Current Report No.: 58/2009
Current Report No.: 58/2009
Date prepared: 26.11.2009
Short name of issuer: ENEA S.A.
Subject: Information on trading carried out on the basis of a framework agreement on electricity sales
Legal basis: Article 56 par. 1 pt. 2 of the Act on Offerings – current and periodic information
Content of the report:
With reference to current report No. 20/2009 of 5 March 2009, in which the Management Board of ENEA S.A. (the Issuer) announced the conclusion of a framework agreement on electricity sales with Elektrownia Kozienice S.A., the Issuer announces that, as a result of signing transactional understanding No. 6 with the Management Board of Elektrownia Kozienice S.A. on 26 November 2009, the total net value of transactional understandings concluded within the implementation of the agreement for the period from 5 March 2009 to 26 November 2009 amounted to approximately PLN 978,000,000 thereby attaining a value of 10 per cent of the equity of the Issuer. The transactional understandings concluded in the above period concern sales of electricity during the period from 1 July 2009 to 31 December 2010. The value of transactional understanding No. 6 of 26 November 2009 is approximately PLN 263,000,000.
The framework agreement on electricity sales enables the parties to it to conclude transactional understandings on the purchase and sale of electricity for various time periods chosen according to need. The framework agreement on electricity sales regulates all formal questions in connection with its implementation, with the exception of the contracted amount and price of the electricity. The amount and unit price of the electricity are agreed on between the parties to the framework agreement on the basis of transactional understandings concluded for particular trading periods. The price of electricity is determined by many factors over which the Issuer has no control, and therefore, the estimated value of the framework agreement may be subject to considerable change over time. The above conditions, and the experience of the Issuer in implementing the framework agreement on electricity sales in the period from March to November 2009, rule out the possibility of making a reliable estimate of the agreement’s value over the long term. In consideration of the above, the Issuer will issue information to the public on the total value of the transactional understandings concluded at the moment that value reaches or exceeds the threshold of 10 per cent of the equity of the Issuer.
