SBM-1 Strategy, business model and value chain
Enea Group is one of the leading electricity generators in the Polish power market and is responsible for ensuring the reliable supply of electricity to its customers.
The Group manages the key elements across the electricity value chain, from fuel supply and power generation to distribution, sales and customer service. The Group operates solely in Poland where all of its assets are located, including two system power plants: the Kozienice Power Plant and the Połaniec Power Plant. LW Bogdanka S.A. is the main supplier of hard coal to the power plants. The Group also generates energy from renewable sources, and co-generates power and heat in its plants in Białystok, Piła and Oborniki.
Enea Group’s operations are divided into operating segments in accordance with IFRS 8, which correspond to the Group’s reporting segments and are presented without aggregation:
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Mining
production and sale of steam coal (the mine and companies supporting its operations)
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Generation
Electricity generation from conventional and renewable sources, and production of heat
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Distribution
electricity distribution services. The distribution network covers the northern and western part of Poland (about 20% of the country)
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Trading
purchase and sale of electricity
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Other Activities
including lighting infrastructure modernization, transportation, renovation and construction services.
Scale of operations and markets:
Range of markets and customers served did not change versus the previous reporting period.
The objectives of the Enea Group are defined in the Enea Group Development Strategy to 2035 – Responsible participant in the energy transition, acting out of concern for the climate and energy security of Poland, which was adopted in 2024. Maintenance of the market position and increase in the Enea Group’s shareholder value is the overriding objective.
Implementation of the Strategy is based on 5 strategic directions:
- Transformation of coal assets: divestment of assets, development of low-emission capacity and decarbonization of district heating;
- Development of RES capacity and energy storage: pursuit of a dominant share of generation from renewable energy sources;
- Development and security of the distribution network: adaptation to the decentralization of the power system;
- A new dimension in products and services: an offering based on new technologies and energy efficiency;
- Operational excellence: digitalization, process optimization and sustainable resource management.
The Group has adopted specific targets for 2030 and 2035:
Generating capacity
Climate
Reliability
Activity
The Development Strategy supports the achievement of the Sustainable Development Goals (SDGs), including Clean Energy (Goal 7) and Climate Action (Goal 13).
In addition, in 2025 the Enea Group adopted the ESG Strategy – With Energy for Action, which sets out the company’s long-term objectives encompassing environmental, social and governance aspects. The ESG Strategy complements the Enea Group Development Strategy to 2035, published in November 2024. The implementation of the strategic directions defined therein is intended to enable the Group to transform towards increased production of green and low-emission energy. It will also contribute to Enea’s evolution into a modern energy group within ten years. The Group plans to continue to increase the share of energy from renewable sources and gas in its generation mix, so that by 2035 it accounts for more than 15% of total electricity production in Poland. By the same year, installed renewable energy capacity is to increase tenfold to 4.9 GW. The implementation of the ESG Strategy will allow the Group to reduce its Scope 1 emissions by 64% by 2035.
- Objective 1. Transition of existing generation sources towards low-/zero-carbon power generation
- Objective 2. Decarbonization of district heating systems
- Objective 3. Improvement of energy efficiency and optimization measures
- Objective 4. Support for energy transition through adaptation of the distribution network to operate in a decentralized power system
- Objective 5. Reduction of emissions into the air and water
- Objective 6. Optimization of water and waste water management
- Objective 7. Protection of ecosystems and support for biodiversity
- Objective 8. Increase in the role of the circular economy in Enea Group’s operations
- Objective 9. Increase in employee engagement
- Objective 10. Reduction of the accident ratio
- Objective 11. Implementation of sustainable supply chain principles and development of cooperation with suppliers
- Objective 12. Implementation of responsible management principles
- Objective 13. Increase in customer satisfaction levels
- Objective 14. Increase in sales of more environmentally-friendly products and services
- Objective 15. Development and implementation of standards of cooperation with local communities
- Objective 16. Development of local social programs and increase in the number of beneficiaries
The ESG Strategy sets out the company’s long-term objectives encompassing Environmental, Social and Governance aspects.
