Type Public Industry Electricity Products Electrical power Headquarters Poland Revenue 28.54 billion PLN | Traded as WSE: PGE Key people Marek Woszczyk, CEO Operating income Founded 1990 | |
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Stock price PGE (WSE) PLN 11.71 +0.09 (+0.77%)23 Mar, 10:30 AM GMT+1 - Disclaimer CEO Marek Woszczyk (23 Dec 2013–) Profiles | ||
Polska Grupa Energetyczna (PGE SA or PGE Group, the name can be translated as Polish Energy Group) is a state-owned public power company and the largest power producing company in Poland. PGE is listed on the Warsaw Stock Exchange and is a constituent of the WIG30 index.
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The group is largely controlled by the Polish State Treasury who as of 9 July 2014 owns 58.39% of the public limited company. In addition to the activities of its core businesses of central and holdings companies in the generation and distribution of electricity, the group also trades electricity and other relevant products on the market. The total company revenue for 2015 was 28.542 billion złoty and the company made a net income loss of 3.032 billion złoty.
History
The PGE Group was founded as Polskie Sieci Elektroenergetyczne S.A. (translates as Polish Electrical Power Lines S.A.) in 1990. In 2007 the Transmission System Operator division (PSE-Operator) was separated from the PSE S.A. group. On 9 May 2007 Polska Grupa Energetyczna was established by the merger of PSE, PGE Energia SA and BOT Górnictwo i Energetyka S.A. 6 November 2009 IPO in Warsaw Stock Exchange. 19 March 2010 included to WIG20.
Operations
The PGE Group operates two large lignite mines and more than 40 power stations, including the Bełchatów Power Station. Power stations are fueled mainly by hard coal and lignite. The company consists of eight distribution system operator companies, eight electricity retail sales companies, an electricity wholesale company and enterprises operating in other industries (including the telecommunications). PGE holds a 38% market share in generation of electricity and an estimated 30% market share in supply in electricity for the year 2015.
Nuclear energy
On 15 January 2009, the company announced a plan to build two nuclear power stations in Poland. It also participates in the Visaginas Nuclear Power Plant project.
Sponsorship
The company bought the naming rights for the PGE Arena Gdańsk, a football stadium in Gdańsk, Poland, for 35 million złoty (about €8.5 million) for a duration of five years. The 2010 Speedway World Cup is named according to PGE. Polska Grupa Energetyczna bought PGE Skra Bełchatów volleyball club.