Good afternoon, ladies and gentlemen. This is the conference of LWB Bogdanka. Just a moment ago, we summed up the year 2025 in Kraków, and now we are back, this time in Warsaw, and we are very happy to see you again. Today, we will discuss our financial results and the highlights of Q1 2026. The hosts are Grzegorz Kinelski, CEO of Enea, Marek Lelątko, Vice President for Financial Affairs, Bartosz Krysta, Vice President for Commercial Affairs, and Artur Wasilewski, Deputy CEO at LWB Bogdanka. Ladies and gentlemen, I would like to warmly welcome all the journalists, guests, members of our companies, and all of the attendees which are present with us online. This conference will have three parts. Firstly, we will discuss the results, then we will move on to show you a video footage, whereas in part three, we will have a Q&A session. Now I'm handing over to CEO Grzegorz Kinelski. Hello, ladies and gentlemen. Welcome again. Do you like this new setup, this new configuration? We are a bit lower, a bit closer to you. We can observe who is listening attentively and who is not. Hopefully, this new convention will be welcomed. The atmosphere will be a bit less rigid. We want to make sure that the Q&A session that will follow later will be more interactive and individual. We will be here at your disposal. We will start with discussing the results for Q1 2026. We want to be as close to you as possible. This should be a rather working meeting. We were able to save some costs. The table was not necessary this time. I think cost-cutting will be a topic coming over and over again. The beginning of the year was very intense. We had a lot of work and many ongoing projects. Some of them truly reinforce state's energy security. The energy transition evolving as we speak is where we are a true leader. Obviously, I don't want to mess up with our competitors, but we are one of the leaders of energy transition in Poland. We have started a large project, the construction of two gas units. Works are being conducted right now, concrete, excavation works, and so on and so forth. Weather permitting, I will happily invite you there so that you can see with your own eyes. Now, Kozienice two CCGT units in cutting-edge technology. This construction project will be closely monitored. We don't want to have any delay because it's, well, the most important project right now. In parallel, we've been developing our digital distribution network. Our digital twins are already applied on the distribution grid. The point is to make the grid as stable as possible, especially in the PV season, where we have a lot of wind. On top of that, we want to closely monitor the stability of the grid. Apart from that, data analytics is performed through digital twins. Now, our transition project is also about coming up with novel products directed at our customers, and I'm sure you've seen that in the market. We will tell you about some success stories today. We want to step up so that our products follow the trends on the market, reflecting the needs of our customers and the changing dynamics and flexibility of the supply. That's our goal. We see a growing demand, and in terms of energy efficiency, this is where we also want to be ever more active, so that we can closely monitor at which hours our consumers use most of the energy. We want to encourage them to have more consumption at moments where there is excess of energy in the grid. All of that is done based on stable financials, financial fundamentals. We will tell you more about this in a moment. Oh, by the way, right now, I'd like to thank all of the employees of the group for your accomplishments so far, and especially now in Q1 this year. All of the group companies have joined our forces. All of us together contribute to our joint results and great performance. Please pass the thank you words from the management board to all of the local management boards and each and every employee of the group. Please keep up the good work. Hopefully, we will have support from the market, from the state, from analysts and journalists, so that we all can be watchdogs for one another. Consequently, the group will grow stronger and will have a larger share in the market. Thank you very much for coming. Now let me move on to the presentation. Bartosz. Bartosz, your turn now. Some market data, Q1 2026. First of all, let me mention a lot of volatility in terms of the spot price rates. It was essentially higher than in the same period. Also, we see more negative hours in the quotations. This has to do with weather conditions and with the installed capacities in our RES sources. The energy prices, when it comes to forward contracts, is also higher. We ended the year with the price PLN 420-ish, a bit cheaper before, and now it's PLN 440 on average. Here on the graph you can see PLN 431. There was a huge adjustment of the prices of CO2 allowances. It went down to less than EUR 70 in some cases, and it was EUR 90 previously. Right now the price is quite stable. We see some growth in terms of the global price quotations of coal. This has to do obviously, with what is happening at the Persian Gulf. We see that the coal is no longer within the consensus price of $100. Now it's $115-$120, and we will see if this tendency stays. Now let me move on to discuss the spreads, clean dark and clean spark spreads for gas and for coal. In terms of coal, it's been quite stable on the negative side, it's about -PLN 44. That's the coal power plants. Now gas, as you can see, is below zero, which is related to price growth in terms of gas. They were not that essential, but still it's about the blockade of the Hormuz Strait, and the conflict in the Middle East. That were the highlights in terms of the financials. Let's move on to our results for Q1. We've been able to have stable revenues with a tiny downward trend. Coal prices show some negative trend that translates onto our revenues. EBITDA amounts to -20%, and so the EBITDA margin went down, and that also affected our bottom line. Grzegorz mentioned before the fact that we've been able to keep up our financial parameters at a stable level, which gives us a good start to continue our transition. The indebtedness parameters are still low, even though the outlays, the capital expenditure