Capital expenditures 2022
In 2022, PGE Group’s capital expenditures reached approx. PLN 7.1 billion
(up 51% year-on-year).
Approx. 62% of expenditure in Conventional Generational, District Heating, Renewables and Other Activity (production capacities) and Distribution was for new projects and approx. 38% for modernisation and repairs.
| Key projects | CAPEX in 2022 |
| Construction of CCGT units in PGE Gryfino | PLN 2.0 bn |
| Construction of New Czechnica CHP plant | PLN 392 m |
| Modernisation of distribution assets | PLN 1 407 m |
| New projects in Distribution segment | PLN 1 154 m |
The construction of two gas-steam units at PGE Gryfino 2050 was the largest ongoing investment project in the PGE Group in 2022. The investment involves the construction of two new gas and steam units with a capacity of 671 MWe each. In 2022 the key elements of the engine room of unit 9 and unit 10 were placed on foundations, and assembly work of the entire turbine set was in progress.
At the beginning of December 2022, voltage tests for the generators were successfully completed, in January 2023 deliveries of gas compressors were made, further pressure tests of the boilers were carried out, and cabling began. As regards the construction of the gas connection – assemblies were underway – approx. 80% of the gas pipeline route was completed.
Building and ancillary works continued. The material advancement of the project at the end of 2022 was more than 85%. The units are scheduled for commissioning in April 2024.
Capital expenditures by operating segment
| Segment (PLNm) | Q4 2022 | Q4 2021 | y/y | 12M 2022 | 12M 2021 | y/y |
| Conventional Generation | 350 | 50 | 600% | 750 | 1 759 | -57% |
| District Heating | 618 | 236 | 162% | 1 140 | 610 | 87% |
| Distribution, including: | 1 361 | 440 | 209% | 2 576 | 1 358 | 90% |
| Connection of new customers | 490 | 210 | 133% | 1 097 | 626 | 75% |
| Distribution lines and grids | 577 | 134 | 331% | 956 | 359 | 166% |
| Renewables, including: | 258 | 85 | 204% | 458 | 189 | 142% |
| Modernisations and replacements | 51 | 27 | 89% | 105 | 86 | 22% |
| Supply, Circular Economy and other | 682 | 810 | -16% | 2 233 | 862 | 159% |
| TOTAL | 3 269 | 1 621 | 102% | 7 157 | 4 778 | 50% |
| TOTAL (including consolidation adjustments) | 3 219 | 1 593 | 102% | 7 053 | 4 662 | 51% |