Key factors for the
Group’s development

The TAURON Group’s operations will be most significantly affected by the following factors:

External factors:

  • the macroeconomic situation, especially in Poland, and the economic situation where the TAURON Group operates, as well as at the EU level and global level, including the volatility of interest rates and currency rates, etc., influencing the valuation of assets and liabilities recognised by the Company in the statement of its financial situation,
  • political environment, especially in Poland as well as in the EU, including the positions and decisions of public administration institutions and bodies, e.g.: Office for Competition and Consumer Protection (UOKiK), Energy Regulatory Office (ERO) and the EC,
  • changes in regulations concerning the energy sector as well as changes in the legal environment, including: tax law, commercial law, environmental protection law, in particular: the announced liberalisation of electric energy prices for households, the announcement of the ERO President related to the application of maximum prices in tariffs for the G group (instead of fixed prices), in order to protect consumers against rapid changes of prices upon full liberalisation,
  • resumption of the support system for electricity generation in high-performance co-generation, resulting, on one hand, in the growth of redemption costs of „red” and „yellow” certificates of electricity sellers to end consumers, and, on the other hand, in the growth of revenues on sales of „red” and „yellow” certificates of generators of energy in co-generation,
  • situation in the electricity sector, including the activity and measures undertaken by the competition in the energy market,


  • the number of CO2 emission allowances allocated free of charge, as well as prices of the allowances purchased – under the circumstances of the deficit in free allowances,
  • electricity prices on the wholesale market;
  • sales prices of electricity and coal as well as distribution tariffs, as factors influencing the level of revenues,
  • prices of certificates of origin of energy from renewable sources and co-generation,
  • prices of energy resources,
  • environmental protection requirements,
  • research and technical progress,
  • demand for electricity and other products of the energy market, considering the changes arising from seasonality and weather conditions.

Internal factors:

  • activities to optimise processes in all TAURON Group companies,
  • decisions to implement key investment projects,
  • geological and mining conditions,
  • potential failures of equipment, installations and grids belonging to the TAURON Group.