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Enea in 2026: Poland's fourth-largest energy group, State-Treasury controlled, owner of Bogdanka, an mWIG40 issuer from Poznań
Enea S.A. (KRS 0000012483), headquartered at ul. Pastelowa 8 in Poznań, is Poland's fourth-largest energy group (after PGE, Tauron, and Energa), controlled by the State Treasury. It operates the Kozienice power plant (Poland's largest single-coal-unit plant after Bełchatów of PGE) and Połaniec, distribution networks across five north-western Polish voivodeships, and controls the Lubelski Węgiel Bogdanka coal mine. Listed on the WSE since 2008, an mWIG40 constituent, with a four-member management board and a ten-member supervisory board.
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Kogeneracja 2026: EBITDA PLN 579 m (+29% YoY), net profit PLN 277 m (+37%) - first full year of the EC Czechnica-2 gas block (315 MWt + 179 MWe)
Wrocław-based Zespół Elektrociepłowni Wrocławskich KOGENERACJA S.A. (KRS 0000001010), part of the PGE Energia Ciepła group controlled by PGE Polska Grupa Energetyczna, closed 2025 with EBITDA of PLN 579 m (+PLN 131 m, +29.2% YoY) and net profit of PLN 277 m (+PLN 75 m, +37%). Electricity sales 2,837 GWh (+31% YoY) - mainly the effect of the EC Czechnica-2 gas-steam block commissioned in May 2025 (315 MWt + 179 MWe). Heat sales +6% YoY (a colder 2025). CO2 allowance costs fell by PLN 112 m, while capacity-market and high-efficiency cogeneration support revenue rose by PLN 57 m.
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Polenergia in 2026: Poland's largest private energy holding, controlled by Dominika Kulczyk, photovoltaics and offshore wind, an mWIG40 issuer at Krucza 24/26
Polenergia S.A. (KRS 0000026545), headquartered at ul. Krucza 24/26 in Warsaw, is Poland's largest private energy group, in contrast to the four state-owned groups (PGE, Tauron, Energa, Enea). Controlled by Dominika Kulczyk through the Mansa Investments vehicle. Focus on renewable energy sources: onshore and offshore wind farms (Baltic II joint venture with PGE), photovoltaic installations, distributed energy. Listed on the WSE since 2014. A three-member management board, an eight-member supervisory board.
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CSRD in Poland 2026: 3,500 firms publish their first ESG reports for 2025 as KNF starts supervision, Omnibus I eases the rules
EU Directive CSRD 2022/2464 was fully transposed into Polish law by the act of 6 December 2024, amended by the act of 9 July 2025 (the Omnibus I package). In 2025, 150 of Poland's largest companies published their first sustainability reports for 2024. In 2026 the obligation extends to 3,500 firms reporting for 2025 under ESRS standards. Supervision: KNF, the Polish financial supervision authority.