we make is quite extensive. Let's have a look at the result broken down by individual segments. Two things that I'd like to mention are two one-offs that happened in Q1, which was damages, compensation paid out in Bogdanka, PLN 150 million. Last year we had a tariff in place that compensated for the losses that we incurred in the second half of 2024. These two events don't repeat this year, which influences our results obviously. The second remark is that this winter season was very severe for the first time for many years, and that obviously fueled our profitability when it comes to conventional generation based on coal. Biomass was not as available as it could have been. The profitability was not that improved. We see a better result in terms of distribution. We were able to sell more distribution services. On the other hand, we sold more energy. In some cases we had to repurchase energy at quite high prices. That led to negative sales results. Which again demonstrates that we should go into diversification direction across the whole supply chain, because that situation proves that these areas complement each other very well. Generation, you will hear more details from Artur in a moment. We want to look at our efficiency and we want to monitor the cost side. Still, the prices of coal in Poland are the way they are because of the payment schemes that were applied before. Let's have a more detailed look. I will skip you all of the points you can read later on. Let me just elaborate on the following. Conventional generation. Here we had very good results in previous years. We could earn a lot on repurchasing energy. Not on foreign exchange differences, that impacts EBITDA. Our capacities here are limited because prices are more stable. So making money on repurchasing is not as efficient as it used to be, it's still a contributor to our conventional generation. Distribution. We see a far lower WACC this year than the one we had last year. That severe winter season and sales of a lot of distribution services, helped us catch up with the missing WACC part in Q1 this year. We keep investing, thus increasing our RAB assets. Even though WACC was lower, we were able to keep up the results at the level from last year. Sales. Here, let me point out the following. We are able to defend our market position. At the same time, we see more and more competitors. Margins are getting ever smaller. After the energy crisis, it was very hard to go down because margin level was very high. It was actually regulated in some cases. We are coming back to the situation from prior to the crisis. Competitors need to fight for customers, which affects profitability. In the end, what matters most is cash. We need to have a close eye on our cash flows. EBITDA this year was lower. Have a look at REPowerEU, which is the subsidy that we've received from the EU, and we are going to use it fully this year. That's column number 2, PLN 221 million. That's the cash we've received efficiently from REPowerEU. The subsidy altogether amounts to PLN 1.1 billion. We will make all the efforts required to have the full sum allocated to us. From the viewpoint of expenditure, well, it's the beginning of the year, that's the cash perspective and a lot of costs here are related with some spending that happened last year. The capital level is quite stable. One negative event that struck us this year is the need to complement CO2 deposits, over PLN 400 million, and we also had to pay money to the Price Difference Compensation Fund. That's the provision that we created last year. This year, the money flew out, so to say. A recovery plan for Poland, PLN 10 billion for distribution. We communicated the amount last year. Right now, the money amounts to PLN 0.5 billion of financing, including PLN 278 million in quarter one, and we will keep utilizing the money until the end of the year. Ladies and gentlemen, a few words about the market. If you look at the data. In coal production, the downward trend is sustained. We recently talked about it, but we've seen some easing of sales of coal, a growth of 6%. Stocks went down by half, and imports of coal have increased. In the world globally, in relation to geopolitics, the prices are rising. It was around $100, as Bartosz said. It's close to $120 now, but the trend is not visible in Poland yet. The Polish market reacts to changes of trends globally with some delay. When the contracts were being signed at the beginning of the year, the dynamics of the downward trend is lower in 2026. This is what we are seeing. You see PLN 13 for fine coal, for example, and that was the key determination of the results of Bogdanka in Q1, where you can see revenues went down by 20%. 7% is volume, and then the rest is the price. That means that Bogdanka has recorded a loss for Q1, but, in terms of cash flow, we are still above PLN 25 million of EBITDA. If you look at net coal production, the quarter, the base for last year was a benchmark where we had very good conditions. 4 walls were being mined, so a very good result then, and now 2 million is a stable production value that we have recorded. If you look at our strategy and the annual volume is around 8 or 8.2, so 2 million per quarter is the optimum level of production. Moving on to the details of EBITDA. Very difficult market with dropping prices. We always focus on the costs at Bogdanka. You can see that costs have contributed to EBITDA in spite of a difficult market. Thank you very much. Let's move on to the highlights. The key parameters in generation. Q1 was good, particularly if you compare to the target, to the plan. The generation segment, particularly conventional generation, was impacted by the weather. Slightly lower generation from coal. The drop is very small. Compared to our plans, production was much higher. This was the result of the weather and demand for power in the national grid. Good results. EBITDA for Q1, higher compared to 2025. This is a result of very high prices, in line with demand on the spot market and the balancing market. That's where we have secured our EBITDA result. This is a special result, related to several weeks of heavy winter. In terms of values, you can see that EBITDA is higher. Other KPIs, co-incineration of biomass, a higher