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Lubelski Węgiel
Lubelski Węgiel Bogdanka S.A.

LW Bogdanka extends the agreement for the supply of coal to the Połaniec Power Plant

Monday, 2016-10-03

LW BOGDANKA S.A., the most modern and efficient hard coal mine in Poland, which is part of the Enea Group,one of the leaders of the Polish power market, has signed an annex to the agreement with ENGIE Energia Polska Spółka Akcyjna regarding supplies of thermal coal for the purposes of the ENGIE power plant in Połaniec.
 

The Annex extends the term of the agreement until the end of 2021 (previously the agreement was in effect until 2019). Therefore, the Agreement currently covers thermal coal supplies in 2013-2021.
 

The annex also sets out the terms and conditions of thermal coal supplies for the purposes of the buyer in the period 2017-2021, the volumes of supplies for each year during the term, the coal price applicable to supplies in 2017, the price formula applicable between 2018 and 2020, and the manner in which price will be calculated in 2021.
 

The value of the entire agreement after the annex has been concluded amounts to about PLN 3.399 billion net, and is 8.8% higher than the previously-estimated value.

 

By extending the agreement for the supply of coal to the Połaniec Power Plant until 2021 after we have developed our cooperation with the Enea Group, we have tightened LW Bogdanka’s long-term security of extraction. This, in turn, will make it easier for us to plan production in the long perspective, and will translate into a better price position, which is particularly important in the current challenging situation on the Polish coal market. Our aim is to remain the most effective and the most modern hard coal mine in Poland,” said Krzysztof Szlaga, President of the Management Board of Lubelski Węgiel Bogdanka S.A.

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