PGNiG: Framework action plan for future investments in renewable energy gets approval

The Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. (“PGNiG” or the “Company”) announces that on June 9th 2020 it approved a framework action plan (the “Plan”) for future investments in renewable energy sources (“RES”), enabling the formation of a dedicated RES competence area within the Group.
Its involvement in RES is to provide the PGNiG Group with lasting and safe conditions for growth by ensuring revenue stability amid the fast-changing macroeconomic and regulatory environment.
The key projects pursued by the PGNiG Group as part of the efforts to build the RES area include:
a) acquiring completed projects and consistently building own development capabilities in the area of wind and photovoltaic energy;
b) developing a franchise model for investments in the area of bio-methane;
c) R&D and innovation projects in the area of hydrogen and energy storage.
Based on the conducted analyses and strategic model simulations, the PGNiG Management Board has resolved to allocate up to PLN 4bn (in the period beyond the PGNiG’s strategic horizon of 2022) to RES generation projects acquisitions. The final scope of strategic objectives to be pursued by the PGNiG Group in this business segment and related capex estimates will be subject to analysis and modelling during the process of updating the PGNiG Group’s Strategy for 2017–2022 with an outlook until 2026.