The Polish utility Polska Grupa Energetyczna (PGE) has released its 2022 results. The group’s sales revenue rose 39% in 2022 to PLN73.4bn (€15.7bn) but its recurring EBITDA decreased by 12% to PLN7.1bn (€1.5bn), mainly due to higher CO2 and fuel costs, and its net profit fell by 16% to PLN3.33bn (€711m).
PGE’s power generation decreased by 4% to 66.1 TWh in 2022, in a context of lower load factor of hard coal-fired power plants. Power generation from lignite increased by 6% to 39.6 TWh, while hard coal generation decreased by 16% to 20.5 TWh, and gas-fired generation fell by 34% to 2.8 TWh (higher gas costs and breakdown at the Lublin Wrotkow CHP plant). Total production from renewable sources reached 2.2 TWh in 2022, slightly less than in 2021 (2.3 TWh); wind power generation grew by 8% to 1.6 TWh against good wind conditions, pumped-storage generation rose by 38% to 950 GWh, but run-of-river hydropower and biomass-fired power generation declined compared to 2021. The volume of distributed electricity dipped by 2% to 37.1 TWh in 2022, while sales of electricity to final consumers contracted by 9% to 34.3 TWh. Heat sales volume also declined by 7% to 51.3 PJ (14.25 TWh) in 2022, due to higher average daily temperatures.