Good morning, ladies and gentlemen. Very warm welcome at the presentation of financial and operating results for the first quarter 2025 of PGE Group. At our today's press conference, we will have Maciej Górski, Vice President of the Board for Operations; Przemysław Jastrzębski, Vice President for Finances; and Piotr Sudoł, Director of the Financial Division. Before I give the floor to the Management Board, I would like to congratulate Director Sawicki on his third in a row award of the Journalist of the Year, granted yesterday. Also, I would like to congratulate all those who were finalists in this competition. Afte r this brief digression, over to President Górski. Good morning, ladies and gentlemen. Maciej Górski, Vice President of the Management Board of PGE Polska Grupa Energetyczna. We are meeting at the presentation of PGE Polska Grupa Energetyczna. Ladies and gentlemen, you probably have already had a chance to get acquainted with the information we published. The first quarter 2025 was a record one, and that's good news. That's good news in the context of the beginning of this year at our group. The key numbers, the key figures are displayed in the slide. First of all, we achieved a record high EBITDA for the first quarter at PLN 4.3 billion, in fact, over PLN 4.3 billion. We spent PLN 1.9 billion. That's slightly below what we had planned. However, these differences result from deferment of certain payments. The next item, contracts for funding under the National Resilience and Recovery Plan. We will tell you more about this in a moment, but this number shows that our efficiency in the group and also in terms of all activity of our stakeholders for whom energy security is important, out of those PLN 18 billion, more than PLN 12 billion will be spent on distribution. The beneficiaries of those loans, interest-bearing loans at a very good interest rate, will be PGE Dystrybucja S.A. and PGE Energetyka Kolejowa, our two subsidiaries. Another area where we are going to spend money from this fund is offshore wind energy. Over PLN 5.5 billion will be allocated to the construction of Baltica 2. These are agreements that we concluded when we closed the funding for this project. As you might recall, this event took place at the end of January. The next record-breaking contract was the agreement for the reconstruction of our, and probably the largest in Poland, storage facility of electrical energy, which is being built in Żarnowiec in collaboration with LG Energy Solution. We are planning to install the batteries with a total capacity of over 1,000 MWh. This is one of those storage facilities for energy for which we have obtained, as you might recall, a contract in the power market. Two key parameters from the perspective of operations, that is, generation of electrical energy and sales of heat. In generation, we recorded growth in spite of the decrease in the overall energy consumption in Poland. As regards heat sales, there was a slight growth in the first quarter 2025 compared to the first quarter 2024, resulting in particular from weather conditions. Also, after the end of our financial year, some events, financial quarter, some interesting events took place. You might have read the information we have published, but also you might have attended the conference in March when Mr. Marzec told you about what we were doing and where we were going. Key events after the balance sheet date: successful participation in supplementary auction in the power market for the second half 2025. We obtained contracts with a total capacity of 2.2 GW, and that was also a loan agreement with EBRD for Porąbka-Żar and development of our renewable energy portfolio. The event we are going to participate in tomorrow, that is going to be the official opening of the power and heat plant in Nowa Technika for almost 180 MWs. The general message regarding the events of the first quarter would be this: a lot of pleasant records in our activities, also a good start of the year, the first year in which we, as the Management Board, have been operating in full composition right from the beginning of the year. I think we are effectively showing the market that we have good and viable ideas for managing PGE Polska Grupa Energetyczna. In mid-June, on the occasion of the planned presentation of the strategy by 2035, we will give you some more details. If today you ask any questions about expectations, I will refer you to mid-June because I do not want to spoil the results of our presentation because that might be a major spoiler to our later presentation. Today, you will probably hear the information regarded to the power market and balancing services, the revenue area that is becoming increasingly important to us and an increasingly important source of our margin. In those 2.2 GW that we constructed for the second half 2025, mostly we have coal-fueled power plants. Probably preempting your questions, we obtained contracts for coal units from each conventional energy facility. That shows that we are adept in handling the negotiations with the regulator in order to achieve the instruments to ensure energy security from conventional sources, and we are able to use them effectively. As for key investment projects, because that is another interesting area in this slide, we are showing what we are dealing with right now. Those almost PLN 2.2 billion that we spent in the second quarter mark the beginning of another major project this year. An extremely important project in gas energy, we continue the Rybnik project. That's a major gas unit in CCGT technology. We installed a gas turbine. That's a very significant milestone for us. As for offshore wind energy, obviously Baltica 2 and FID in January, we are doing both onshore inland work. That is being done by Polimex, a Polish company. We are also preparing for the first foundations on the seabed. Another important piece of information in this context is the service and maintenance base in Ustka. It's a smaller contract at about PLN 1 million, but here we also obtained the contract as a general contractor. We are very happy because that consolidates our efforts in ensuring local content and the development of this sector within PGE Polska Grupa Energetyczna, but also as part of the development of offshore energy in Poland in general. Energy storage facilities in Żarnowiec. We hope that in the planned schedule that envisages opening in the first half of 2027, it will actually open. In heat generation, here we mainly installed gas engines. Probably Bydgoszcz is the most advanced facility where we managed to offer the first energy to the grid. Slightly less advanced project in Kraków, where we are finalizing procurement procedure for gas engines for almost 100 MWs, and Gdańsk, where we managed to effectively take part in an auction for cogeneration premium. That was, in a nutshell, what happened in this quarter in operations. As for investments in the energy market, you probably follow the current developments, but I will give you a brief overview nevertheless. As a curiosity, with energy consumption that was lower in the first quarter than last year by almost 1 TWh, we had higher energy generation by almost 2 TWh, 1.9 TWh to be exact. 