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Current Report No.: 21/2012

Title: The total value of intergroup transactions between ENEA S.A. and ELKO Trading Sp. z o.o. exceeding the threshold of 10 per cent of the equity of ENEA S.A.
Date: 2012.06.06
Report no.:  Current Report No.: 21/2012

Current Report No.: 21/2012

Date of preparation: 06.06.2012

Short name of issuer: ENEA S.A.

Subject: The total value of intergroup transactions between ENEA S.A. and ELKO Trading Sp. z o.o. exceeding the threshold of 10 per cent of the equity of ENEA S.A.

Legal basis: Article 56 item 1 (2) of the Act on Offerings - current and periodic information

Content of report:

The Management Board of ENEA S.A. (the Issuer) announces that on 6 June 2012 the total value of intergroup transactions settled between the Issuer and ELKO Trading Sp. z o.o. (ELKO Trading, the Selling Party) from the day of establishing ELKO Trading, i.e. from 1 August 2011 has exceeded the threshold of 10 per cent of the equity of the Issuer and amounted to PLN 1,025 million. The above amount is comprised mainly of transactions in energy trading and the rest are, among others, property rights transactions.

The transaction of the highest value was the sale of electricity worth PLN 75.2 million to ENEA S.A. settled on 10 February 2012 (Transaction). The price of electricity that is the object of the Transaction was calculated according to the prices of purchase of electricity on the wholesale electricity market by the Selling Party. For the transactions in electricity market the parties are not entitled to contractual penalties. However, if the Transaction is not performed or improperly performed, its parties are entitled to claim compensation based on applicable law. The amount of electricity sold in a given settlement period is established based on execution plans and their implementation and is based on the amount of electric energy submitted and accepted for execution by the operator of the distribution system in a given settlement period.

At this point, in relation to ENEA S.A. non-consolidated annual report published on 27 April 2012, the Issuer would like to remind that as of 1 August 2011 the ENEA Capital Group has been reorganised and as a result the competence of energy wholesale trade has been transferred to ELKO Trading Sp. z o.o. Since that time all transactions (including the Transaction discussed above) connected with the wholesale market (also those concluded by ENEA S.A.) are controlled and managed by ELKO Trading. The transfer by the Issuer of competence and resources concerning wholesale trade of electricity and property rights to energy certificates of origin to ELKO Trading is the result of the Issuer's strategic actions aimed at centralisation of competence concerning wholesale trade of electricity, associated products and production fuels in the ENEA Capital Group. The cooperation between ENEA S.A. and ELKO Trading Sp. z o.o. consists in trading in electricity and property rights to energy certificates of origin, as well as provision of services connected to wholesale trade of electricity and associated products.

The current principles of concluding and settling transactions will be binding for the parties until 31 October 2019 and will be then automatically prolonged indefinitely, unless one party submits to the other a written notice of termination of the principles not later than three months before expiry of said period.

At the same time the Issuer announces that the transactions discussed above were concluded within normal operations of the companies of the ENEA Capital Group and due to transactions excluded from consolidation do not affect consolidated results of the ENEA Capital Group.

Having in mind the diverse and international nature of Enea SA's shareholding, and also the provisions of the Best Practices of WSE Listed Companies, Enea SA guarantees the availability of its website also in English. In case of any interpretation doubts and discrepancies between the Polish and English versions, the Polish version shall prevail.