ZE PAK SA
GGPW:ZEP19.06
PLN
-0.54
(-2.76%)
ZE PAK SA
GPW:ZEP
(Warsaw Stock Exchange)
Recent
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19.06
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ROIC.AI
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- Business
- ZE PAK SA (ZEP.WA), the largest private energy group in Poland, produces and sells electricity and heat primarily from lignite-fired power plants, supplemented by renewable sources including biomass co-combustion, wind, photovoltaics and biomass; it also engages in lignite extraction, construction and installation works, maintenance services, manufacturing, commercial activities, wholesale electricity trading, sale of electricity certificates of origin, heat production and management of CO2 emission allowances. The company's generation assets comprise Pątnów II Power Plant with a supercritical 474 MW unit, Konin Power Plant featuring a 55 MW biomass-fired unit commissioned in 2012 and Pątnów Power Plant equipped for biomass co-firing; lignite mining occurs via PAK KWB Konin SA at the Tomisławice open-pit mine, while subsidiaries handle renovation, sales and other industrial services. Founded in 1958 through the development of power plants in Konin, Pątnów and Adamów and headquartered at ul. Kazimierska 45 in Konin, Poland, ZE PAK listed on the Warsaw Stock Exchange in 2012 and operates across Poland with vertically integrated entities targeting industrial and wholesale customers in the electric utilities sector. In recent strategic shifts, the group is executing an ambitious green transformation by phasing out coal operations, having decommissioned units 1, 2 and 5 at Pątnów Power Plant by end-2024 leaving only the Pątnów II unit operational, with full lignite phase-out planned imminently; it advances low-emission projects including a gas-fired combined cycle unit via 100%-owned PAK CCGT sp. z o.o. at the former Adamów site, a 500 MW onshore wind farm near Opole acquired in Q2 2024 and green hydrogen production through a 49.5% stake in PAK Polska Czysta Energia sp. z o.o., a joint venture with Cyfrowy Polsat Group that signed a grant agreement in 2024 for five additional hydrogen refuelling stations. In 2024, ZE PAK generated 1.43 TWh net electricity from conventional assets amid regulatory pressures on emissions, achieving PLN 2,185 million in sales revenue and PLN 282 million EBITDA while restructuring internal debt for PAK CCGT to secure external financing; revenues derived mainly from electricity sales, Capacity Market auctions, heat, biomass and termination of legacy power contracts. The Adamów Power Plant ceased operations in January 2018 per EU directive requirements, marking an early step in its emission-reduction trajectory.