Agencja Rynku Energii S.A.

Our activities are focused on the needs of enterprises in the energy sector and industry, government bodies and public institutions, as well as a wide range of new market participants—prosumers. 

Our consultants continuously monitor the fuel and energy markets in Poland and worldwide. We provide ongoing operational support for energy companies and other entities operating in the fuel and energy markets in Poland and abroad by conducting analytical studies on various topics, benchmarking analyses in domestic and international markets, expert reports, business plans, and offering direct consulting services. 

We support companies in the ongoing energy transition by offering assistance in areas such as corporate sustainability initiatives, developing decarbonization strategies, and calculating carbon footprints. We prepare tailored studies on improving energy efficiency, particularly in energy management strategies aimed at cost reduction. Additionally, we provide advice on selecting energy suppliers and negotiating energy sales agreements, including renewable energy purchase agreements (PPAs), and offer recommendations on future electricity price levels in retail contracts. An important segment of our services is investment advisory, particularly in the renewable energy sector, with a focus on the rapidly growing photovoltaic market for both small- and large-scale installations. We also provide consulting services for district heating companies interested in modernizing heat generation sources within urban heating systems or individual heating units.

Our advisory services also cover the rapidly expanding prosumer energy sector. Furthermore, we closely follow the development of electromobility in Poland and globally, particularly the increasing use of alternative fuels in transportation. In this area, we conduct feasibility studies on transitioning vehicle fleets to electric or hybrid models for entities seeking cost savings or looking to modernize their corporate image.

Another key area of our advisory services is the organization and delivery of training programs for various stakeholders interested in the functioning and development of the Polish energy market. Currently, the training sessions organized by ARE S.A. have become an integral part of the new services we offer our clients.

The advisory activities of Agencja Rynku Energii S.A. encompass three main service areas:

AREA I: BUSINESS CONSULTING

The energy transition and established regulations in the areas of electricity, heat, fuels, and technology are driving changes that primarily affect companies for which energy carrier prices constitute a significant component of their core operating costs. The consequence of ongoing changes in the energy market is new investment and entrepreneurs' drive to increase energy efficiency. Decisions made in this area will determine the future position of these companies in an increasingly competitive market, and the answer to this challenge is a well-considered energy strategy that anticipates the future needs of businesses.

As a result, ARE rises to meet the ongoing changes in the energy market and offers its clients support in areas related to the broadly understood improvement of energy consumption efficiency within their organization, or investment activity in technologies encompassing zero-emission energy generation.

Among the catalog of services in the "Business Advisory" area, the most important include:

1. ADVISORY SERVICES IN THE AREA OF ENERGY TRANSITION

1.1. Corporate decarbonization strategies

We offer the preparation of a decarbonization strategy aimed at identifying the most effective approach to reducing a company's negative impact on the natural environment. Its result is a reduction in greenhouse gas emissions through optimization mechanisms and increased efficiency, achieved through effective energy use, transitioning to renewable energy sources, and conscious supplier selection.

In light of current regulations, rules, and pressure from investors and clients, companies must develop an effective decarbonization strategy to reduce their negative impact on the climate and environment. For companies that delay changing their business models, this will mean growing risk in securing investment financing or maintaining relationships with counterparties that are more aware of climate challenges.

By implementing a sound energy strategy, a company will ensure:

• Compliance with regulatory requirements,
• Increased resilience to financial risks and legislative changes,
• A competitive advantage for the enterprise,
• Access to green financing and, consequently, lower cost of capital.

As part of developing a decarbonization plan, we offer:

• Planning the methodology for achieving climate neutrality in a cost-optimal manner,
• A review of actions and technologies that reduce the environmental impact of business operations, in terms of capital expenditure and ongoing operating costs,
• Identification of the main risks associated with implemented or proposed technologies and investments, and assessment of their performance in a local context,
• Identification and evaluation of available solutions (including cPPA agreements), market suppliers, and supply chain implementation models,
• Development of a financial model accounting for all variants as well as climate and financial risks,
• Definition of targets and levels of achieved emission reductions.

