Welcome all. I welcome you at the conference of Enea and Lubelski Węgiel Bogdanka, in which we'll discuss financial results in the initial six months of 2024. Welcome, all of you present here, analysts, journalists, and representatives of the governing bodies of Enea, and Bogdanka, and welcome those online. Our hosts include Mr. Grzegorz Kinelski, President and CEO of Enea; Madam Dalida Gepfert, who is Vice President for Corporate Affairs; and Mr. Marek Lelątko, the CFO, Vice President; and Bartosz Krysta; and Mr. Wasilewski, Lubelski Węgiel Bogdanka, Financial and Economic Affairs. We've divided this meeting into two parts. Firstly, presentation, which discusses the results in the first six months of the year, and Lubelski Węgiel Bogdanka will discuss that. Second part will be open for Q&A, as proposed by journalists and analysts. Mr. Kinelski, the floor is yours. Welcome again. Welcome to you all. The Enea Group, and I'd underscore this, is actively aware in the transformation of the sector, and today we wish to share with you the results of the first half of 2024 and to touch on the actions undertaken within the group in the renewables energy sources. Also, we will discuss the operational aspects, the audits we've conducted, and the corporate adjustments and changes that we have introduced into the group. You now have been provided with the basic data that we will discuss in the course of the presentation, both by the Bogdanka Group, as well as Enea S.A., as a consolidated results of the group. I'd underscore that the first six months results confirm that today, our work clearly points to sustainable development as our objective, and we wish to develop the market on the green side, the renewable side, the sustainable side, and this reflects the expectations of our shareholders and clients. We wish to do so, as we provide for interest of the group, as a corporate entity, and for our employees as well. To answer, our response to the challenges, which we will discuss with you today, will be our updated development strategy. There, we are in the process of approving it. This is the final phase of conducting research analysis, and we will be sharing with the with you in due course, as we present the strategy. Another current affair to mention today, of incredible importance for us all, and particularly for our colleagues in Tauron, on the south part of Poland, they have been touched by the floodings that have taken place there. Today, particularly, this is of great importance. We join hands to fight against the consequences of the flooding, and we are engaged in the support for the inhabitants of the flooded regions. We have been allocated funds for that, 1 million PLN at this stage, and we will continue responding to the needs, and we are very much in touch with our colleagues in the south of Poland to ensure that the electricity network is back online in the places where it was actually stopped. Results are, of course, very much of importance to you, and we will start with discussing them. Distinguished ladies and gentlemen, some information on the environment in which we operate and the key commodity markets, the most recent first six months of the year. The energy trading market, futures market, we observe the Base Y-24 market has fluctuated between PLN 410 and PLN 500 per megawatt hour. This was driven by CO2 cost, prices or cost. It's clear that there is a continuing now flattening trend, primarily because of major difference to foreign or international markets in local. Looking at trading in the spot market, we also registered a small decline and great volatility of that market, because there's more power from photovoltaic sources, particularly, and the renewables, in other words, and we have close to 20 gigawatt hours from these sources, these solar sources. As of September, there should be 20 gigawatts in installed capacity. On the emission rights trading, this is a declining market, a mature market. We have seen some turbulence there between July and August, driven by information about increase of the requirement of amortization, repurchase and amortization of these. But the price has returned to the original level of PLN 20+, which was observed at the beginning of the year. Allocation has been set at lower than expected level, and hence, these returned to the original levels. The main driver of commodities that impacts prices are the CO2 emission rights. This is a relatively stable market. If you compare from the beginning of January and current price, the price is, roughly speaking, same, below 70 EUR. And in spite of attempts at increases and volatility between December 2020 by 2024, this market has a strong stabilizing trend is evidencing this at 76.5. This translates into financial results of the first half of this year, as Bartek is telling us, and this impacts the revenue from sales of Enea Group. In the first half, they were, for Enea Group, PLN 16.1 million zloty, which is substantially lower than in the first half of 2023. De facto, this is direct translation of the energy prices in the market. Enea Group has increased results at the EBITDA. The six months is PLN 3.5 billion zloty, which is substantial compared to last year, and EBITDA margin has improved. A number of major elements have impacted that. A lower level of regulation of the market is observable this year compared to previous year. We do not pay as generator and producer and sellers the special tax on the price, which was PLN 1.6 billion zloty last year. On the other hand, we see lower regulation in the sales. Not spectacular change, but that impacts the result on the market. We also note lower profitability on sales, because last year we sold products at higher prices, but because these declined, the sales there is lower, and hence lower revenue as a result. We observe stable development in distribution. In generation, we generate less energy than a year earlier, but we do have a positive impact driven by the market. We have been selling our products in futures market at higher prices three years ago. But today, when we are retiring our generation unit, we need to be buying that energy in the market additionally. So the spot is higher than the contract prices of last year. We note extraordinary margin from that. Now, you will be asking additional questions on this, but there were changes on the fourteenth of June, in the Balancing Market. There, the capacity part of the market, particularly, that