share. All the units are operational in Połaniec. Last year, they were being launched. In terms of incineration of biomass, here it's lower by almost 30%, but this is linked to maintenance of Unit Nine. It was turned off for one month for maintenance in February. In terms of the renewables segment, the data that you see points to growth in every area, and that's natural. As we know, our capacity from renewables has gone up considerably, particularly acquisitions of wind farms are responsible and contributing. In terms of revenues, margins, and generation of electricity, you see surging results. Q1 of 2026, however, was not easy. This was related to the weather. We have low wind. Hydrological situation is not good in terms of hydroelectricity generation. The results demonstrate the increase of installed capacity. We hope that nature and weather will be more favorable in the coming months. Now, in generation, a very good result. We are very happy with the results in terms of revenues, EBITDA. We have improved results. We have growth. The weather contributed, the harsh winter. The sales could have been even higher. We were having to deal in heat generation and electricity generation across Poland. There was not, well, a crisis, but it was a difficult situation. There was a short supply of fuels. This was due to a 20% rise in demand for fuel. That includes coal, biomass, and that is also a reflection of different prices that we had, and slightly poorer profitability than we could expect. Considering all the parameters, the amount of heat generated allowed us to make 12% more compared to the plan. Let me pass to renewables and energy storage facilities. As Enea, I have been mentioning it many times, we are very careful and very analytical in our approach to developing PV capacity. We are focusing on the best projects. Just a few days ago, we signed a contract from the Recovery and Resilience Facility for PLN 400 million. This is a portfolio of projects in PV generation. They will be linked to energy storage facilities, and this is our key goal. We want to do it well, at a good price, and on time. As a group, we're focusing on energy storage. Right now, we have connection rules and advanced development. We have more than in our strategy target, 580 MW in high voltage, 124 MW in hybrid installations. Over 300 MW, even more than 300MW, 312MW, in fact. This is Enea Nowa Energia and Enea Ciepło in middle voltage. Also at Połaniec, Kozienice, we have energy storage facilities, 200 and 232 MW. It corresponds to 900 MWh in Kozienice, 800 MWh in Połaniec. This is a year of energy storage facilities, procurement efforts, and preparation. Next year, we'll be building energy storage facility. Q2 to Q4, we'll be building around a dozen projects in high voltage, maybe 10, more or less. There will be several dozen projects in middle voltage, and we'll be launching these projects, in terms of procurement exercises and purchasing for the implementation of these investments. Segment distribution. Distribution. Well, we've already heard about distribution. You can see the KPIs, increasing revenues, information about WACC. From the point of view of customers, regulated revenues are stable compared to last year. We've not been contributing to rising prices for customers. Looking at the volume of energy sold, has gone up. We point out that we are investing in distribution quite a lot. Q1 was not that intensive. There was freezing weather. It was difficult to build. We are going to deliver on our construction projects. By investing, we are supporting the energy transition through distribution. Distribution is an important factor here. We have approval for the development plan for the coming years. We are launching CSIRE, which is the Central Information System on the Energy Market. We hope to launch it in October. TETRA is also important in terms of secure communications. We are investing in network flexibility and improving quality for customers. In distribution, funding is very important. In our strategy, we provide PLN 40 billion, to be spent over 10 years to limit the impact of investments on customers. We have different sources of funding, such as the National Recovery and Resilience Plan. Last year, we were obtaining funding, well, two messages. Ultimately, it was PLN 10 billion. Yesterday, we signed an increase of the value by adding PLN 345 million. It will be PLN 10 billion, PLN 345 million of a cheap loan from the Recovery Plan for investments in distribution. We are also implementing contracts related to co-funding, PLN 1.6 billion, and we want to use the entire REPowerEU, PLN 1.150 million. We're close to concluding more funding from [AFEP], another subsidy, over PLN 200 million, or the FEnIKS program, PLN 400 million. This will be coming in the next few months. We'll be launching these projects. This will be yet another support in terms of funding of our investments. With renewables, not as much growth as in previous years, but the connected capacity to our distribution grid is increasing, 1.6 GW. We have conditions for 7.3 GW. On our desks, in our computers, we have applications for connection of almost 4 GW. The growth is slightly lower because we're focusing now on energy storage. We have to build a specific number of energy storage facilities to release some more possibility of transition for renewables, on land and offshore. We're doing a lot for our customers. We are continually improving our communication to both prosumers and consumers of energy. We have published maps with connection opportunities. They are now done live, and we have also promote a lot of information for customers who are interested in our grid. In recent months, we have received an award for a leader of transition in distribution, which in fact reflects the fact that our distributor is one of the most modern in the country. Let's now talk about trading. Right. Talking about the trading segment, we've already informed you that Q1 of that year has been quite tough. We see a big growth of the EBITDA margin, amounting to PLN 72 million compared to 2025. It's like PLN 140 million worth difference. This is driven on the one hand by higher competition, lower margin rates. On the other hand, it's about a certain mismatch. If you look at