Tauron Polska Energia S.A.

TAURON Polska Energia SA reported a 12% year-on-year decline in EBITDA to PLN 3.7 billion, with most segments showing lower results due to unfavorable market conditions. The distribution segment was hit by a negative regulatory account balance of over PLN 170 million and a 1.34 percentage point reduction in WACC, while the renewables segment saw a 27% drop in output per unit of installed capacity amid the worst wind conditions in 10 years. Coal-fired plant availability fell by 15.1% due to equipment failures and outages, and CO2 emissions rose by 24% with average emission costs up 7%. On the positive side, the company achieved a 24% year-on-year increase in electricity generation, expanded renewable capacity by 39% to 1,210 MW, and connected 1 GW of new renewable capacity ahead of schedule. TAURON also secured EUR 293 million in financing for OCGT turbines, 25-30% cheaper than recent market contracts, and grew its Tauron New Energy customer base to nearly 400,000.