Investments that create value


We know how huge investment expenditures are related to the energy transition process. Therefore, we focus on the optimal use of our capital and implementation of investments that provide the greatest added value.

  • Factors such as:
  • Electricity demand forecast
  • Database of existing capacities in national power system
  • New projects
  • Forecasts for fuel and CO2 prices
  • Development of renewables
  • Transboundary exchange

Market model (Forecasts)

With the analytical and decision-making process, only the most economically effective projects may be implemented.

In accordance with rules specified in the Investment Policy and Investment Committee Regulations, all Strategic Investment Tasks should receive a recommendation from the Investment Committee prior to moving forward to each phase of the investment life-cycle.

This guarantees appropriate oversight of the process. This is also of key significance in a rapidly changing business environment, which may substantially alter the conditions for implementing specific investments.

Investment monitoring process

The investment process is continuously monitored by the Corporate Centre. This enables us to know exactly how well investments are progressing and to identify any emerging risks, allowing us to respond quickly in the event of growing risks, but above all to counteract their occurrence at an early stage.

All relevant information on the progress of the investment process is made available to investors in periodic and current reports.

Investment Committee

PGE Group operates in the energy sector, where long-term planning is exceptionally important, especially when it comes to investments in generation sources, the construction of which may take several to a dozen or so years, and the useful life of such assets is calculated in decades. For this reason, PGE has an Investment Committee, an opinion body that acts as decision-making support for the Management Board of PGE S.A. and the management boards of PGE Group companies. The Committee’s primary task is to provide opinions on investments, assuming that the investment eligibility criteria are met.

The Investment Committee is composed of more than a dozen people. These include members of the Management Board, directors of divisions, directors of organisational units of PGE S.A., as well as management board members from subsidiaries directly responsible for individual investments. The works of the Committee are managed by the Vice-President of PGE’s Management Board responsible for investments. As part of its work, the Committee:

  • based on analysis, expresses an opinion on the economic and technical advisability of the investment and recommends to the Management Board of PGE S.A. and the management boards of PGE Group companies investments with the highest performance indicators, with particular consideration given to the compatibility of the planned investment with PGE Group’s Strategy, PGE Group’s current possibilities of financing the investment and the degree of economic efficiency of the investment,
  • issues recommendations with respect to the transition of investments to subsequent phases of the investment life cycle,
  • provides opinions on the consolidated investment plan,
  • monitors the so-called mega-investments, i.e. strategic investments with the value of capital expenditure exceeding PLN 1 billion or other investment tasks of exceptional importance to PGE Group.

PGE Group's key investments in 2022

  • construction of CCGT units in PGE Gryfino 2050
  • construction of New Czechnica CHP plant
  • investment projects in the Distribution segment, including the network cabling programme
  • the acquisition of onshore wind farms with a capacity of approx. 84 MW
  • continuation of the offshore wind farms project

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