the level of the release of the provision for the tariff that we created last year and the actual costs. Please also bear in mind the fact that this is all interconnected. Meaning, in generation, Q1 led us to surging margin rates because of high prices and the evolution of the spot and wholesale market. If you look at the sales, if you look at the cost of profiling and optimizing of the position, here we had some negative positions, and that mainly is why margin is so low. In terms of the trading, the volume is quite similar. Actually, we were even able to sell a bit more. The wholesale trading follows our model with a margin, zero plus. In this segment, wholesale trading, we are preparing to undertake some actions to also be able to create some added value. That said, given this margin predicament and fierce competition around us, plus regulatory framework, we keep making efforts and try to improve the situation. We take active part in tenders. We contract energy, still until the end of 2026, now also contracting is starting for 2027. Moreover, we cooperate with our customers to find solutions that will be adequate to reflect the changing reality in the market. As you've seen, right now, the short-term market, the spot market is very risky. It's hugely volatile. In some cases, you can purchase energy at a cheap price, while there will be moments when the prices go over PLN 1,000 threshold. There are high fluctuations, high costs of profiling and balancing. That's why, together with our clients, we conduct talks on how we can cooperate so that it can be a win-win situation. Obviously, we keep developing and offering our flagship products. Enea Optima is one of them. We want to be also active in inviting customers back to us, those that shifted to other providers, and we've been quite successful. Some gigawatt hours have been returned to our portfolio. We try to promote the trust of customers in us to win customers back. We are also active in terms of PPAs and green energy. On top of that, we are interested also in non-energy areas, such as limiting passive capacity uptake. Now, in terms of customer service, what I'd like to mention is the full implementation of the National Electronic Invoicing System called KSeF. That meant for us a huge workload in the beginning of the year. Also, we had to make sure that the procedures run smoothly, and we've been consistently performing our digitalization projects. As we speak, customers can amend their contracts and sign them electronically. I hope within several months, this will be also possible through a mobile app. That's precisely what our customers seem to expect. Customers want to have the option to be able to remotely deal with their problems without getting out of their homes. Talking about capital expenditure, I mentioned distribution. We want to spend here PLN 3.3 billion. This will be a record-breaking number. Remember that we also invest in smart meters. This process has been really ramped up. Distribution had a bit of a slow start due to the winter, and we also see some postponement of capital expenditure for power plant Kozienice CCGT. That will be moved in time, but we will catch up that year. Hopefully, we will end by the beginning of next year, depending on the progress of works. Wind acquisitions. Those planned for this year, Q1 have been rescheduled so that they will be also completed in Q2 and Q3. Now, making our units green in terms of the yard where we store the biomass, that project is also taking up a bit more time than planned, but it will be completed soon. We keep sustaining our ambitions level. It's PLN 9 billion in terms of green transition. One third of it applies to gas units. Please remember that we keep spending to prepare coal extraction and coal-based units generation in years to come. We need to make sure that this is maintained. Now, I'm returning to the topic of the loan as part of the recovery plan. I'm sure this is no secret to you. This is a cheap loan, with only 0.5% percentage rate of the interest rate. This is about PV, the installations that will then be connected to storage facilities, and the financing period is 15 years, and the amount is PLN 417.5 million. Right now, this is the efficient CapEx because these sources are more and more efficient, but it makes more sense to have a storage facility connected to it. Just several more slides, so please bear with us. We have some development-related topics that are not strictly related to individual segments, but they are rather cross-sectional. Local content. Let me recap what we have accomplished on that end. We are open to the dialogue with the market. We organize meetings, such as suppliers' days. This is happening, which means we can be closer to our suppliers, and they appreciate having a look at our schedules and roadmaps so that both parties can better plan development for the future, irrespective of the level of the supply chain that we are talking about. Last year, we informed you about our procurement platform. This has given us a lot of transparency. I think we are one of few companies that have such a solution in place. Moreover, we keep monitoring our construction sites. That provides us with some great value. ESG, the three letters. This is not just about paper for us. ESG translates into actual actions that we take. In terms of the strategy and reporting, this is completed. Right now, we are talking about some ongoing activities and additional programs. In fact, we met all of the requirements that we planned. These are the four elements, like decarbonization, renewables, operational efficiency, compliance, ESG, human capital, and stakeholder relations. All of these are being looked at very closely in our company. Well, if you've had the chance to look at our reports, they are very detailed because we are very serious about them. I'd like to thank Dalida Gepfert, vice president, who is not here with us, and it really goes to her credit. She's been co-creating that for two years. Dalida, thank you very much for your contribution with our team. Now, something also related to this S letter in ESG. It's about our social activities, so sponsoring activities. We want to a bit change the perception of our brand, focusing more on youth and on young