Introduction

We assume that the market and the offering of utility companies will evolve and that the products and services sold along with electricity will become widespread and increasingly popular among customers.

As awareness grows among our customers, so do their expectations. The key challenge for utility companies will remain to align their offering with the needs of customers and improve the quality of services provided, while caring to ensure the security of supply and the fulfillment of increasingly stringent environmental requirements.

We assume that the operations of the TAURON Group will, as was the case in the past, be driven predominantly by the following key factors:

  1. Macroeconomic situation, particularly in Poland, and economic situation in the area covered by TAURON’s operations as well as at the EU and global economy level, including changes in interest rates, exchange rates, etc., affecting the valuation of assets and liabilities recognized by the Company in its statement of financial position;
  2. Political environment, particularly in Poland and at the EU level, including the positions and decisions of state administration institutions and authorities, such as the Office for Competition and Consumer Protection (UOKiK), the Energy Regulatory Office (ERO) and the European Commission;
  3. Amendments to regulations related to the power sector as well as changes in the legal environment, including: tax law, commercial law, environment protection law;
  4. Change in the policies of financial institutions with respect to financing coal-based energy;
  5. Introduction of the generation capabilities compensation mechanism (known as the capacity market), in particular the impact on the results of the main auctions for the supply of electricity in 2021-2024 and decisions regarding the discontinuation of the operational capacity reserve and interventional cold reserve mechanisms;
  6. Support system for electricity generation from dedicated sources (color certificates), resulting, on one hand, in the costs of redeeming certificates for the suppliers of electricity to the final consumers and, on the other hand, in revenue from the sale of certificates to electricity generators;
  7. New RES support system, known as RES auctions;
  8. Situation in the power sector, including the activities and actions taken by competitors on the energy market;
  9. Number and price of CO2 emission allowances;
  10. Wholesale electricity prices;
  11. Level of tariff for the supply of electricity to households (tariff group G) for 2020 approved by the ERO President;
  12. Prices of energy commodities in Poland and worldwide;
  13. Environmental protection requirements as a consequence of changes to the Act of 27 April 2001 entitled Environment Protection Law, in the form of the so-called anti-smog resolutions;
  14. Planned changes to the regulations related to the Act of 25 August 2006 on the System for Monitoring and Inspecting Fuel Quality, including the quality requirements for solid fuels;
  15. Scientific and technical progress;
  16. Demand for electricity and other energy market products, taking into account changes resulting from seasonality and weather conditions.

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