Latest news with #GrzegorzKinelski
Yahoo
23-05-2025
- Business
- Yahoo
Enea gains funds from BGK to upgrade distribution network in Poland
Enea Group has announced a 9.13bn zloty ($2.4bn) loan agreement with Bank Gospodarstwa Krajowego (BGK), aimed at upgrading the company's power infrastructure. The funding, sourced from the National Resilience and Recovery Plan, will be invested in the construction and modernisation of distribution networks using smart grid technology. The loan will facilitate the connection of recipients and energy sources to the smart power grid. It will also support the expansion of communication systems and information and communications technology (ICT) solutions that bolster network operations. Enea president Grzegorz Kinelski stated: 'Signing the agreement with BGK is one of the key steps in the transformation of our distribution network. Thanks to these funds, we are accelerating the modernisation of infrastructure, which will translate into the country's energy security, more effective connection of renewable energy sources and active participation of energy recipients in the market. 'We are implementing our goals defined in the Enea Group development strategy until 2035 and supporting the country's energy transformation.' The initiative will span almost the entire area in which Enea Operator, a distribution entity within Enea Group, operates. Funds will be disbursed between 2025 and 2036, with the repayment of the principal spread from 2034 to 2050 and the interest rate on the loan set at 0.5% per annum. Up to 2035, Enea Group intends to invest 41bn zlotys in the distribution segment, enhancing the resilience of the national energy system and promoting the growth of renewable energy sources (RES). The Energy Support Fund (EFF), a crucial component of the KPO managed by BGK, is designed to progress Poland's energy transition by offering preferential loans for strategic energy sector investments. The EFF's role is pivotal in expediting the modernisation of energy infrastructure, integrating renewable energy sources and strengthening the country's energy security. Bank Gospodarstwa Krajowego president Mirosław Czekaj stated: 'Thanks to EU funds from the National Reconstruction Plan, we have 90 billion zlotys at our disposal for this purpose, including offshore wind energy. Today's agreement is another step closer to full use of funds from this pool. 'Modernisation of power grids will be a driving force for further investments by entrepreneurs in renewable energy sources, including photovoltaics and energy storage. The entire economy will benefit from increased energy security.' At the same time, Poland's National Fund for Environmental Protection and Water Management (NFOŚiGW) has launched a call for applications for co-financing electricity storage facilities. With a budget exceeding 4bn zlotys, this programme aims to bolster the stability of the national power system and optimise the use of renewable energy. "Enea gains funds from BGK to upgrade distribution network in Poland" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
21-05-2025
- Business
- Reuters
Polish utility Enea reports expected rise in Q1 core profit
GDANSK, May 21 (Reuters) - Polish power utility Enea ( opens new tab posted a 3.4% year-on-year rise in its first quarter core profit on Tuesday evening, supported by higher revenue from its distribution segment at a time when it seeks to expand its renewable energy offering. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to 1.94 billion zlotys ($518.2 million), in line with Enea's preliminary estimate. Enea, Poland's third-largest power utility by market value, is under pressure from falling profitability in its coal-fired power-generation fleet as renewable energy sources capture an increasing share of the nation's energy mix. Poland is reducing its reliance on coal, which accounted for about 57% of its electricity generation in 2024, according to energy policy think tank Forum Energii. In March, Enea's unit signed an agreement to buy six wind farms and a photovoltaic project. In the coming months, it plans to acquire another portfolio of wind projects at various stages of development, with a total capacity of about 33 MW, and project companies or rights to photovoltaic farm projects with a total capacity of about 40 MW. "Changing the production mix is a priority for us, which is why we continue to search for new ... opportunities and talk to owners and developers of renewable energy projects, thanks to which we will effectively build the growth of our emission-free production sources," CEO Grzegorz Kinelski said in a statement. Enea's quarterly revenue fell 9.5% to 7.59 billion zlotys. Net profit rose 3.3% on the year to 1.05 billion zlotys. Its capital expenditures amounted to 618.3 million zlotys in the quarter. ($1 = 3.7436 zlotys)