athletes. This is what we would like to stimulate in the future. We've prepared a project called Big Little Club, 40 grants, 40 subsidies paid to local kids' clubs, sports clubs, so that they can get some money because, well, they will be our future customers. The kids of today are our future customers. That's how we want to position ourselves. That's it. Thank you very much. Right. Talking about sponsoring and supporting children and youth, we really join our forces with our partners to come up with a proper training pyramid, and we have a footage that we would like to share with you, a tiny Big Little Club. 25 different sports domains applied, and in the end, we were able to shortlist 40 winners, those that have already received sports equipment. Have a look. Sports gives you energy, and Enea supports those that create it day in, day out, youth clubs across Poland that have demonstrated creativity, team spirit, and passion. The number and the quality of applications was far better than we imagined. They sent us films with so many emotions that proved to us how important sports is for local communities. The choice of winners was very hard, but we succeeded. With this competition, we are now sure that the future of Polish sports is all about people, those that have passion to work with children and youth, and this is where Enea wants to reach out, and we want to support them. We selected 40 clubs. They received awards worth PLN 10,000 net. New equipment, many awards, as a result of which those clubs can go to the next level. We took part in the Enea competition because we are sure that what we do in our community is important. We are an intergenerational club for 50-year-olds and for 70-year-olds as well. As part of the competition, we received different sports accessories, and now we can conduct our workouts better. What matters most is the joy of our little athletes. Enea, we support those that have a real passion. Competition organized under the patronage of the Polish Ministry of Sport and Tourism. That was the first edition of the competition, but now we are sure we will organize the second one. It will be announced this year. Let's move on to the Q&A session. I can already see some hands up. Please present yourselves and ask the question. Sorry, the microphone is not working at this point. One, two, three. Perfect. Hi. Paweł Puchalski, Erste Bank Polska. First, congratulations on robust results. Now I have a series of questions. Question number 1. Please give us an update on the cost of gas units. I am talking about total CapEx, because we haven't started yet, but I would like to know what the conditions are, inflation, whether all that influenced that rate. Give me the update of the CapEx for two gas units. Question number 2. It's about the renewables segment. You mentioned some new capacities. In Q4, the result was poor, and you said, "Worry not, because we have PLN 35 million that will be implemented in Q1 this year." Now I'm looking at the result, and it's as if the acquisitions worth of PLN 2 billion translated to only PLN 20 million in this quarter, which was a good season. Well, I believe this is little. Could you kindly be more precise about whether Q1 was in any way extraordinary, or what actually happens, and why is EBITDA still relatively low? I have some more questions. Well, with regard to the gas and steam units, we've not altered the budget of the project. It's at a very early stage from the point of view of funding. We have funding to the tune of PLN 6.5 billion. PLN 6.9 billion if you include trading in project finance, and the conditions are specified, and they have not changed right now. Funding is built in such a way that it's WIBOR plus margin. We are monitoring these issues continuously. What's happening globally has reversed the trend. We were all expecting WIBOR to go down, but recently, in relation to the situation in the Middle East, the trend has been stopped, or perhaps it even reversed. We also have mitigated the risk in the group, and 60% of our debt is fixed rate or is secured with products so that we do not have risk in this respect. The project of the 2 units is at a very early stage. Right now, we are working on the technical design. We have preliminary construction work in the construction site. We're not thinking about any changes at the moment. With regard to renewables, Bartosz already talked about it. Q1 was not a good quarter for wind. That's 1 of the reasons why this energy was so expensive on the market. On the 1 hand, there was a lot of demand, and the supply of wind was not that big. There was also ice. On many installations, there is no ice protection, because winters are less harsh than they used to be, so we had to deal with ice. Wind levels were low. There was much less wind in Q1, in other words. There are also a number of issues related to launching these projects. We have to connect them to operate as a single system. We have to optimize and use the synergies. From the point of view of volumes, it may look less well, but sometimes it's profitable not to generate from a wind farm because you can buy electricity at negative prices. What we're doing, we have contracts signed with sales or trading internally. We're making money on trading and sales by selling green products. Marek, maybe you would like to add something? I think we have exhausted the subject. Poor winds, ice, winter. We should look at renewables in a horizon at least of 12 months or even a longer timeframe, in terms of wind at least, because PV installations have not been working much in Q1. That's clear. Also, the hydrological issues, I have pointed them out. The contribution here, the impact is small, just a few percentage. About question one, we have approached this subject in a very safe way. The tender for this construction, we have signed the implementation contract on the day of the auction, in the morning of that day. We are safer than those who have entered the power market, the capacity market, without such contracts. If you could expand on the gas unit. Mr. President, you talked about funding based on WIBOR to the tune of PLN 6.9 billion, I'm asking about the total CapEx. I just want to be sure when you are talking about PLN 6.9 of funding, I have to add 20% equity. That would mean the entire unit, in terms of CapEx, would cost around PLN 8 billion. A very good calculation. Yes. I also have other questions, Let's give the opportunity to someone else now, we'll get back to you. Piotr Dzięciołowski, Citibank. It was nice. Like my colleague said, it's better to spend money on youth teams rather than on swords. The amounts would be probably similar. Jokes aside, in terms of energy storage, how much money are you going to spend and what will be the contribution? How many storage facilities will we have in the Polish system by 2030? The EBITDA that you're going to create, how quickly is it going to go down? What do you think about it? Question two, about the gas units. How are you modeling what part of the revenues from the unit comes from the power market compared to the energy market? What part of the margin are we talking about? 