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PGE SAPGE power assumes CAPEX growth in 2025 to 10 pct, excluding offshore project
Listed power utility PGE assumes an increase in capital expenditure in 2025 to 10 percent year on year, excluding the group's Baltica 2 offshore project, PGE's deputy CEO Przemyslaw Jastrzebski told a conference.
"We will have a big increase in the area of renewable energy, here we have the Baltica 2 project, but it is being implemented under the project finance formula," deputy CEO Jastrzebski said.
"Excluding this project, the remaining CAPEX will increase to 10 percent. The final amount will be determined by the schedule of works and settlements," he added.
The PGE group's capital expenditures in 2024 amounted to PLN 10.689 billion (EUR 2.49 bln) against PLN 10.088 billion (EUR 2.35 bln) in 2023.
PGE assumes a significant increase in expenditures in the renewable energy segment due to the launch of the Baltica 2 project.
The company also expects an increase in CAPEX in gas power generation. Spending on the construction of the Rybnik unit will increase as construction progresses.
In the distribution and rail power segments, a relative increase in expenditure is expected as a result of the focus on network development activities.
As reported, the company is consistently reducing modernisation and renewal expenditure in conventional power generation.
In the heat segment, the company assumes a stable level of expenditures in 2025 and an increase in the following years, with the implementation of further investments replacing coal-fired generation.
pel/ han/ ao/