Half Year 2024 PGE Polska Grupa Energetyczna SA Earnings Call Transcript
Key Points
- Polska Grupa Energetyczna SA (PGPKY) reported a 9% increase in recurring EBITDA for Q2 2024, reaching PLN2.3 billion.
- The company observed a 5% increase in energy generation year-on-year, driven by higher energy consumption and decreased imports.
- Significant progress was made in key investment projects, including offshore wind farms like Baltica 2, with expectations for financing closure and final investment decisions this year.
- The company is actively pursuing energy storage projects, including a large-scale 263 MW energy storage project in Zarnowiec.
- Moody's maintained Polska Grupa Energetyczna SA's rating at BAA1 with a stable outlook, highlighting the company's diversified structure and stability in consolidated results.
- The company experienced a decrease in retail sales, particularly in the second quarter, due to lower sales volumes in tariffs for big businesses.
- There was a significant decrease in heat sales by 21%, attributed to higher temperatures and weather conditions.
- Polska Grupa Energetyczna SA faces challenges in securing long-term debt financing due to its ownership of carbon assets, impacting its investment capabilities.
- The company reported a negative impact on EBITDA from conventional energy generation, with coal assets generating negative EBITDA.
- There is uncertainty regarding the future of coal assets and the potential divestment, which affects the company's ability to plan future capital expenditures and financing strategies.
A heartfelt welcome to the press conference of PGE Polska Grupa Energetyczna devoted to the financial and operating results for Q2 2024 and the entire first semester. I'd like to welcome the CEO, Mr. Maciej Gorski. Participating at the conference, the CFO. Mr. Przemystaw Jastrzebski; and the finance division department. Mr. Piotr Sudol. Traditionally will start with a presentation and after that, we will be inviting you to ask questions. So over to Mr. Maciej Gorski.
Good afternoon, ladies and gentlemen. My name is Maciej Gorski and it's my first press conference devoted to the financials. I joined the PGE Board in June. It was still in Q2 this year. The name of my position, Vice President for Operations, CEO probably requires an expansion by the responsibility for investment projects, especially transformation related projects. Therefore, with your permission, I
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