20, 30%? If you could elaborate. Well, about energy storage facilities. 1,500 MW, as I presented. Energy storage facilities will be 1.2 GW. Energy to capacity, 1,000 MW will take you to 2,200 MWh. If you add Kozienice and Połaniec to the calculation, altogether we'll have 3,500 megawatt hours. The CapEx would be PLN 1.8 billion-PLN 1.9 billion, more or less. The level, PLN 650,000 per megawatt hours as a finished product. That's how we see it. The schedule for the construction of these energy storage facilities is 2027, completion in 2028, and in the first two quarters. I'm talking about connection to the energy grid. In terms of the national system, the national grid, if I were to talk about the prospects of 2030, what's going to happen in four years, I would say that we are going to have 10 GW, 10-12 GW in terms of storage. 2x, 4x in terms of gigawatt hours. The need is much bigger in the system, the need for storage. If you look at 2035, where the demand is to reach 35 GW, if you consider that already, well, yesterday, in 2025, 1.3 TW of energy was not introduced to the grid, could've been generated, redistributed. There was no demand for it. There's huge amounts. In 2035, it could be even 30 tera. In PV, we already have 26 GW. It's growing very little, but it continues to grow, so it's going to reach 30 GW in 2030. We'll have wind installations, so a dozen or so GW, up to 20 is the level for the next 10 years in terms of storage capacity. Storage is not just about devices that allow us to move the profile between 10:00 A.M. to 3:00 P.M. to peak hours. These are also devices that are going to be used to provide system services. Stabilization of the grid, load balancing, passive capacity provision, and other systemic services. I think that this is a very promising segment that will be compulsory. Of course, it will not replace, for a dozen or so years, the balancing of coal and gas facilities, but we will have a dozen or so giga in energy storage facilities. We are hoping for a change of storage technology. We are seeing information on the market that it's not going to be the four-hour storage facilities. We're going to be able to store energy for one week or even longer, or maybe one whole season. If the technology evolves, the demand will also change. Right now, we are focusing on the issue of seasonality rather than daily changes. I don't have the numbers in my head. We have calculated the CapEx discounted in time. On the other hand, the balancing power market, because this is the capacity market. From this point of view, one third is the balancing capacity market. That is a pretty certain element of revenues, statistically calculated on the track record of this market. We have used consultants here. Other countries are ahead of us in terms of this market. Then you have margin on sales. In the first years, it's higher than when you have nuclear joining the mix and other sources. The margin will go down, and we're fully aware of that. In the first years, these will be units that will replace existing coal units, and then these will be units for generating power, but not for peaks. In line with assumptions, these units are going to work for 5,000 hours once online. The time of using power generation will be changing. Maybe it will stop at 3,000 hours. We're not talking about units that will go on for 1,000 or 1,500 units. On average, we expect them to operate between 2030 and 2045, producing 4,000 hours. Initially, more generation, then less generation. You have to consider the transition and reduction of coal generation that's going to happen. Coal will stay with us as backup, but the use will be small, several hundred up to 1,000 hours during the year. Specifically in winter, this capacity is important. In the summer, you have more available energy from renewables. We have to power the Warsaw area. Kozienice is a key supplier of energy for Warsaw. Looking at the developments in demand, rising demand that is forecast. It will be driven by data processing centers, heat pumps, electrode pumps. You need power for all that. We expect these units, well, they're not going to make as much money as they could from the energy market, but there will be a demand. The balancing capacity services, capacity balancing. This is what we have contracted for 17 years. I have one more, but of course, I can share the mic. First on my left-hand side, and then Mr. Sason. Jędrzej Stachura, Energy Drink podcast. Some information has already been provided. Let me refer to what CEO Kinelski said at Nowy Rynek Energii in Nałęczów conference, where you said the potential of Bogdanka should be utilized in terms of coal. That's more or less what you've said. Could you elaborate on that? What's Enea's perception of the role of coal in the upcoming years and application of other coal assets? Well, I don't want to say everything because we scheduled the podcast together, right? Well, that's reflected in our strategy. In line with our strategy, Bogdanka will stay. We will extract coal for Enea so long as our units will be operational. I do realize that some people say that we are the coal defenders in Poland, but the fact is our mine is the best one in Europe or even globally, and we simply want to utilize its potential. I think it's only to be seen as something positive. We utilize Bogdanka along the whole supply chain as one of our sources. Obviously, we also develop