increased our interest from our system sales, conventional system sales segment. Last year, we registered net loss. Now we have close to PLN 2 billion profit. Two aspects, an improved EBITDA, in other words, better business structure. And second is the charges, write-offs, where we have to provide for CO2, and we took out forward contracts on euro exchange rate. Our results in 2023, we can see the results of the developments compared to last year in the first half on the net debt. Parameters have improved. We have high EBITDA for the past twelve months. In other words, first half, second half of last year, first half of this year, this result is looking very well. As we move further to drill down to detail, you will have seen that in all of our segments, this is the second graph below have better results than a year earlier, except for mining. But if you together with conventional generation and mining, the result is better than a year earlier. Looking now at the mining alone, of course, the price of hard coal has declined, is lower now. All the other parameters, of course, improve the result, but the production cost increase as throughout the group is driven by the labor cost increases. Looking at the generation now, a word on the extraordinary results and the last year and the first half of this year, this is linked with the fact that we are retiring our generation units. Połaniec and Kozienice units worked on the average of 43% of maximum capacity. Last year, this year it was 39, 39.5%, which is not great decline as we registered in 2022 and 2023. But clearly, we can see the result of conventional being replaced by the renewable sources. So these will be capacity power sources rather than producers of major volumes of electricity in the future. The market situation, which we had last year and the first half of this year, where we sold forward contracts at higher price and then buying back on the spot market at lower prices. Now, because we are retiring these units, beginning of the year, we registered close to 700 million extraordinary income, one-offs, and our forwards led to close to 400 million PLN. Of course, this is reversible, so this is neutral if you look from perspective of the EBIT. Now, balancing market, we had positive results of the Capacity Market. Throughout the six months, we also seen better results in the balancing market. These two factors, taken together, generated 150 million PLN. Other sub-segments, such as heat segment, heat generation segment, and the renewables and cogeneration, the results are inferior compared to last year, but this is purely because of price decrease, energy price decrease in the market. Distribution has operated based on regulated model, and we need to fit within the parameters adopted. We implement investments that must improve flexibility of the network and its throughput for the renewables, particularly, but we are generating better results. In the first half, we've actually achieved PLN 300 million, more than the same period a year earlier. Distribution is putting in CapEx into the transformation, energy transformation in the country. So this is just highlights of the model. On the regulated assets, we have earned a substantially average annual cost of capital of PLN 125 million. Average cost of capital has improved, and this impacts the business, but another impact of over PLN 180 million, we had impact of events which should not have had impact. We have lost much last year in the cost of the balancing difference on the revenue side, and then we buy on the market. This year, we are not doing that, so the result is lower than this year. On the energy trading, it's hard to comment because there's more regulation than business there, but regulation in the first half of the year is lower, substantially lower than year earlier, so that impacts results. The one final item here, which is unallocated, the key element that impacts this is consolidation of Bogdanka in the results. The net result is presented here separately, but then it is... Then, wherever not, it goes into that item. Thank you. Thank you very much. Both operating and financial results of Bogdanka for the first half of the year clearly reflect the situation of the market position of energy. Conventional energy generation is being pushed out by that generation by renewables. If you look at the operational results and positive trend, situation is better, not so much, even though it may seem so, dynamics is less of pace. Remember the problems, the flood on one of the walls in Bogdanka last year, and the energy-generating coal was mined less. The nominal value is below our capacity, so that's the effect mentioned by our consultant, that the situation is developing dynamically. Generally speaking, more and more renewables push out the conventional energy generation, but also the sales price of coal dropped by 20%. If we talk about the situation of the entire market, then the management board was forced. I mean, sorry, made an update of the value of the balance sheet assets due to the situation, to the. Our value of Bogdanka was very much deviating from the book value. Following a test, the assets are higher than the total of discounted cash flows. So we made a write-off to update the value of the assets to the 1.164 billion and take into account the. Well, it affected the net results by $54 million. Waterfall, the lowest part of the chart shows the positive and the price minus PLN 500 million. Thank you very much. From the perspective of the group, you don't see the result of this write-off by Bogdanka, because it was one event. In the last year, it was at the level of the shares of the, at the level of the group. So, from the perspective of the group, it's neutral. Now, briefly, talking about generation, a lot has been already said. I would like to point out the decreasing volume of output of production as year to year, over year. It's not much, but still 7%, and this trend has been with us for quite a while. Very good results, unfortunately, basically, due to not a good margin on generation on coal burning, but on repurchase and trade of electricity. As we can see on the pie chart on the right side, of two and a half terawatt hours of energy sold, two point seven terawatt hours was repurchased, whether from the spot or balancing market. So we can say that basically, it's thanks to that factor on this segment, on the systemic co-generation using coal, we have a