PACKAGE OF 4 QUARTERLY REPORTS

The analysis is aimed at both companies actively participating in the retail market and those that are only planning to commence operations in this area. The purpose of the report is the ongoing (quarterly) monitoring of the retail electricity market amid the changing situation in the energy market. The study will provide a detailed analysis of the evolving structure of the retail electricity market in terms of sellers — primarily trading companies — with a distinction between "incumbent" and alternative suppliers, as well as in terms of the form of sale (comprehensive agreements and sales agreements). Cumulative figures will be referenced against the corresponding periods of the previous year, and for selected figures (prices), minimum and maximum values will be presented. At the same time, to provide a fuller picture of the situation, changes in electricity sales prices for end customers will also be presented on a quarter-by-quarter basis for the last two years.

The study presents changes in prices on the wholesale market, including the TGE forward market, as these have a decisive influence on the formation of prices in the retail market.

The analysis will cover in particular information regarding:

1. Changes in energy sales volumes and the number of end customers across individual customer groups (by network voltage level, type of agreement, and seller category — PO and PO_SD).
2. The development of the TPA principle.
3. Electricity prices for end customers across individual customer groups (by network voltage level, type of agreement, and seller category — PO and PO_SD), including and excluding excise duty.
4. The structure and purchase price of electricity by trading companies.
5. Profitability and margin on energy operations.

The activities of companies already participating in the retail market will be presented against the competitive backdrop, i.e., the average for selected competitors (the so-called "peer group") and the average for a given segment of trading companies (incumbent PO_SD and other PO).

The analysed figures will be presented in tabular or graphical form. The in-depth analysis of the retail market presented in the report will serve as an effective tool for management, capable of contributing to the strengthening of the company's position in the retail energy market.

Contact:

Mariusz Sowa
tel. 22-444-20-65
mail: mariusz.sowa@are.waw.pl 

PACKAGE OF 4 QUARTERLY REPORTS

The study is aimed at electricity trading companies actively operating in the wholesale market. It will serve as a source of external market analyses, providing one of the scenarios for determining short-term electricity hedging strategies. 

The report will analyze the electricity and property rights trading markets operating on the Commodity Exchange S.A. in Warsaw and the Stock Exchange S.A., transactions conducted on the Balancing Market, and basic data on electricity trading in trading companies. 

In particular, the study will cover the following issues:

• Day-Ahead and Intra-Day Markets (SPOT):
  • Day-Ahead Market on the Commodity Exchange S.A.
  • Hourly Daily Market on the Stock Exchange S.A.
    (Prices and volume of electricity in transactions conducted within continuous listings and uniform price for day-to-day comparisons)
• Futures Markets:
  • Commodity Futures Market on the Commodity Exchange S.A.
  • Electricity Futures Market on the Stock Exchange S.A.
  • OTC transactions
    (Prices and volume of electricity in weekly, quarterly, and annual contracts with delivery in the upcoming year and future years. Analysis of factors influencing changes in electricity prices such as: available transmission capacities on synchronous connections in daily and monthly tenders, short-term macroeconomic forecasts, electricity prices in futures contracts on neighboring electricity exchanges, availability of energy blocks in centrally dispatched generation units, current and future prices of CO2 emission allowances, and sales prices of energy coal in Polish mines and international markets.)
• Electricity Balancing Market:
  (Prices and volume of electricity on the balancing market)
  • Prices and sales directions of electricity by producers and trading companies.
• Property Rights Markets:
  • Property Rights Market on the Commodity Exchange S.A.
  • Property Rights Market on the Stock Exchange S.A.
    (Prices and volume in transactions conducted during continuous listings and off-exchange transactions, supply and demand for certificates of origin determined based on quarterly electricity deliveries to end consumers and renewable energy production in Poland.)

Based on the quotes from the day-ahead market (hourly products) in a given quarter, an “averaged day” will be created, for which the electricity delivery price for each hour will be the average for that quarter; additionally, a “minimum and maximum day” will be defined consisting of the minimum and maximum electricity prices for deliveries for those hours in that quarter. 