our renewables segment, but we never want to forget Bogdanka and our coal deposits. Let me add to it. It's all about the energy mix and the crisis that is unfolding right now in the world. You can see clearly how that drives the prices of fuel and makes us more and more dependent on fuel. Obviously, coal is a fossil fuel. Gas will mostly be imported to Poland. This is a discussion that we have over and over again, how much coal should be in the energy mix. Enea is a proponent of an energy transition, and we follow the trends. However, we need to be reasonable about it. Think about energy security. We want to have common sense. Some of our units, they're still quite high-performing, quite modern, based on coal, and we want to use them. Plus, gas and other units won't be created overnight. Hence, we need to take this into account. Again, it's all about energy security. We want to have that coal reserve. That's a good question, how much of coal we should have in the mix, and remember that our mine is the best in Poland. Let me comment on that as well. The demand on high calorific coal amounts to 32 million tons, more or less. A couple of million tons in that amount comes from imports. That will not change. The question is, what will be the demand for coal in 10 years' time? If we only have such new units as Kozienice, we can consume seven to eight million tons, but I'm sure there will be more of such units. Remember, if it's 12 GW of gas power, there is still this power gap that in 2035 will amount to at least 10 gigawatt hours. That's a lot. That has to be covered. You need to take into account the pace of development of new renewables and technologies. There still will be a gap, even if this gap was smaller, so long as we don't have nuclear power plants, and we will have them in 15 years' time, at no sooner, maybe about the year 2040, not 2035. That's why we will need coal-based backup with some hours to be utilized. 10, 15 million tons of coal will still be needed. Right now, you can count on 1 hand's fingers the older mines that can make profit and that could extract coal. Bogdanka is definitely one of them. 8 million right now, potentially 9 million. That's why I think that level of extraction, if it's reasonable results in Poland, will stay with us for the next dozen years. We need some three to four mines that can produce the same amount. We won't need more, but I'm sure Bogdanka will stay for over 10 years now, from the viewpoint of security, common sense, and elimination of the power gap. Thank you. May I add to it a little bit? We see extraction dropped by half million tons quarter-to-quarter. Do you believe that trend will stay, or maybe it will even accelerate, looking at the number of people? Do you think you could come up with a forecast for extraction? I'm thinking about the staff that is just about to retire. What's your plan? The second question is more about logistics. Looking at logistics, not only the extraction capacity, could Bogdanka supply the fuel also to Opole and Jaworzno? The units located in the south of Poland, in Silesia. Maybe some railway connections would need to be built. I have one more question. Talking about the proportion of revenue from gas units. We've heard that. What about the units that use biomass in co-firing procedures? Tell us more about the market data, the capacities, and so on. Let me start with biomass-based units, and then I will pass over to experts. Now, in terms of those new units in Połaniec that started in 2007, these units will be operational when necessary. These are no cheap technologies, mind you. We will see how many contracts there will be placed that may also lead to accelerated balancing services market. I guess the share will not be too high. Mostly, the services will be about trading in energy that allows to sustain the system. These units are necessary. In the wintertime, it's not a problem, whereas in the summertime, to make sure that the grid is stable and to have security, at least two units need to be operated 24/7, so that we avoid any blackout scenarios and can use that power as a backup. Obviously, we can reduce the power. We can have a revolving provision, these are facts. Well, merit order units, those that are made greener, they are not cheap. Now, in terms of coal, let me comment in the following way. For Bogdanka, we have a clear perspective. Bogdanka used to supply coal to Silesia. Obviously, the distance of 200 to 300 kilometers is the optimum one. Still, looking at the current costs created by Bogdanka, together with CapEx, they are below PLN 18,000 per GJ. Even if we add 1 PLN to the rate, we are still cheaper than other Silesian mines. I think it won't be a problem to transport 2 million-3 million tons to Silesia or to PGE facilities. Not to mines, right? No, we won't be delivering coal to mines, but rather to power plants. That will be interesting in terms of storage, right? Open cast mines. Jokes aside. Yes, Bartosz pointed out that in the end, it's just about the cost of transportation. Our parameters and our quality are definitely good enough, it's only about the cost of transportation. Kozienice, that will be the largest unit to be supplied with our fuel. We have the same strategy as Europe. Until 2030, we should be producing 8.2, it's both in terms of CapEx and our human capital. We stick to this plan. I am not in the position to speak on behalf of PGG. I guess they will have 16 million tons for this year, but this is general public knowledge. I have no details. That question should be addressed to them directly. We have consistently been carrying out our strategy. Until 2030, the extraction will be 8.2 million tons. That's our scenario. Mining academies have been disappearing. You asked about retiring miners. For us, AGH, the Cracow Technical University, Mining University, for us has always been a hub to have access to graduates. That pool of graduates is ever smaller, it still exists, we still have access to qualified staff. More and more we need people with such skills as automation or technical engineering. Automation could give us a helping hand here. In the end, please reduce yourselves to just one brief question each, analysts. I wanted to ask you about restructuring of Bogdanka, but I am quite