Its aim is to conduct business in a sustainable manner in both the environmental and social context, while upholding high ethical standards in governance.
The development of the Enea Group Sustainability Strategy was preceded by a thorough analysis of both the external and internal environment. This analysis took into account applicable regulations and key industry trends, a benchmarking review of competitors’ activities, the Development Strategy, the results of the double materiality assessment, and the perspective of the Group’s employees.
The Group operates in the fossil fuel sector. In 2025, revenues from this activity amounted to PLN 20,302,553 thousand. This figure includes the following line items from the Management Board Report on the activity of ENEA S.A. and the ENEA Group in 2025, presented in section 8.2 Consolidated statement of profit and loss: Revenue from sales of electricity, heat, gas and coal. These items include sales of renewable energy. During the reporting period, the Enea Group did not offer any products or services subject to prohibitions in certain markets. Revenues from activities related to the fossil fuel sector are presented in the table below:
In 2025, individual customers were offered the following products specifically designed with sustainability in mind:
combines electricity sales with smart solutions that enable effective management of electricity consumption and heating. The sustainability dimension of this offering lies in supporting energy efficiency and reducing unnecessary energy consumption.
an offering including the sale of photovoltaic installations and devices increasing the self-consumption of energy from the photovoltaic installation, such as energy storage, charging stations, heat pumps and storage heaters; the products are available to the customer together with a photovoltaic installation or as complementary products that can be bought separately; the devices are sold by experienced Enea partners, which offer services that include design, delivery, assembly and commissioning of the photovoltaic installation and products selected by the customer included in the Fotowoltaika+ offering.
a tariff enabling customers to benefit from lower electricity rates during night-time hours for electric heating or electric vehicle charging. The offering promotes an environmentally conscious lifestyle by encouraging the use of electricity for space heating or electric vehicle charging.
as part of this product, the customer receives an electricity price guarantee for a period of 36 months; in addition, a monthly commercial fee will be charged for Enea purchasing guarantees of origin and handling the offer. EKO Oferta guarantees the customer that Enea will purchase a guarantee of origin for electricity from renewable sources in an amount that covers the customer’s actual electricity consumption during the term of the Terms of the Offer; by using EKO Oferta, the customer supports the production of energy from renewable sources, thereby helping to reduce CO₂ emissions into the atmosphere.
as part of this product, the customer receives an electricity price guarantee for a period of 36 months; in addition, a monthly commercial fee will be charged for access to the Fachowiec service. The customer may choose between two service variants and has access to the following services: electrician, heating and gas appliance technician, home appliance repair technician, plumber and glazier. Additionally, as part of the offer, Enea will purchase a guarantee of origin for electricity from renewable sources in an amount that covers the customer’s actual electricity consumption during the term of the Rules and Regulations of the Offer. By using the Energia+ Fachowiec Offer, the customer will support renewable energy production.
as part of this product, the customer receives an electricity price guarantee for a period of 36 months; in addition, a monthly commercial fee will be charged for access to the remote IT assistance service (unlimited access to the service) and Enea will purchase a guarantee of origin for electricity from renewable sources in an amount that covers the customer’s actual electricity consumption during the term of the Rules and Regulations of the Offer. By choosing the Energia+ Pomoc IT Offer, the customer will support renewable energy production.