very good margin. It's basically a very high increase. Talking about the biomass unit, which is more related, where sales are more closely related to the production. Prices of electricity, unfortunately, had been decreasing much quicker during the year than the decrease of biomass used as fuel, hence, the results are slightly worse. Of course, a better result on the renewables due to the increased capacity in this segment, and I'll show you on the next slide. This, the installed capacity in renewables, currently it's 490.2 MW. Two items worth commenting here are, the first one is the reduction, decrease of qualification of renewables in the biomass unit in Białystok location on the the units, biomass and coal-operated unit. So now we can qualify only 55 MW as this renewable source of energy. Earlier it was 78.5%. While we can add sixty-five megawatts of renewables in photovoltaic farms. It's six installations totaling 65 MW, among them the largest project, Genowefa, 35 MW, Żary, 10 MW, and other smaller projects totaling 65 MW. And we also generated due to an increased capacity more energy from renewable energy sources. As to distribution, as I said earlier, stable increase from the volume perspective, the sales volume, we've observed it last year, but the first half of the year confirms it. We sold by 1% less of the energy, you can see it in different groups consecutive. The biggest decrease is in the small business group, and I think it's a matter of price and an effort. The business is looking for alternative forms, so own generation, namely. Talking about the results themselves, a very good margin, but in case of distribution, what we have in as a result, we spend it investing. In front of us, big capital projects into the next five years. I'll repeat from the last conference, 14 billion PLN this year was spent on capital projects. So 2.5 billion PLN, it's a record. We'll increase it during the next years to come. From the perspective of distribution of these capital projects, of the investment that we do, it's a share, participation in transformation. Distribution is a critical element or component of the transformation process. We can see it very clearly, especially in the first half of this year, where in the media, there's a lot of news, a lot of information about the first phasing out of renewables capacity, because there was too much energy in the grid. So our efforts on the Polish PSE and also distribution companies, we want to somehow streamline this situation, to change it as quickly as possible. We have to bear in mind that you need big and sometimes multi-year capital projects to go. Despite these restrictions, we can see within the realm of our operator more and more producers of both big and small RES micro-installations, 8,000 more as compared to the last year. So we have 184,000, out of which 182,000 micro installations. As to the capacity, 6.5 GW of hooked up production from renewables within the area of our operator's operation. This is the operator, together with Energa, has the largest number of connected sources. Eventually, it also varies depending on the area where some in some parts of the operator's area, the saturation is very high. Second element, second component interesting to our customers is, other than whether they can get hooked up or connected, is the quality that we provide, and two classic parameters, SAIDI, SAIFI. SAIDI, the annual break time, and this dotted line is our target, always the last 12 months, each item from 2019 until today, together with catastrophes or catastrophic events. We've had such events, natural disasters that affected a part of our customers. In order to fight this process, you need cables to be laid in the grid, but it's a capital-consuming and time-consuming process. The second one, world trends and also together with the authority, is the phasing out or excluding these disasters. So step by step, we improve the quality parameters. In 2019 it was nearly 100 minutes, now it's slightly over 80 minutes, average annual per statistical customer. SAIFI, that means the number of breaks of outages. It was 2.5 per statistical customer. Now it's 1.7. It's more and more difficult to... Well, it's easy to reach it from a high level, but we still keep focusing on further improvement of those parameters. Now, some information which is important concerning the trade as a component. What's worth mentioning is the fact of a large increase of sales volume of sales, first of all, to B2B customer segment customers. It's over 1.1 terawatt hour for the first six months of the year as compared to the first six months of 2023. We also have nearly three times higher margin, but I would like to point out one more thing. The fact that the margin is PLN 196 million, and we compare it to a very low margin resulting from a very strong overregulation of the market, freezing prices, and setting max write-offs. That, fortunately, is not as impactful this year on the results. Nevertheless, 2023, especially the first half of that year, was that we had very bad results, PLN 71 million on this huge portfolio is, well, it requires to be improved several times. This year looks pretty well already. So the reason was mainly the margin to cover the first grades. Affected also, impacted by a unit margin still close to a decent margin, but also a higher volume of sales. Unfortunately, percentage-wise, it's doesn't look well, it's only 1%. Basically, it's related to B2C segment, which is regulated, where margins are not relevant to the risks and capital outlay and labor involved. Would very much like it, and we look positively into the future, that this segment also will be less and less regulated, and that will be market-wise. First of all, market is the best regulator to adjust our offers so that it's good for the customers and for the business side as well. I have the pleasure to inform you now, and this is something that we've shared with the market last week only, that we have launched a new business line in a separate new company. We've been preparing this since May of this year. This is an Enea Eco line. This is of great importance for us, and this is a nascent business model aimed at strengthening our CapEx efforts, and there's much to be done before us. We will focus on energy efficiency, which is the best tool for energy transformation. In other words, conservation and savings. We can acquire very tangible outcomes. So we will be offering green