PGE publishes financial results for first half of 2020

PGE Capital Group has published its financial and operating results for the first half of 2020. The results achieved in the lignite/coal power generation segment confirm the group's transformation towards low- and zero-carbon emissions. The reported EBITDA of PGE Group in the first half of 2020 amounted to PLN 2.8bn. The decrease was mainly due to one-off factors such as additional CO2 emission allowances for the previous year and higher levels of land rehabilitation and actuarial provisions in the first half of 2020. The recurring EBITDA of PLN 3.1bn was at a similar level to last year’s. The lower results of the Conventional Power Generation segment (EBITDA of PLN 774m, a 63 percent y-o-y decrease) and the Heat Generation segment (EBITDA of PLN 493m, a 36 percent y-o-y decrease) were caused mainly by a reduction in the number of free CO2 emission allowances and their higher purchase costs.