During the reporting period, business customers were offered the following products designed with sustainability matters in mind:
an offering including the sale of photovoltaic installations and devices increasing the self-consumption of energy from the photovoltaic installation, such as energy storage, charging stations, heat pumps and storage heaters; the products are available to the customer together with a photovoltaic installation or as complementary products that can be bought separately; the devices are sold by experienced partners, which offer services that include design, delivery, assembly and commissioning of the photovoltaic installation and products selected by the customer included in the Fotowoltaika+ offering.
an offer combining electricity with smart solutions which enable monitoring and optimization of electricity consumption and heating in facilities. The sustainability dimension of this offering lies in supporting energy efficiency, reducing energy losses and promoting responsible use of resources.
executed by Enea Eko – is designed to provide detailed and confirmed calculations of the company’s proposed energy efficiency improvement projects to be implemented in Poland and to provide information on the potential energy savings achieved as a result of their implementation.
as part of the product, the customer receives an electricity price guarantee for a period of 3 to 10 years; if the offer applies for a period of 5 or more years, electricity price in each successive year is 1% lower than the base price (the first year price). Additionally, Enea S.A. guarantees the customer that Enea will purchase a guarantee of origin for electricity from renewable sources in an amount that covers the customer’s actual electricity consumption during the term of the Terms of the Offer; by using EKO Oferta, the customer supports the production of energy from renewable sources.
guarantees of origin (as a document certifying to the end user that the amount of electricity injected into the distribution grid or transmission grid specified in this document was generated from renewable energy sources in renewable energy source installations, in accordance with the provisions of the Act on Renewable Energy Sources), are offered in two sales models without being linked to an electricity sales contract:
- delivery of guarantees of origin to the customer after the issuance of the Certificate by POLPX,
- sale of guarantees of origin to the customer through acceptance by the customer in the Register of Guarantees of Origin, of which it is a member. The offering is targeted at larger companies in the segment of key and strategic customers,
an electricity sales offering linked to the sale of guarantees of origin. As part of this offer, the customer receives an electricity price guarantee for a period from 1 year up to 10 years. Additionally, Enea S.A. guarantees the customer that Enea will purchase a guarantee of origin for electricity from renewable sources in an amount that covers the customer’s actual electricity consumption during the term of the offer, confirmed by a POLPX certificate. If the offering is contracted for a period of 5 years or longer, the electricity price in each successive year is 1% lower than the base price (the first year price). The offering is targeted at larger companies in the segment of key and strategic customers.
specialized software for remote acquisition of metering data and its analysis, enabling customers to optimize costs related to electricity consumption and supply.
a service related to charges for exceeding permissible reactive power levels, enabling customers to reduce their electricity distribution service charges.
allows the customer to purchase power from a selected electricity producer, with Enea offering to balance and secure the supply of any missing volume. The sustainability dimension of this offering lies in supporting the use of energy from renewable sources and reducing customers’ carbon footprint.
The Enea Group is the second-largest player on the Polish power market measured by electricity generation. It provides reliable supply of electricity to approximately 2.8 million customers, creating value for investors. It manages the entire value chain on the electricity market: from fuel to the generation of electricity, distribution, sales and customer service. Enea Operator’s grid in the northwestern Poland covering an area of 58.2 thousand square kilometers. The Group has more than 17.8 thousand employees across Poland, which form a modern energy concern.
The Group owns two important system power plants: the Kozienice Power Plant and the Połaniec Power Plant, as well as renewable energy sources. Additionally, the Group operates the Lubelski Węgiel Bogdanka mine, which is the main supplier of fuel for the Group’s power plants. The Group also generates energy from renewable sources and supplies heat, which it generates in its plants in Białystok, Oborniki and Piła.
The value chain of the Enea Group is divided into three main stages:
Encompassing fuel suppliers, infrastructure contractors and energy producers operating in conjunction with the distribution network (such as photovoltaic farms). A significant role is played here by dependence on natural resources and relationships with technology suppliers.
Focused on mining (LW Bogdanka), generation (the Kozienice and Połaniec system power plants, renewable energy sources and heat plants) and distribution network management. The key resource in this area is the Enea Group’s employees.
Which includes individual, business and institutional customers (including prosumers). A significant element is the management of by-products (ash and gypsum) by external recipients, such as cement plants.