1.2. Sustainability reporting (ESG)

We offer the preparation of sustainability reports (ESG – Environmental, Social, Governance) for all entities and companies obligated by the EU CSRD (Corporate Sustainability Reporting Directive). The obligation to report carbon footprint is being expanded year by year – from large companies employing more than 500 people (for the year 2024), more than 250 people (for the year 2025), through to medium and small enterprises. The ESG reporting obligation is a significant step toward increasing corporate accountability and supporting sustainable development. Preparing ESG reports offers many benefits, builds trust among international partners and investors, and enables more effective and efficient management of internal processes within a company.

1.3. Carbon footprint of an organization and product across three scopes in the ESG context

ARE experts will comprehensively measure the carbon footprint of an organization, enterprise, or specific products. The carbon footprint makes it possible to assess how harmful a company's operations are to the environment and helps identify the changes and actions that need to be taken to reduce the company's negative environmental impact.

The scope of the service will include:

• Mapping the company's emission sources and its surroundings – identifying areas with the greatest impact,
• Calculating greenhouse gas emissions resulting from the company's operations based on the GHG Protocol/ISO 14064-1 standard, depending on the organization's needs, for: Scope 1 – direct greenhouse gas emissions; Scope 2 – indirect emissions associated with energy generated outside the company; Scope 3 – other indirect greenhouse gas emissions,
• Calculating the product carbon footprint using the LCA (Life Cycle Assessment) methodology, based on the PN-EN ISO 14067 standard and the GHG Protocol Product Life Cycle Accounting and Reporting Standard,
• Developing effective decarbonization actions,
• Developing the organization's climate policy,
• Periodic updates of adopted strategies and carbon footprint analyses.

1.4. Energy strategy for businesses in the area of cost optimization

1.4.1. Electricity management strategies for the next 2–3 years, focused on cost reduction.

The purpose of this service is to prepare a medium-term electricity management strategy for the Client. The service is aimed at both cost and energy optimization.

The scope of the offered Strategy includes:

1.4.1. Analysis of the company's market environment, including in particular:

• A review of the electricity supplier market and regulations, including an analysis of national and EU regulations (the European Green Deal, the "Fit for 55" package, and others),
• Identification of possible sources of electricity procurement, including, among others: contracting based on exchange quotations, PPA and cPPA (virtual and physical), and other solutions such as building a own generation unit and/or energy storage facilities (advantages, disadvantages, risks),
• A forecast of electricity prices until 2030 for the generation sources listed above.

1.4.2. Analysis of the company's energy situation:

• A review of energy audits and other available materials on the company's energy situation,
• Analysis of current electricity supply contracts in terms of the electricity price and the nature of the contract (e.g., fixed price, price based on exchange quotations).

1.4.3. Energy strategy – directions and conditions for energy procurement for the company (scenario analysis possible), in particular:

• Estimation of electricity costs after implementing the strategy,
• Assessment of the economic viability of investments proposed within the analysis,
• Sensitivity analysis of the strategy to changes in the legal and business environment,
• Opportunities for financial support (e.g., from EU programs or targeted grants), including an analysis of eligibility criteria.

1.4.4. Recommendations on future electricity price levels in retail contracts (variant analysis).

The purpose of this service is to prepare a comprehensive analysis of the electricity market situation in the retail segment for the Client. By ordering the expert report, the Client will be able to make an informed decision about the current purchase of electricity at a rational price.

The report will analyze market factors such as current emission allowance prices, property rights prices, and electricity prices on the exchange in the commodity forward market. Elements such as the correlation of electricity prices with other market factors, the relationship between domestic market prices and prices in neighboring markets, and the impact of energy policy on electricity price formation will be taken into account.

The offered report will also include an analysis of available forms of electricity purchase, such as purchase at tariff prices, the "click" model of energy purchasing, or direct purchase of energy on the wholesale market.

The service will cover the following issues:

• Analysis of the situation on the wholesale electricity market in the current period of the report's preparation,
• Calculation of energy charge rates for future periods (quarter, year),
• Analysis of the risk of electricity price increases or decreases in contracts for the following year,
• Analysis of factors affecting electricity prices for the end consumer,
• Analysis of the most common forms of electricity contracting by the end consumer.

