PGE ranked 23rd on global list of fastest growing energy companies

Poland’s largest energy company PGE has been ranked 23rd in S+P Global Commodity Insights’ global ranking of the world’s fastest-growing energy companies. The ranking takes into account the CAGR.

A CAGR is a compound annual growth rate (CAGR), used to calculate the average annual growth of a given volume over the period under review, such as the average growth in profits and value. S+P Global Commodity Insights examined the CAGR of energy companies over a three-year period: 2020, 2021 i 2022.

Finland’s Fortum was ranked first, with a CAGR of 176 per cent. PGE, with a ratio of 26 per cent, was ranked 23rd in the ranking. Two more Polish energy companies were included in the ranking: PGNiG in 36th place and Enea in 39th.

As PGE CEO Wojciech Dąbrowski told PAP, last year the company made several key decisions and transactions that strengthen its position and development prospects on the market.

– These decisions were dictated both by the desire to strengthen energy security and sovereignty and by the consistent pursuit of business goals, Dąbrowski noted.

He mentioned above all the initiation with ZE PAK of a nuclear project in cooperation with the Korean KHNP, the acquisition of PKP Energetyka and the progress of offshore wind projects.

The nuclear project is “crucial for the energy security of our country”. – Dabrowski assessed. PKP Energetyka, on the other hand, is a strategic and safety-critical asset, according to the PGE president. Within PGE’s structures, the company has been named PGE Energetyka Kolejowa, has exclusive rights to supply energy to the railway sector and to provide traction network maintenance services, and is responsible for the distribution of 4 TWh of electricity per year, using 21,500 km of power lines. “With this transaction, the PGE Group has strengthened its position as the leader in energy distribution in Poland,” – Dąbrowski noted.

As PGE’s president added, PGE’s investments in offshore wind farms are crucial for Poland from the point of view of energy transformation. The Group is developing three offshore projects: Baltica 2, Baltica 3 and Baltica 1.

– According to our strategy, by 2030 we will have 2.5 GW of offshore installed capacity. The last few months have also seen the location permits granted to PGE. We obtained the most points in five out of eight proceedings. This means that the PGE Group has the potential to build 7.3 GW of installed capacity in the Baltic Sea by 2040,” indicated Dąbrowski.



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