31.2 State Treasury-controlled companies

The State Treasury is the dominant shareholder of PGE Polska Grupa Energetyczna S.A. and as a result in accordance with IAS 24 Related Party Disclosures, State Treasury companies are treated as related entities. PGE Group entities identify in detail transactions with approximately 40 of the biggest State Treasury subsidiaries.

The total value of transactions with such entities is presented in the table below:

(in PLNm) Year ended
December 31, 2022
Year ended
December 31, 2021
Sales to related parties 8.410 4.674
Purchases from related parties 10.324 7.650

(in PLNm) As at
December 31, 2022
As at
December 31, 2021*
Trade receivables from related parties 1.260 616
Trade liabilities to related parties 1.089 895
*restated data

The largest transactions with companies where the State Treasury holds a stake concern Polskie Sieci Elektroenergetyczne S.A., PKN Orlen S.A., PKO Bank Polski S.A., Jastrzębska Spółka Węglowa S.A., Enea Wytwarzanie S.A., WĘGLOKOKS S.A., ENERGA – Operator S.A., Polska Grupa Górnicza sp. z o.o., PKP Cargo S.A., ENERGA Elektrownie Ostrołęka S.A., Zakłady Azotowe PUŁAWY S.A.

Moreover, PGE Group executes material transactions on the energy market via power exchange Towarowa Giełda Energii S.A. Due to the fact that this entity only manages exchange trading, purchases and sales transacted through this entity are not treated as transactions with related parties.

The values presented above do not include significant transactions with the Zarządca Rozliczeń S.A., including write-offs to the Price Difference Payment Fund and the settled, paid compensation to eligible entities for the introduction of the maximum price, as defined by the Act of October 27, 2022 on emergency measures to limit the level of electricity prices and support for certain consumers in 2023. This information is described in Note 33.5 Regulatory developments in the electricity market.

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