this group for the tenth time. The publication of the index in the new composition began on 27 December 2018.
Participation in the capacity market
In 2018, a solution supporting Poland's energy security, i.e. the capacity market mechanism, was launched in Poland. In Q4 2018, three capacity market auctions with the participation of ENEA Group took place. As a result, for the years 2021, 2022 and 2023 a total of 3,663 MW of capacity obligation was contracted for our generation units, including Unit No. 11 in Kozienice Power Plant. The estimated potential revenues from the capacity market under multiannual contracts concluded only during the first auction will reach PLN 6.6 billion over 15 years.
Ostrołęka C project – official commencement of construction works
On 28 December 2018, the Management Board of Elektrownia Ostrołęka C Sp. z o.o. issued an order to the general contractor to commence works on the construction of Ostrołęka C Power Plant. Earlier, a memorandum of understanding was signed, which defined new rules of cooperation between the investment partners, including ENEA’s financial involvement in the Construction Stage for the amount of PLN 1 billion.
Changes in the management boards of subsidiaries
On 4 October 2018, the Supervisory Board of LW Bogdanka S.A. appointed Artur Wasilewski to the Management Board as Vice-President for Economic and Financial Affairs from 8 October 2018 and Dariusz Dumkiewicz as Vice President for Development from 15 October 2019.