1.4.5. Energy audits focused on increasing energy efficiency

ARE experts and auditors support businesses in conducting an energy audit, which provides essential knowledge to those responsible for managing the company, in particular regarding:

• Indicating the actions that need to be taken to reduce energy consumption,
• Identifying energy-intensive processes, equipment, and technologies,
• Enabling the identification of areas of unjustified and increased energy consumption,
• Providing information on the company's energy management practices,
• Assessing the condition of existing assets in terms of their technical state and achieved energy efficiency,
• Indicating the possibility of applying for an additional source of funding in the form of energy efficiency certificates, i.e., so-called "white certificates."

1.5. Advisory services in the renewable energy sources (RES) segment

We support investors in the renewable energy sources segment in assessing investment efficiency. The service is directed at investors in the RES sector, with particular emphasis on investments related to the construction of photovoltaic farms and large-capacity PV installations. The product is a cost-benefit analysis and risk assessment of a given investment project in the process of granting an investment loan. In addition, we offer:

• Conducting an inventory of potential PV installation locations at facilities indicated by the investor,
• Technical audits of existing PV farms/installations, for the purpose of evaluating the merits of decisions made by investors.

2. ADVISORY SERVICES IN THE AREA OF DISTRICT HEATING TRANSFORMATION

2.1. Support and advisory services for the modernization of municipal district heating systems or individual heat sources.

Within this service, the advisor will present the Contracting Authority with a concept of possible directions for modernizing the heat source, leading to a reduction in the consumption of solid fossil fuels and a significant decrease in CO2 emissions, while ensuring the attainment of efficient district heating system status, with the possible use of renewable energy. Our focus will be directed primarily toward projects whose implementation will contribute to achieving the highest possible energy efficiency and cost-effectiveness ratio for the modernized heat source. Through close cooperation with the Client, we will identify the most optimal modernization variant for a given district heating system, and will also conduct a full economic viability analysis of the investment in a new generation source for each of the considered variants, based on technology utilizing natural gas/biogas, biomass, or other solutions.

The following issues will be addressed as part of the completed service:

• A technical analysis of the current system, containing a review of the applied technology and a verification of the existing and future heat balance in the company,
• A technical proposal for modernizing the system, based on, among others, gas, RES, waste fuels, solar collectors, heat pumps, etc.,
• A full economic analysis of the investment in system modernization, covering the return on investment period, financial cash flow projections, and potential revenues from cogeneration auctions (if applicable),
• Optionally, the possibility of applying for so-called white certificates.

As a result, the Contracting Authority will receive a service that forms the basis for ordering project documentation and carrying out the modernization of the heat source within the district heating system.

3. SERVICES FOR LOCAL GOVERNMENT UNITS (LGUs) IN THE AREA OF SUSTAINABLE ENERGY AND CLIMATE

We support LGUs in developing strategic documents related to sustainable energy management. We offer municipalities a comprehensive service in preparing and carrying out investments, together with creating a technical and economic model for optimal energy use. Through close cooperation with the Client, we perform feasibility analyses for replacing "low emission" sources with efficient generation sources based on natural gas/biogas or biomass.

The documents prepared by ARE as part of the above services include, among others:

• Sustainable Energy Action Plans (SEAPs),
• Low-emission economy plans (PGN),
• Municipal energy balances,
• Fuel and energy carrier procurement strategies to optimize costs associated with the purchase of energy utilities,
• Heat, electricity, and gas fuel supply plans,
• Analyses and local energy strategies contributing to the achievement of the energy and climate package targets.

4. SERVICES DEDICATED TO PROSUMER ENERGY

4.1. Expert services for prospective prosumers in the PV sector

• A comparative audit of PV installations for prosumers, concerning an independent and objective comparison of two or more offers for a prosumer photovoltaic installation from different suppliers,
• Assessment of the profitability of building a PV installation,
• Analysis of offers from installation companies in the photovoltaic sector, recommendations regarding technical solutions, installation and service costs, materials, etc.