For futures markets, synthetic results of trading on the futures markets of the Commodity Exchange S.A. and the Stock Exchange S.A. will be created. Additionally, based on external factors such as macroeconomic indicators, quarterly fuel prices, and energy block downtimes, it will be possible to determine trends in electricity prices for the next several months.

Contact:

Janusz Smardz
tel. 22-444-20-60
mail: janusz.smardz@are.waw.pl 

ANNUAL REPORT

The analysis of the profitability of tariff groups concerning the trading and distribution of electricity will be conducted for comprehensive contracts and separated contracts. The report will also provide the structure of electricity sales by tariff groups.

The profitability analysis in trading and distribution will cover trading companies (PO_SD) and OSD that are part of consolidated energy groups (PGE Polish Energy Group S.A., TAURON Polish Energy S.A., ENEA S.A., ENERGA S.A., and Stoen Operator Sp. z o.o.). Additionally, the work will analyze other trading companies (PO) engaged in electricity trading.

To capture any potential changes, data on the profitability of tariff groups and sales structure will be provided for the years 2024-2025.

We will also present the profitability of the new anti-smog tariff; however, this will be conditioned by the quality of data provided by the enterprises.

The report will provide additional information for assessing the results obtained from electricity sales and distribution services. The results of the report may also be useful in tariff calculations.

Contact:

Jakub Jaworski
tel. 22-444-20-64
mail: jakub.jaworski@are.waw.pl 

PACKAGE 2 SEMI-ANNUAL REPORTS

This report presents information regarding electricity prices for end users both in the domestic market and in individual EU countries. This information is an essential element of knowledge about changes occurring in the energy trading sector.

The source of information on prices in member countries is the databases of the International Energy Agency – IEA/OECD and the EU Statistical Office – Eurostat. The report also presents average monthly electricity prices in the most important European stock markets. 

The section concerning the European market presents the following information 
about prices:

• quarterly electricity prices for two sectors of end users: industry and households, in selected countries (OECD data),
• semi-annual prices for end users, according to categories defined by annual electricity consumption by Eurostat (5 categories of household users and 7 categories of non-household users) for all EU countries, including Poland (Eurostat data),
• annual electricity prices.

Both quarterly and semi-annual prices are presented in three ways: as prices including all taxes, excluding VAT, and prices without any taxes, allowing for easy extraction of the total amount of all taxes and fees included in the prices for individual user groups. 

Annual data contains more detailed information on the structure of electricity prices paid by end users, as well as the structure of taxes and fees included in them. Electricity prices are presented by:

• prices of sold electricity,
• charges related to transmission/distribution,
• the total amount of taxes and fees included in the electricity price paid by the end user.

Detailed data on taxes and fees included in the electricity price take into account the exemptions and subsidies applied in individual EU countries, including excise tax, levies related to the promotion of renewable energy sources, and charges related to network services.

In the analytical part concerning the domestic market, electricity prices for end users are presented, among other things, by different voltage levels, considering the type of contracts (comprehensive and separated) and for individual categories of users according to Eurostat, i.e., household users and non-household users, with a distinction for industrial users.

The report consists of two reports:

• Report I – I semi-annual 2026, with prices for the II half of 2025.
• Report II – II semi-annual 2026, with prices for the I half of 2026. 

Contact:

Grażyna Grycz
tel. 22-444-20-86
mail: grazyna.grycz@are.waw.pl 

PACKAGE 2 SEMI-ANNUAL REPORTS

The report focuses on wholesale electricity trading and includes data on the directions of electricity sales or purchases in generating enterprises and electricity trading, also presenting volumes and prices of electricity purchased (sold) for specific groups of market participants. In the case of generators, regulatory system services and revenues from fulfilling capacity obligations are also included.

The above data is presented for established groups of enterprises, i.e., generators in a technological arrangement (system and professional power plants) or regional (central, northern, and southern areas of the country), trading enterprises SD, and other trading enterprises.

In addition to the analytical part, the report also includes a tabular and graphical presentation of the observed quantities.
The quantities and average selling prices of electricity for all professional power plants and combined heat and power plants concern the following groups of recipients and markets:

• trading enterprises,
• other recipients, which include:
  • the transmission system operator and distribution system operators,
  • end consumers with sales contracts and comprehensive contracts, as well as those supplied directly from the producer's network (consumers at high, medium, and low voltage),
  • sales abroad,
• energy exchanges (including: sales on the spot and futures markets),
• balancing market.

