Current Report No.: 28/2025
Date of Preparation: 17 July 2025
Issuer's Abbreviated Name: Enea S.A.
Subject: Signing of a contract for the construction of CCGT units
Legal Basis: Article 17(1) of the Market Abuse Regulation - insideinformation
Body of the report:
With reference to the information contained in the most recent interimreport concerning the intended execution of a gas-fired project by EneaElkogaz sp. z o.o. ("Principal"), the Management Board of Enea S.A.("Company", "Issuer") hereby reports that on 17 July 2025 its subsidiaryEnea Elkogaz sp. z o.o. completed negotiations and signed a conditionalcontract with alk Enerji Sanayi ve Ticaret A.. ("EPC Contractor") forthe design, delivery, construction and commissioning of two gas-firedcombined cycle power units with associated infrastructure on anengineering, procurement and construction basis (EPC), operating in acombined cycle (CCGT) with gross capacity of 668 MWe each, and for theprovision of maintenance services during the operation of the units(long-term service agreement, LTSA).
The net value of the EPC contract is PLN 6,378.00 million. The net valueof the LTSA is USD 170.09 million.
The scheduled date of commissioning of the units is 31 March 2029 forthe first one and 30 June 2029 for the other one.
The contract will be executed and enter into force upon the simultaneousfulfillment of the following conditions precedent:
1) execution by the Principal of a capacity contract for the units as aresult of the capacity market top-up auction for the delivery year 2029held on 17 July 2025 and announcement by the President of the EnergyRegulatory Office of the final outcomes of the capacity market top-upauction,
2) notice from the European Commission, in accordance with Article 30(3)of Regulation (EU) 2022/2560 of the European Parliament and of theCouncil of 14 December 2022 on foreign subsidies distorting the internalmarket (OJ L of 2022 No. 330, p. 1, as amended; "FSR") that it hasdecided to refrain from initiating an in-depth investigation within thetime limit set for the preliminary review, or that the EuropeanCommission has made the decision referred to in Article 31(1) or (3) ofthe FSR, or that the European Commission has otherwise determined - as aconsequence of notifications prepared by the Contractor and GeneralElectric Global Services GmbH spółka z o.o. oddział w Polsce and GEGlobal Parts _ Products GmbH - that no obstacles prevent the contractfrom entering into force in light of the FSR.
The contractual penalties provided for in the contract pertain toguaranteed parameters concerning capacity, efficiency, emissions, etc.The standard range of contractual penalties for this type of investmentproject has been applied.
The project is consistent with the assumptions of the "Enea GroupDevelopment Strategy until 2035", which calls for the construction ofgas-fired combined cycle power units as new low-emission generationcapacity solutions. The project will be carried out in pursuit of theGroup's responsible energy transition plan towards climate neutralityand with a view to ensuring Poland's energy security. The project is anendeavor of the Enea Group to bring about change within the framework ofsustainable development, which is based on three pillars: theenvironment, social responsibility and modern corporate governance.
In other respects, the provisions of the Contract do not deviate fromthe terms commonly used for these types of agreement.
Moreover, the Issuer explains that its intention is to report, by way ofa subsequent current report, only the occurrence of circumstancespreventing the fulfillment of the said conditions precedent to theContract, and the Company will announce other important stages of theprocess by way of pertinent reports.