4.2. Expert services for potential heat pump users

• Paid additional services in the area of individual analysis and assessment of the profitability of investing in a heat pump installation for individual and institutional users.

4.3. Individual advisory meetings and consultations for investors interested in implementing and developing prosumer energy.

AREA II: TECHNICAL-ECONOMIC ANALYSIS FOR CURRENT OPERATIONAL AND MANAGEMENT SUPPORT

1. Standard and individual analytical works and reports, expertise, and short-term forecasts
   • technical-economic projects and reports concerning domestic and foreign energy markets,
   • market benchmark along with an assessment of the market position of energy market participants,
   • benchmark of energy technologies,
   • analyses concerning energy companies listed on the Warsaw Stock Exchange,
   • analyses for energy consumers,
   • analyses regarding losses and failure rates of distribution networks,
   • analyses regarding electricity prices for end consumers in Poland and selected European countries.
   • short-term forecasts of electricity prices, coal costs, and other price indices related to energy or fuel prices.
2. Analytical services for foreign economic entities and research centers for projects related to the common energy policy of EU countries.
   • Projects in the area of analyzing energy media and carriers markets,
   • Providing consulting services for companies and European financial institutions regarding the functioning of the Polish energy market in terms of the created energy policy and current legal, economic, and technical issues.

Our Clients, through the implementation of consulting services, will find answers to the following questions: 

• Which subsector had the largest share in the sector's performance, and which showed the highest profitability?
• How does the production and consumption of electricity change, which production technologies are developing faster?
• How dynamically is the renewable energy segment developing, and what about the energy use of biomass?
• How do unit production costs shape according to individual technologies?
• What is the state of Polish electricity networks measured, among others, by loss indicators and failure rates?
• Is the wholesale and retail electricity market in Poland already fully competitive?
• How is the structure of electricity sales evolving in the wholesale market?
• What about electricity prices in wholesale and for end consumers, and what could be the trends in short-term changes?
• How do prices of coal, gas, and electricity change in Poland, Europe, and the world?
• How do investment expenditures shape among producers and operators, and are they sufficient for necessary modernizations and asset renewals?
• Polish energy in Europe - where are we? Are Polish enterprises able to compete with foreign corporations in the integrating European market?

A detailed list of periodic reports and analyses from Pillar II of consulting services is presented below. We also offer our Clients the preparation of dedicated studies, carried out on individual orders and based on agreed assumptions with Clients. A list of titles of such works (ordered individually) is presented at the end of this chapter.

AREA III: ORGANIZING AND CONDUCTING TRAININGS ON THE FUNCTIONING OF THE POLISH ENERGY MARKET

Trainings organized by ARE S.A. for various recipients interested in the functioning and development of the Polish energy market have become a permanent element of the new services provided to our Clients.

In 2026, ARE regularly conducts four dedicated training programs:

1. PRINCIPLES OF THE ENERGY MARKET OPERATION IN POLAND
2. THE OBLIGATION TO REDUCE ENERGY CONSUMPTION BY PUBLIC ENTITIES
3. CARBON FOOTPRINT IN THE CONTEXT OF ESG REPORTS – HOW TO CALCULATE IT CORRECTLY FOR A COMPANY AND A PRODUCT
4. "ENERGY COOPERATIVES – FROM THE BASICS TO PRACTICE".

These trainings are an opportunity to acquire knowledge that will allow participants to enhance their core qualifications and enable them to more effectively fulfill their responsibilities within their energy company, facilitating further, deeper specialization in their field of activity. We dedicate them to all individuals wishing to systematize their existing knowledge, employees of companies in the industry, market analysts, financial advisors serving the energy sector, entrepreneurs wondering how the energy market works and whether there is room for their capital within it, as well as journalists and commentators wishing to understand how the domestic energy market operates. The trainings are also dedicated to all individuals and employees dealing with energy efficiency improvement issues, particularly in public administration, local government, and other public, cultural, or social organizations and institutions.

Independently, responding to expressed needs, ARE also organizes and conducts dedicated trainings on various topics of interest to corporate clients from the financial sector, fin-tech, large energy companies, and industrial consumers.