energy for our customers, for clients, on... from our portfolio, green portfolio, but also through purchase of green contracts from which we will enter into with small generators. And we will improve energy efficiency within the assets of the group, resources available to us, white certificates, energy intensity testing. This will have an interface with the ESG policy. As a result, we will be able to develop and support eco transformation in a dynamic and strong way, and this will, of course, clearly be evident in the RES projects, CapEx spent there, but through trading, we will also seek to... trading and through our sales trade aspect, we will make that available clearly to customers. We will offer products such as energy audits for enterprises. We will start in the final quarter of the year. We will also move with we will work on the assets and land of clients, where they can use that energy from the renewables put up by us, and we will take the CapEx and install these on their sites. We will advise customers on optimizing and to optimize their energy use with metering and other measures. On that basis, and in that direction, is we're going to grow and develop. We will develop a tool that we will roll out fully for all of our clients, where it will offer optimization toolbox and including monitoring of key parameters that will help our clients optimize use, and hence, save funding monies. Green energy funds, PPA contracts, the green contracts I have mentioned already, but that, again, is a very important part of this business line. We will clearly be selling these contracts to our customers. The energy source will be our, coming from our own investments, and initially, primarily, also, from the outside, through our wholesale trades. This will be structured for the needs of specific clients. We also have major ambitions, and we are beginning work on the energy efficiency in the heating sector. In Białystok alone, we, with the over 60 megawatts of installed capacity, in Piła or Oborniki, there's much to be done there in conservation and optimization of heat energy. (Foreign language) When it comes to CapEx, and let me remind us, that we present this at every conference, the plan for this year is clearly substantial amount, over PLN 4.6 billion. Majority of that, substantial part of that, will be expanded in the distribution side. This has been. Much has been said about this, but in the first six months, we've spent PLN 372 million to connect new customers and new renewable sources. Majority of the RES projects are located within the area of operation of our operator. It is not sufficient. We're not fully satisfied with our investments in the RES sector, but we needed to take a breather, so to speak, in which we restructure the formula in which we run these projects. We had to re-standardize this beyond the. So we have slight delay in moving forward with new projects, but we are clearly in the good position to catch up and to speed up. We needed to eliminate the unnecessary projects that had been planned already but had no business rationale. On the, On the renewable sources is something that Bartosz can discuss for us best. Handing over to you, Bartosz. As our colleague has mentioned, we needed a breather of sorts to rerun the calculations of everything. As we mentioned in the earlier meetings, much has happened in the market. Primarily, prices, energy prices have declined compared to a year earlier. Substantial saturation in the solar sources, photovoltaic. We need to review our portfolio substantially and to prepare for new work. And this verification exercise is behind us now, so we're now ready to proceed, and I confirm what we heard from CEO Kinelski. We will be very dynamic and consistent in moving toward making our business ever greener as we invest into the renewable energy sources. You can, I mentioned projects that will be electrified very soon. These are a total of 40 megawatts of renewables that will be built out in the course of this year, and connected to the network, and generate energy. There is a project base which we plan to complete in 2025, possibly in the first half of that next year. Not a major scale, additional 60 megawatts power, but a good step toward making our business greener. What is most promising, and what I personally am satisfied with, is that we have over 3,000 megawatts that we have already identified of projects in various CapEx or investment formulas, those that we will be developing by ourselves or those we will buy into as they are being implemented, or we can buy ready-to-operate state. And then, looking at things that will happen in 70% in the coming years, that's 1,847 MW, and another 836 MW, which break down into photovoltaic of 492 MW, aeolic or wind 44, and biomass 310. These have been selected, what we wish to do, and we're in the final corporate decision process. These will be implemented partially in 2024, close to 22 photovoltaic megawatt, megawatts of photovoltaic. Majority of that, next year, 2024, that will be additional 444 wind and storage. In 2026, we wish to have 500 photovoltaic, 44 wind, and energy storage of a total of 310 MW. We will go only into things that have been tried and tested. The energy storage is something that we'll invest much. Photovoltaic farms is something also important. We already have 20 GW in the Polish system. Much of that is already not fitting into the Polish system, so the farm requires storage. At the bottom here there are 40+ projects of various sizes. These will be equipped in storage installations, so that you can manage the profile effectively, so that the profile can be structured as effectively as possible for sale to end user through Enea Eco line. The breather which we took, I'm happy to report, that took five to six months now, allowed us to restructure the portfolio, review it, and to prepare it in terms of specific projects for implementation now. We have a pipeline for the coming two years. We're looking at additional major LNG storage facilities as well, in addition to what we've just shared. Thank you very much. Information from me again about audits. You requested this at our most recent conferences and between conferences. We are currently running audits, detailed audits of documentation of procedures, decisions made in the past years. We conducted 15 audits and 13 reviews in the key areas of the groups of operations. We've conducted a detailed review of foundation activity, in