UPDATE: Enea power has 1.29 GW of renewable energy projects in 2025-26 pipeline

"We are constantly reviewing our development funnel of RES projects. (...) There are many more of these projects, more than twice as many as 1.29 GW, but these are the topics we intend to complete within two years," Enea's deputy CEO Bartosz Krysta said at a press conference.

According to Enea's presentation, there are 580 MW of projects to be completed in the photovoltaic area, 520 MW in the storage area and around 186 MW in wind power.

The group is planning acquisitions in the RES segment. It recently finalised the acquisition of wind farms with a capacity of 83.5 MW.

The presentation shows that Enea is planning wind farm acquisitions of 140 MW.

However, as Krysta pointed out, there is very little availability of wind farms on the market.

"There are acquisition opportunities, nevertheless they are very limited," Enea's deputy CEO assessed.

According to the presentation, in the mining area stable coal output and sales levels is expected this year, as well as a decrease in the coal sales price.

In the generation area, Enea expects to take advantage of opportunities in the balancing market in 2025. Results could be negatively affected by a decline in electricity generation from conventional sources and a decrease in the margins achieved on electricity generation and sales of purchased electricity.

In the RES segment, Enea assumes an increase in installed capacity in RES - photovoltaics and wind, including through acquisitions. Renewable electricity generation is expected to increase.

In the trading area, the group anticipates a decrease in the purchase price of electricity on the wholesale market, the development of the product offering, the end of regulatory interventions (phasing out of the price freeze), and a decrease in the selling price of electricity.

In the distribution segment, results are expected to be positively influenced by a significant increase in WRA, the reinvestment premium (WACC). The company also expects to actively raise EU funding under Poland's national recovery plan KPO (in form of loans and grants).

"As far as KPO is concerned, we believe we will report good information in late April/early May. (...) We are on the final stretch. We are finalising the agreement with Poland's state development bank BGK in this respect. We are thinking about further applications, this time for subsidies," said Enea's deputy CEO Marek Lelatko.

Asked when the company could recommend dividend payments, Lelatko said: "We understand the expectations of the market, the topic is being analysed. At the end of the day, it is also the owners' decision."

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