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RES Segment

Generation Segment Distribution Segment

RES segment’s EBITDA and EBIT were lower in 2020 than in the same period of 2019.

The results posted were affected by the following factors:

  1. recognition of the opportunistic acquisition of 5 wind farms from the in.ventus group in the 2020 result,
  2. a higher margin on electricity sales – mainly due to the electricity production by the wind farms acquired in September 2019,
  3. higher revenues from the certificates of origin of electricity, which is a consequence of the higher prices and the certificates obtained as a result of the electricity production by the wind farms acquired in September 2019,
  4. higher fixed costs as a result of setting up, in June 2020, of the provision for the real estate tax as a result of the judgement of the Constitutional Tribunal of July 2020 with respect to the constitutionality of the definition of a building structure and the costs of operating the wind farms acquired in September 2019.

In addition, the depreciation costs rose in 2020 in the RES Segment, as a result of an increase in the value of assets as a result of the wind farm acquisition transaction in September 2019.

RES Segment’s 2019-2020 financial data

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Item (PLN ‘000) 2019 2020 Dynamics (2020/2019) Change (2020-2019)
Sales revenue 433,911 615,558 142% 181,647
electricity 253,058  305,505 121% 52,447
certificates of origin of electricity 177,906 309,971 174% 132,064
other revenue 2,947 82 3% (2,865)
EBIT  284,346 145,801 51% (138,545)
Depreciation and write-downs (83,867) (151,051) 180% (67,184)
EBITDA 368,213 296,852 81% (71,361)

RES Segment’s 2019-2020 financial data

RES Segment’s EBITDA along with significant factors affecting the change y/y

Major investments (CAPEX)

The RES Segment’s total capital expenditures came in at PLN 40 million in 2020, including the outlays on the following strategic investment projects:

  1. PLN 16 million on the construction of the Choszczno PV farm,
  2. PLN 15 million on the construction of the Jaworzno PV farm.


It is expected that the financial results of the RES Segment will be stable in the coming years. In line with the analysts’ forecasts, an increase in the domestic electricity production from the renewable energy sources is assumed, which is related to the observed fast development of the photovoltaics systems underway in Poland, associated, first and foremost, with the launch of the support programs, including the ones addressed to the prosumers. According to SolarPower Europe, Poland was ranked in the fourth place in the EU in 2020 in terms of the growth of the new photovoltaic capacity. It is also estimated that the wind farm and PV capacity will increase and the prosumer sector will grow in the coming years. The strong interest in the RES area will translate into the growth of investments in the renewable generation sources, this will also be applicable, apart from the PV, to the onshore wind farms, as well as, in the long term, to the offshore wind farms. An additional factor supporting the growth of the renewable energy sources (RES) is the possibility of obtaining funds for the investment projects from the dedicated funds envisaged for the years 2021-2030.