Polish Oil and Gas Company PGNiG will present an updated strategy for the entire Group by the end of the year. One new strategic initiative will be to build a segment of renewable energy sources, for which the Group may spend even as much as 4 billion złoty (almost one billion euro).
“Over the recent weeks we have been indicating how we intend to implement the announced shift towards green energy, presenting our plans related to the production and use of hydrogen and biomethane,” said Jerzy Kwieciński, President of the PGNiG Management Board. “Today, we are revealing our plans even more by showing how important a place will be assigned to renewable energy sources in the Group’s updated strategy. Entering a new business line, namely RES, will allow us not only to build the value of the company, to increase and stabilise its revenue but also to engage more intensively in the transformation towards a low-carbon and zero-emission economy.”
Ultimately, these investments will help the Group achieve generating capacity of up to 900 megawatts (MW), making PGNiG one of the leading producers of energy from renewable sources in Poland.
“In building and developing the RES segment, we are most interested in wind power and photovoltaic projects,” emphasised Arkadiusz Sekściński, Vice President of the PGNiG Management Board Development. “These technologies offer the greatest investment potential. Considering our investment capabilities, the most attractive projects for us are those already existing or at a very advanced stage of development. There is enough of such projects on the market. At the same time, we also intend to build our own development competencies in this area by developing, for instance, photovoltaic projects on the sites and areas owned by the PGNiG Group.”
PGNiG believes that RES will help stabilise its financial performance. Renewable energy sources are not sensitive to movements in hydrocarbon prices, which have a strong effect on such segments of the PGNiG Group’s business as Exploration and Production and Trade and Storage.