surprised by that piece of information. It seems we need to do the opposite. I have some contradictory idea when it comes to the numbers. You mentioned that we need some 10-15 million tons of coal in Poland for the next 15 years. Do you plan, in that case, to increase your coal consumption as a group? Because I think right now it is 4 million planned for 2030, and in Bogdanka, you will produce eight. According to your strategy, if there is a low trend, 4 million tons. Just a moment ago, you said that gas is going to replace gas. I have a little question mark here. Are you actually planning to increase the extraction effort, or maybe rather as a group, you want to reduce? The extraction of coal. As of now, we are not willing to verify our strategy. We don't need to do that. The strategy still holds. The path of coal consumption in the group has not changed. It remains to be seen whether there will be any deviations from that path, that might be related to the plan of the maintenance of our coal units. There might be situations where we will have a need to consume more to make sure that the system is stable. Well, technically, that's possible. Some of our units are legacy units, but still, with some modernization works, they can be operational until 2040 because they are not utilized to the full capacity. We are not changing anything. We are rather observing the situation. We are cautious, and we don't plan to change the strategy. You've also asked about Bogdanka beyond 2040. Let's be honest, there won't be any coal mining renaissance in Poland. This industry will end, that final period should be longer than 10 years. I believe, given this, Bogdanka, looking at its production capacities, can produce in 2044, 5 million tons for Enea, plus 2-3 million tons of coal that will go to the domestic coal market, or maybe to international markets. About 1 million tons could be definitely sold. Considering the uniquely low costs and productivity, compared to other coal mines in Poland, considering the prices at ARA ports or indices will be PLN 15-PLN 20 per gigajoule, the only mine that will be profitable or neutral will be Bogdanka. A large share of the market, up to 50%, could come from Bogdanka. Enea will need 4.5 million. We have additional customers, 1.5 million-2 million, if we have to sell 3 million to other power plants. This will be the cheapest way, certainly. I think that Bogdanka will be ready. With regard to the capacity market and the gas units. The capacity market, the revenues from it, account for 65% of CapEx. If we're comparing apples to apples, one-third is the share in EBITDA. Not revenues, but EBITDA. In revenues, you have trading in gas as well. I have a question. Let's not talk about Bogdanka. I wanted to ask about something else. One of energy groups told me that it's lobbying to extend the regulatory period to add some parameters, so that some cost-cutting could be included in regulated activity, so that the companies who introduce cuts could save up, maybe. Are you in dialogue with the URE, the energy regulator, so as to know how much you will be making after 2028? Charter for efficient transition would be an option here. Well, we don't have this dialogue. Would you like to be in dialogue? Well, we would. To give you some more idea, the Charter for efficient transition has distorted the stable regulatory market. It used to be very fixed. You can always refer to it for work. The Charter for efficient transition has changed the situation a bit. The investments are being implemented. They are needed. It's 8.6 GW connected. That's much more than we have the capacity from conventional energy plants. We are a major player in Poland, and you can see how much distribution has added, and it has also improved the quality parameters of the grid, and they are much different to what is in Western Europe. I like to remind you that, because there are atmospheric events that are destroying our lines, we are rebuilding them. Year after year, we are increasing the amount of cables on the lines. This is an arduous process. It requires a lot of CapEx. It's happening in the background. The charter for efficient transition was introduced to secure money for such things. We are in conversations. We're very active in this respect. We are presenting proposals to URE, to the energy regulator. We are discussing future models. There is the British model to talk about, for example. We are talking about impulses so that we get rewarded for implementing a regulatory compliant policy, and that we are active player in the market. We're increasing flexibility, productivity, and use of energy as well. A lot will be added with flexibility. Right now, it's part of the regulatory sandboxes. We are also active in the accelerator operated by the energy regulator, URE. Well, let me present a challenge. If URE decreases WACC for us, we will not be implementing our investment projects. Well, the seats are not very comfortable. That's the only discomfort that I feel. We've not said that. Maybe it was during our meeting at the conference. This is a very long question. One question. Well, you are putting money in an asset that has a duration of 30 years ahead of it. Let me respond to your question. Distribution in Poland has been with us for some time. It's been around for years, and it will continue to operate for years. Just look at the average profitability of this segment over the last 10 years or 15 years. I think in terms of regulation, the area is pretty stable, and it should provide for stable results. It stabilized the entire sector. There's a lot of discussion on this subject, but thanks to distribution, all energy groups are able to function and implement the energy transition in a very sensible way with reasonable costs, and I believe that it's going to continue like that in the future. Of course, we can talk about WACC, whether it's going to be 1% more or 1% less, but still, it's a flaw that I would expect to move around, looking at the requirements presented for this area. Ladies and gentlemen, thank you very much for all your questions, to the management board for discussing all the results. Now I invite you to the next results conference in September, for the first half of 2026. See you then. Thank you very much.