The quantities and average purchase prices of electricity by trading enterprises include the following purchase directions:

• professional and own power plants (including: renewable energy sources),
• industrial power plants,
• renewable energy sources and obligated sellers,
• through trading enterprises,
• energy exchange and balancing market,
• imports and other directions.

The quantities and average selling prices of electricity by trading enterprises for the following sales directions:

• high and medium voltage, low voltage,
• trading enterprises,
• the transmission system operator and distribution system operators,
• energy exchange and balancing market,
• generating enterprises and other consumers.

The report is published semi-annually, twice a year. In the current year, it includes data for the year 2025 (Stage I) and for the first half of 2026 (Stage II).

Contact:

Wojciech Biczyński
tel. 22-444-20-81
mail: wojciech.biczynski@are.waw.pl 

PACKAGE 4 QUARTERLY REPORTS

The production costs in relation to the level of revenues determine the results and future of companies. In recent years, due to the difficult situation, companies have decided to carry out write-downs to update the value of fixed assets. One of the key factors determining financial results are the levels of CO2 emission allowance prices and coal prices. 

What is the current situation, what are the differences in cost levels among producers, how are the prices of sold energy shaped, and what affects the level of results achieved? Finally, what impact do CO2 emission allowance prices and coal prices have on cost levels?

We will attempt to answer these questions in our study. We propose to conduct a quarterly analysis of the costs of electricity production in power plants producing energy based on coal. The power plants will be divided into two groups based on the level of installed capacity (up to 1000 MW and above 1000 MW).

Among other things, the following will be analyzed:

• income statements (for electricity and energy activities),
• unit costs of electricity production, which will include: costs of own activities, costs of amortized property rights, sales costs, management costs, other operating costs, and financial costs,
• unit technical costs of production (fixed and variable costs, with particular emphasis on the main item – fuel costs),
• costs of consumed coal (PLN/ton and PLN/GJ) and the amount of coal consumed,
• prices of sold electricity,
• margin on sold energy,
• profitability on electricity,
• profitability on energy activities,
• CO2 costs (PLN/MWh of produced electricity and heat),
• productivity in electricity production (per 1 MW of installed capacity).

Selected metrics (profitability, unit costs, prices) will be presented in the form of a ranking for individual generating units (without the possibility of identifying the entity – exceptions may be units owned by the ordering party).

The analysis will cover individual quarters of 2026 in relation to the corresponding quarters of the previous year. 

Contact:

Mariusz Sowa
tel. 22-444-20-65
mail: mariusz.sowa@are.waw.pl 

PACKAGE 4 QUARTERLY REPORTS

Based on the experience and opinions of our previous recipients, this report has proven to be an extremely useful tool for management teams in conducting analysis and assessment of economic and financial activities. It contains a wide spectrum of datasets and indicators (approximately 100), concerning both the overall operations of the enterprise and energy activities, characterizing the functioning and economic efficiency of the enterprise. In the upcoming 2026 year, the report will include an updated set of quarterly information presented in tabular and graphical form. To enable comparison and determine the position of your company against other market participants, your company's results will be presented alongside the minimum, maximum, average, and quartile values within the group of enterprises. To deepen the comparative analysis for producers within energy groups, average indicator values characterizing the production activities of their own group will be presented.

The report will include, among other things, information on:

• profitability,
• asset utilization and financing,
• liquidity, debt, and debt repayment capacity,
• labor costs,
• production of electricity and heat,
• structure of electricity and heat sales,
• sales prices of electricity and heat, unit production costs,
• volumes and sales prices of electricity and distribution services to customers with comprehensive contracts divided by voltage,
• volumes and sales prices of electricity/distribution services to final customers with sales contracts divided by voltage,
• volumes and prices of purchased electricity/transmission and distribution services.