other words, charity or activities, in terms of providing for the best interests of the company, in terms of oversight over foundations, particularly spending, compliance in spending, the legality, management, and justification, rationale of spends - of spend by this specific foundation. Misuse of funds by beneficiaries of those PLN 4.5 million has been detected as misused. We've also conducted review and audit of the funding of the Polish National Foundation, Polska Fundacja Narodowa. We've already submitted a court claim for return of that benefit, unjustified, illegal benefit of PLN 10.5 million. We've also noted inappropriate use of funds for promotional activities, and because they were used for parliamentary election campaigns for political parties, the companies from Enea Group funded, supported, organized 10 events where we detected aspects of a political campaign of one specific political group or party. In order to complete these, we cannot comment this in detail. Some of these irregularities have been submitted to the prosecution office, so we cannot provide additional information about the number of these cases that we've notified. We will be updating you on current basis. We have also looked at connections to the network through third parties or purchase of production fuel, and that summarizes what we were able to detect. In the foundation operations, we just want to also demonstrate or show to you as proof of the case that this was the foundation supported in the hottest political period. This is total of 2023 grants. In August, September, and October, the greatest amounts of monies were coming from the Enea Foundation. The 2023 alone is the grants stand at over PLN 20 million, compared to previous years, where it was slightly above PLN 1 million to PLN 11 million at the top. Similar things detected in sponsoring and marketing. Over the past years, the expenditures there for this type of support is being looked at. We... This is so far our exercise in ordering our act and making sure that losses are not incurred. The audits. ...and the audits and inspections result of a review in all the areas of operation, all the structures of our companies. We've had a very tedious work to review the contracts, the agreements, concluded areas, decisions, structures, but also individuals hired fictitiously quite often or in an inadequate way to the needs of the organization. Also, part of these things were obvious, and we don't need to have audits or inspections to take decisions. One of the decisions that we've taken immediately to curbing the misuse and outflow of such was in Innowacje, a company that over eight years has not implemented any innovative project, but they consumed 50 million PLN instead. This kind of activities are have been permanent, and we had to make a review of them to look at the investment, the capital investment portfolio. We are ready, as Bartek said, to go forward. But it was all necessary in order to get freed and to stop the outflow of inadequate or wrong outflow of money, and to allocate it towards the development of energy, and especially RES renewable energy. Thank you very much. Thank you very much, ladies and gentlemen, for this review of all the events and financial results. And now, there's a Q&A session for you, ladies and gentlemen. We have a mic for you. Please introduce yourselves, and yes, Mr. Sawicki. Thank you very much. I'm Bartłomiej Sawicki from Parkiet here. I have three questions, maybe four. I would like to ask traditionally about the process of separating out coal from energy companies. A dozen days ago, there was a piece of information that was in the news, that the process may be taken or done within the next twelve months. I wonder whether this period, the process can be accomplished, is satisfactory for Enea, or still the company would rather like the process to be accomplished as quickly as possible? What's the status of the preparation of Enea to separate out the coal-operated power plants and Bogdanka mine, as I understand, from the group? And I would also like to ask you about the photovoltaic farms. Mr. President, you have mentioned that these will have the storage capacity on all, also those that are being developed today. All new projects that are at the development stage will be fit with storage capacity so that we can optimize the profile, not only storage capacity. As to the already existing and operating farms, we haven't mentioned it today, very much so, wherever possible, we'll install storage capacity. There's no other way. We have to get energy from the peak times. The market cannot consume to other parts of the day or night, so to do it in a relevant way. So the farms already being built, they don't have this storage capacity. Those designed for the next years, 2026, those which are already operating today have no storage capacity, so we'll equip them with it whenever possible, wherever possible. My last question, a bit provocative in nature. The level of debt has been decreasing. Maybe it's an incentive to pay the dividend. Well, all right, let me start with the separation out of the coal-related assets or living off. The best scenario for Enea, I think, we are following, it will be the basis for the future of the group and those who work on a daily basis within the group, and work for the energy security of Poland and all of our customers. So we are very much involved in our effort to find best dev solutions for Enea, even though that we don't have all the decisions ready, as you mentioned. Framework decision, decisions concerning the very act of living off. We develop solutions that will safeguard, secure the group, no matter when this very tool will be used. As to dividend, I think there are three things. First of all, we have to look not only here and now, but within the perspective of few years. So we'll present you our strategy soon. It will require capital outlay. And let me point out, it's worth to look at the results for this year in the broader context. If we look at the EBITDA, we have to bear in mind that below that, we have to provide service, the financing, you have to pay the tax, and you have to accomplish over PLN 4 billion investment capital plan. If you sum it up, you can see what's left. From our perspective, in the low-carbon energy accomplishments, there's a lot to be done. You point out, ladies and gentlemen, that we don't operate in renewables. In the area of operation of our