Abstract:

Energy capital groups in Poland will need significant additional capital influx to develop further. At present, the majority shareholding is held by the State which does not agree to the reduction of its shares. This means that it is not possible to raise funds through emission of shares. Enterprises of this kind will have to obtain debt financing, which requires maintaining an EBIDTA index at the appropriate level. Currently, transmission system operators make a significant contribution in capital groups. In 2019, the Energy Regulatory Office obliged operators to comply with European Union regulations regarding the clear separation of their activities from the capital group actions. This article performs a synthetic analysis of the impact of the above decisions on the value of energy groups and thus their ability to obtain debt financing.