Contact:

Janusz Smardz
tel. 22-444-20-60
mail: janusz.smardz@are.waw.pl 

ANNUAL REPORT

The report consists of two parts. The first part will conduct a statistical analysis of the indicators recognized as measures of the quality of medium and low voltage distribution networks. The following will be accepted as quality assessment measures: circuit lengths, cross-sections of wires installed on lines, voltages measured at the ends of low voltage circuits, lengths of medium voltage network segments, degree of utilization of permissible capacity (calculated as the ratio of the maximum recorded power transmitted by a given line to the long-term permissible power of that line), quantities characterizing the development of smart grids (remote reading meters, remote-controlled switches and stations), damage rate per 100 km of line, average outage time due to failures, average outage time due to planned works, and indicators of outages per consumer.

In the second part of the report, the results obtained by your company will be presented against the backdrop of average, maximum, and minimum values of indicators from other operators.

The report will utilize information from the last three years.

Contact:

Grzegorz Parciński
tel. 22-444-20-82
mail: grzegorz.parcinski@are.waw.pl 

ANNUAL REPORT

The report will include a statistical analysis of losses and balance differences in OSD networks over the past three years and will consist of two parts. 

The first part will carry out an analysis of energy flows in the KSE, in OSD networks, as well as a statistical analysis of electricity losses in distribution networks with voltages of 110 kV, SN (60-15 kV), and low voltage. The analysis of correlation indicators will allow for determining the actual impact of individual network parameters on the magnitude of losses. 

In the second part of the report, the loss indicators of your company will be presented against the average, maximum, and minimum indicators of other OSDs.

Contact:

Grzegorz Parciński
tel. 22-444-20-82
mail: grzegorz.parcinski@are.waw.pl 

The primary objective of the report is to identify changes occurring in the country's energy policy and their impact on the functioning of the energy market. Political decisions made to ensure energy security, as well as to maintain independence through the use of domestic energy resources, significantly affect production levels and the profitability of investment processes in various technologies. The authors will present the government's current intentions regarding the electricity sector and compare our policy with the energy policy vision created by the European Union.

Special attention will be paid to identifying differences in the approach to conventional energy and renewable energy sources. The report will also address the impact of Russian aggression in Ukraine on the energy sector.

The report will cover:

• An analysis of government actions regarding the energy sector,
• Sector plans regarding acquisitions and investments,
• Polish energy in the face of reorganization (the share of coal, oil, and gas in shaping the energy mix, priorities, and schedules),
• Modern energy according to European standards and the development directions promoted by the Polish government,
• Investments in innovative technologies in energy.
• An attempt to answer the question of whether the Polish energy sector is credible for investors and guarantees a "fair" return.

Considering the pace of changes observed recently in the energy market and the energy raw materials market, it becomes essential to have current information about the introduced changes and the energy policy being conducted, which will define the target model of the energy market and the forecasted energy mix for the coming years. Conclusions drawn from the analysis will help determine the directions in which Polish energy will head in the coming years.

Contact:

Mariusz Sowa
tel. 22-444-20-65
mail: mariusz.sowa@are.waw.pl 

The report, in the form of tabular summaries, will contain information for the year 2025 on individual tariff groups, separately for comprehensive contracts and for sales contracts. 

The data will be presented separately for the group of "incumbent" trading enterprises (PO_SD) and others (PO), as well as combined for both groups. The study will exclude the contracting company (presented separately) so that the presentation pertains only to competitors and allows for the acquisition of the greatest possible knowledge about the parameters of their operations. 

The report will include the following types of data: 

• Number of recipients (in terms of the number of connections);
• Active energy quantity - GWh;
• Active energy value – thousands PLN;
• Other trading fees – thousands PLN:
• Discounts (in trading) – thousands PLN;
• Total revenue from electricity sales– thousands PLN.
• Average total price (electricity and distribution service) – PLN/MWh;
• Average selling price of electricity - PLN/MWh;
• Average selling price of electricity (excluding excise tax) - PLN/MWh;

With limitations regarding the types of contracts (comprehensive contracts and separated contracts).

The summaries for the groups will concern four values: average, median, minimum, and maximum or two values: sum and average (depending on the nature of the variable and the size of the group).

The report will be prepared with the mandatory requirement to maintain statistical confidentiality. 

Contact:

Janusz Smardz
tel. 22-444-20-60
email: janusz.smardz@are.waw.pl