operators, 5.5 renewables, of which 0.2 our capacities, we have to invest wisely to build this leg of RES, but also to... In order to do it, we have to have money for that. So I think that's the answer to your question concerning the dividend. Good afternoon, Paweł Puchalski, Santander Bank Polska. I have several questions as well. Let us begin with the long-term projects for Enea. Could you make an update where we are in relation to gas, natural gas in Kozienice? And what about the plan to make Połaniec green again? And having the mic, let me ask, as one of the companies, PGE, has shown two levels of values of debt. One is reported, and the other one, economic debt. In your case, you show only reported debt. What about the economic debt? Could you please also, as demonstrated, show it to us as well? Let's re-read it in our additional information. If market is presenting the market data like, like this, well, we'll do it like that. But as to the gas, Paweł, let me answer your question. As you also know, because that's public information, we're in the process of selection of a supplier of gas units a total of one, with option of one. We'll see the bids. We are after positive verdict. As you know, it was also in the media, often published. There were claims, there was a suit, we were sued, but everything ended well. So we're within the schedule and within our plans, and we are getting ready to take part in the Capacity Market s with those units. I think that would be the update for today, because basically, most of the topics are related with the Capacity Market and how it will offer its prices this year. As we discussed, the gas-fired units, the question is, is Enea considering building a gas unit, gas-fired unit, only if it gets support for this type of power? Yes, that's how we need to put it. If you look at energy markets, the gas-fired sources are required, but we believe the Capacity Market will offer us prices, which will allow us to take the decision to move with that in the project. Capacity market is correlated with... There is a correlation between the prices and our decision, investment decisions. On Połaniec, greening, let me comment on that then. Enea Elektrownia or source obtained a contract, and we are making one to seven units green. Five of those have already been notified to the Capacity Market, power market. Adjustments to the equipment of these is in process. By the end of next year, these will be brought to that standard. So generally, all of the blocks in Połaniec. Block unit beginning of this year, complete. One to seven or two to seven, there is work continuing there, and other units are quite advanced. The green unit that's already operational will continue operating. So we are working on this, and we're preparing to bring them online that way. Dr. Zasuń? Mr. Zasuń-- -high power brochure. Are we talking about auction in Kozienice this year? Are there any arrangements with financial institutions that would build that new unit in there? So lending arrangements, the previous CEO tell us that the capacity auction he will not undertake participation in a Capacity Market before he has the funding. Now, the sales of coal from Bogdanka, how does that impact competition from subsidized coal from other Polish mines that are getting that subsidy for production of coal? Are you able to compete with that coal that is being offered total subsidy of PLN 9 billion this year alone? Let me respond to question number one on funding. We are in the process of market sounding, and we have conducted a roadshow for that investment. We have collected non-binding offers already, and we believe that before the auction or capacity auction, we will have that research closed. We will finance this by debt, and the binding offers should be on the table by before the auction. So I support the decision we cannot commit unless we have engineered sufficient funding for build out of such a project. So this year we plan to be part of the auction market. If prices are not satisfactory, we're still open for next year participation next year. Looking at the prices of coal, as you said, the reference price is 22 per ton of coal. This is a price close to our price. We, as a public company, continue to be transparent, and our prices reflect the cost and value. Price pressures exist and continue. Our conventional energy is being replaced by renewable sources. We can see the production is declining faster in the mines, the collieries that are subsidized by the government at faster rates than ourselves. Are there any further questions from the floor here? Robert Maj, Ipopema Securities. About Bogdanka hive off, are you planning any increases in levels of production, or are you rather believe this unachievable? Any comments about price with one? And another question on Enea, whether the strategy that we will be publishing soon will be consistent with the plans of the government relating to separate out, hive off the coal assets. If not, will you need to update your strategy if this requirement is not there? To what extent is this binding for us market observers, or will it be written and valid for a couple of months and then will go into the wastebasket? We wouldn't want this to be a strategy that will be valid for just a few months. We believe it will be high-ranking document of importance, and we believe that hive off of these assets, and we're in discussion on this, should be part and parcel of a certain instrument, or it should be an act or a tool that will serve the future. It would be best if we could adjust to the decisions or be able to align ourselves with these. Otherwise, our strategy for the group will be fit for the group to ensure that the coming years, it will provide for our future development in best ways possible to... Based on our current knowledge. Looking at twenty twenty-five, we're in the process of contracting production, so we will share the values and volumes there. The benchmark for us are the ARA and SME, and the prices there are twenty plus, but the market is a hard one at this stage. So some minor adjustments will be inadvertently happening in addition to the work that we have been undertaking. We continue reviewing strategy, and our shareholder is doing the same. Once we are ready, beginning of next year, we will share with you the numbers that are credible and hard figures. One more question about Bogdanka and about Enea strategy vis-a-vis Bogdanka. Looking at prices