Current reports

Current reports

Current reports

Current report no. 20/2017

Extending the cooperation of ZE PAK SA Capital Group with Polkomtel sp. z o.o.


Legal basis:


Art. 17 item 1 MAR – Inside information


Contents of the report:


Zespół Elektrowni Pątnów-Adamów-Konin SA (“the Company”) informs that on December, 22 2017 the Company was notified that the Supervisory Board of the Company adopted a resolution approving the annex to the Framework Electricity Sale Agreement No. SPOT / 46 / PAK / E-Volt / 2011 concluded by the Company with PAK-Volt SA on August 3, 2011. The approval of the Supervisory Board will allow prolonging the cooperation of ZE PAK SA Capital Group with Polkomtel sp. z o.o. by concluding the annex to the Framework Electricity Sale Agreement No. SPOT/1/E-VOLT/POLKOMTEL/2013 between PAK-Volt SA and Polkomtel sp. z o.o. on December 30, 2013, regulating the business and financial conditions of electricity sales for the years 2018 – 2022 (“Annex”). 


According to the provisions of the Annex, PAK-Volt SA (a subsidiary of the Company) undertakes to deliver Polkomtel sp. z o.o. (a company associated with the Company) the electricity produced by the Company in the amount of 0.4TWh per year, in the years 2018-2022. The annex also provides that the amount of energy supplied on the conditions specified in the Annex may be increased to a maximum of 0.8 TWh per year. The Annex establishes an algorithm for calculating the price of electricity supplied based on available market quotations. The total value of turnover resulting from the Annex over the entire term of its validity will depend on the final volume of the volume contracted in individual years and the price based on the said algorithm, including the volatility of market prices in future periods.


The provisions of the Annex also provide for conditions restricting its validity, inter alia a catalogue of events that could result in limiting the Company's production capacity and thus limit the delivery possibilities. The parties also agreed that in the case of certain conditions leading to a permanent drop in the price calculated on the basis of the said algorithm below the cost of energy production (reference cost), the parties will be able to request the other party to renegotiate the Annex.


The other conditions of the Annex do not differ from the market standards used in contracts of this type.


Signatures of persons representing the company:

Adam Kłapszta – President of the Management Board

Aneta Lato-Żuchowska – Vice President of the Management Board