of Bogdanka, they don't encourage buy behavior. But you bought this nine years ago, the price? We won't comment on that today, if you don't mind. Mr. Puchalski. Puchalski, once more from me, additional question on the greening of Połaniec. According to your estimates, to what extent coal use will decline? If you look today compared to two years from now, when all of these units will be greened, black-to-green. So not the volumes, but what is the percentage decline of coal use that you anticipate? Second question, in the course of the presentation, you mentioned the fact that PLN 900 million of the EBITDA are one-offs on hedging. And my question is whether your hedging strategy allows you to estimate that these one-offs should continue until first half of the year. When will these one-off profit on the FX market run their course, so to speak? And third question, a minor one. On the CapEx slide, I noted that 13% you wish to spend on conventional generation, which stands at PLN 600 million. So I'd like to understand what you want to spend the PLN 600 million on in conventional, in CapEx three. On the one-offs extraordinary income, I don't want to talk about forecasts, but this is the last year where we have had such substantial results from that. That's, of course, an outcome of the energy price evolution. The scale of this event will be different. This phenomenon will continue happening, but the income or the net income is an outcome of the current price to price contracted for a given year earlier, two years ago and twelve months ago. So the spread, positive spread, will be there next year, but multiples less, lower than currently. The first thing you've asked about, the simplest answer is percentage reduction. We do not know to what extent these units will be actually commissioned, fired. You need to understand about 45% of coal less in use in 2026 compared to now. Putting aside whether they will work at capacity as today or otherwise. But to use them and to fulfill the requirements in terms of emission of less than standard number of megawatt CO2, we will use additional biomass as a supplementary fuel, and if that's comparable to coal, it just would be at 40+%. Also, the expenditures on a generation or the CapEx, the PLN 600 million you alluded to. Do bear in mind that all of the units that we continue maintaining up to 2030, some to 2031, and according to the Capacity Market further on, the total sum of CapEx goes for the overhaul, so modernization and overhaul. One first objective here is to be able to achieve the greening and to get the certificates from the Technical Supervision Office, the engineering, to be able to have these blocks committed online, commissioned. So that's about PLN 50 million per unit. Looking at the 2026-2028 Capacity Market contract. So the practical solutions there will allow us to have these units operating. The... Let's assume that the coal-fired units will be run in the coming years, at maximum up to 10 years, and because the capacity will be needed, not just as producers, but as a coal reserve, as a capacity reserve, so our policy for expenditures, for the need to overhaul them, is necessary in order to ensure this continued operation of those. To come back to dividend again, I'd like us like to come back to the dividend policy, which we could call sound and solid, of a sound organization. We believe that in looking at it in terms of months, between less and plus more than 10 months, we will have clear situation there. We will have adopted the strategy, and there are legal provisions, even though the overregulation is still high. These together will allow us to come back to the regular dividend payment cycle. Reuters, I understand. Could you give us more content in this final statement? You are coming back to the dividend that will be possible once you get clarity about the coal-fired sources, only then? The decisions on dividend will be adopted by us when you always discuss this in a year, whether one pays or not. So, thinking about this today as to how the company develops, is something that requires me, or I would prefer to have 100% clarity on the assets, trading, and so on. We're building a strategy that will be hopefully universal, and whether we hive off or do not hive off the coal-fired assets is not major problem here. But we have been living since the beginning of energy crisis in greater uncertainty. The regulation has been changing dramatically and very powerfully, and this impacts the coal source assets. It's not about hiving or not hiving off these assets, but the key is the support for the coal-fired capacities. So that is something that we will be working on in the coming months, and to solve that question, and because that will determine how these coal-fired assets will be transformed. That will allow us to rationally consider our position. Overlay over that, our financial situation, we have CapEx in the plant, in the gas-fired units and other units, and of course, the renewables, so only then can you have a full picture about payment of dividend and policy there, but once we discuss a dividend about dividend for twenty twenty-four, I'm just giving you a gist of what we take into account and when, not a fixed time when we will do that. Just to also placate you, strategy is not only about hiving off or not hiving off assets. We have number of important segments in our business, including operator, including the renewables, the RES, and of course, mining, which continues to be important. If there is no other directional decisions, that continues to be so. But note that trading, generation, new business lines, including the RES, all that requires strategic direction, building objectives, setting objectives and targets for these segments, which is what we are doing as we build and update our strategy document. Mr. Puchalski has a question. I would like to specify to make my earlier question, this is PLN 600 million for conversion energy. Will this include outlays for greening the plants or not? Or that expenditure is. Well, they should be within this item, within this category. As you said, on the bar chart, which we see, generation and mining, generation covers all these segments. And now I have a question to Bogdanka. We have heard about the greening of Połaniec, the gas project. Strategy for Bogdanka will assume that 2028, mining about 6 million tons. Am I right about the volume? Yes, Paweł, yes, it's good. We're working on strategy. We'll see what our analysis will show, what the findings will be. Talked about together today and perspective and the east, southeastern border of Poland that we're talking about. Do we have more questions? Yes, please. Once again, Rafał Zasuń, I would like to ask about the renewables related projects that you have. Are these for all for auctions or some commercial projects for PPAs and so on? We know that RES is less and less profitable, and capture price is more and more difficult to reach. And my second question, do you have plans to phase out 200 after 2025 megawatts units? Mm, I have to inform the regulator's office. Currently, we don't have such plans to phase these units off, but we carry out a relevant analysis. All depends, ladies and gentlemen, on one thing. We know that regulation of capacity without Capacity Market s, coal assets in 2026, 2028 will not cope, will not manage. PSE have finished a calculation. They've done recalculation. The first one was carried out with errors. PSE is not to be blamed, but due to some changes, the difference was small, too small, as compared to the actual one. So once we know the actual gap, the capacity gap that should be covered by other sources, then there's the low emission sources- ... having the knowledge, once we have the knowledge about the assets that we could submit there, we shall develop a strategy for our participation in the supplementary auctions in the Capacity Market s for 2026, 2027, and 2028. There is such an opportunity, and due to all sorts of conditions, that this capacity gap may be too small, or that maybe not all the sources will fit in, but maybe we'll calculate the revenue from the Capacity Marketket will not cover all the sources, maybe the outlays, the CapEx, in order to stick to the capacity technical parameters will be too high. The draft act is not acceptable approval from the pragmatic point of view. Once we know, it will take the final decision, but we are analyzing what the setup of the units could be, which should be submitted to the Capacity Market. This can be from technical perspective, all sorts of 200 megawatts of Kozienice, and two 500-megawatt blocks, or maybe fewer of those. And what kind of systemic assets we'll start with, and whether we do it, we'll know that, I think, by the end of this year. By the end of this year. Yes, that's what I hope. I hope that some certain important issues, some vital issues, as I said, whether the availability of such on derogations of this Capacity Market will come into life. What's the gap, plus our analysis, what's how realistic is to cover this, and to cover the CapEx that we have to bear, during within the next five years to come, to upgrade and to recreate the units so that they are at our disposal, that they can provide the service. Could you refresh my mind about this RES question? It's off the mic, I don't hear. Auctions or not? As I said, profitability of RES-related projects during the last few months. In other words, it has decreased drastically as compared to the previous year. Prices of electricity and costs, and the perspective, the market of the future have changed. They had to, because we are practically for the nearly two years in the downtrend, now flat as to the market prices. We can see what is going on abroad. Fortunately, the CapEx levels for different technologies are lower. In each and every technology, whether it's with wind or PV in particular, we can also see much lower storage prices. So, and that has very positive impact on profitability, because bearing in mind lower energy prices and certain risks for the future, for the next dozen or even twenty years to come, the prices that we've been watching for two or three months, and our talks with our partners that we've had, demonstrate that the market has made a correction, very, very strong one. Of course, these are not very profitable capital projects, but you have to look at it from a perspective in a positive manner, meaning of the word, that there is no way back. We have to invest in it, not at any price. We don't treat it as. We treat it as a strip bill of course, without which we will not be able to operate without... We have to develop RES. The rates of return project should be adequate, even though that energy-related projects, the profitability is not. It's not very profitable. Nevertheless, a good rate of return on investment should be provided, internal rate of return, and so we should support it largely with debt to finance the project. So, that's how I can answer your question right now. Another question is off the mic. It varies, sir. Depends on the kind of projects we're talking about. We plan projects for PPA, as I said, projects on customers dedicated to self-consumption, autocons. So the storage, there's three sources of funding for the storage. It varies. It depends. And the last question. Looking at the gas investments, in addition to 350 that might be auctioned this year, is there any appetite for more? And also, you said that there are many poor IRR projects have fallen out. ... by the wayside. So what are the areas, if you could comment on this? Where they fell? Our plans today do not provide for any other major scale gas-fired source project, and it, these two units, one plus one in Kozienice, is our CapEx project. Bartek, any- Now, looking at ready projects that we've given up on, buying into acquisition, these are count of-- we can count them easily. We continue discussing this with them. We did not accept the levels of CapEx because that would've gone into the red with this project. We continue in the dialogue. We continue being interested, but we do need the projects that we wish to acquire. They need to be sufficiently profitable, or their IRR needs to be acceptable, so that impacts the... We look at the cost of the projects, but also evolution of energy price coming from this. We do not give up on this area. We have been analyzing this thoroughly, and we are in touch with entities that we've been talking to for extended period of time by now. I would not say outright resignation. Nothing like that is happening. Thank you very much to the Management Board of Enea for presentation of the results, of the results of the company for the first six months of twenty twenty-four, and I also thank you all for your presence here, also those who have been monitoring us online. I now invite you to our next conference in November, that will be devoted to-