2.7 TWh is the balance. Mainly, that was linked to the fact that wind was at relatively low levels in the first quarter. We had to support the consumption in Poland because if there is no wind, that is not unique to Poland, but that is also something experienced in our neighboring countries. That influenced energy prices, spot prices in the first quarter, which were higher than we had expected, with term market prices at between PLN 420 and PLN 470, as you can see in the slide. Today, the prices are at an even lower level. Probably we will come back to this topic in a moment, and we will tell you more about how it affected us as PGE Polska Grupa Energetyczna. In the following slide, you will see a very brief summary that we keep presenting. That is our generation, slightly higher distribution of energy with a slight increase in C plus R, which offset a decrease in A tariffs. We stayed at the same level as last year. Sales to end users slightly lower as a result of decrease in sales to business customers. There is another important area that is railway energy, where the volume was at a very similar level. Like I said before, for heating, we had slightly lower temperature, about one and a half degrees, which has meant that the volume was slightly higher. Now, for the business customer, it's a reflection of the economic dynamic. Also, on the other hand, we have seen a smaller number of days this year as compared to last year, which always has a slight impact on the volume of electricity sold. Very briefly, the slide that I believe keeps some of us awake at night, but raises a few eyebrows as well. People wondering how, in such a volatile market, one can make money and how to cope with it when it comes to the supply response. This graph presents prices in March 2025. This was the month when a lot has been happening for electricity prices. Most certainly, this would be a sign telling us that more and more attention will have to be paid to the balancing power market. As you can see in our report for the first quarter, this is a new category of revenue that appears this year in the first quarter. Last year, we did not disclose these because there was a reform of the balancing market in June last year. From our point of view, this means that what is more and more valued is flexibility and availability. This means that our efforts in terms of operational management of our units, generation units, and on the other hand, our ambitions in the investment plans are increasingly targeted towards flexibility. This means that in the power market, traditional power markets, we have had an increase of revenue in the first quarter 2025 up to almost PLN 1 billion compared to just under PLN 700 million last year. Now, for the balancing market, like I said, the revenue cannot be compared, but the ballpark is PLN 350 million this year. I believe that that is important news, good enough to take a closer look at the issue. That would be all in terms of a quick introduction in a few slides. Of course, more and more details will be presented in reports. I think after part of Przemek's presentation, we will be able to respond to some of your questions. Thank you. Thank you very much, Chairman. Now, Mr. Przemysław Jastrzębski, who is responsible for finance, Vice President. Good morning, ladies and gentlemen. First, a few words about the main factors that have contributed to the development of the Bydda in the first quarter of this year. Now, for the electricity and heat margin, lower costs of fuels and lower costs of CO2 emission credits have impacted. That is PLN 1.1 billion this cost. On the other side, we have lower revenue from the sales of electricity because the actual price was lower, and that is just over PLN 900 per MWhour. This impact means PLN 1.4 billion. All in all, the generation output has increased vis-à-vis the comparable period of last year by PLN 921 million, which is the outcome of a higher volume. It is PLN 1 billion+. As was mentioned by Mr. Górski as well, slightly higher revenue from heat sales, which resulted from different weather conditions. For us, better weather conditions, meaning the average temperature was lower in the same period. We have noted also higher overall revenue from support mechanisms, and that is a positive impact reaching almost PLN 490 million. You can see some positive outcome in the distribution activity. WAC and RAB are higher thanks to the investment program that we are consistently rolling out. The positive contribution to the margin on distribution accounts for over PLN 200 million. For selling electricity to final customers, there is an increase because the tariff products have a slightly bigger margin. Now, regarding the increase in costs, the inflation effect is visible in overheads. We can see an increase by PLN 107 million. One important component that has impacted this is the increased sea renewable and gas as resources. Offshore renewable and gas. We have also eliminated some of the provisions for contracts. That is mainly for PGE contracts. The amount vis-à-vis last year was lower. Some words concerning the spending. This was partially covered by Mr. Górski. We spent about PLN 180 million less than in the first quarter of last year. However, there is a final investment decision that has been made for Baltica 2, and that for sure means that this is a transitory trend. A big role will be played by the timetables for investment settlements. I think that this is a situation that I would not consider extremely important. We have noted an increase for gas energy, about 200% more or less, and renewable, which is an increase by just under 80%. In the gas energy sector, we can mostly observe the investment in the Rybnik power source. For renewable, you can see quite an important increase in the Baltica project, but also for solar paneling. In this sector, additionally, we are rolling out some investments in the energy storage. Looking at the data from quarter one, we mostly see expenditure on modernizing the Porąbka-Żar pumped storage power plant. We have PLN 280 million in minus and rail PLN 116 million decrease, respectively in distribution and railway. That's basically low voltage grids and metering. We are looking at speeding up. We have been given preferential financing from the recovery program. We're expecting higher dynamics. Now, for heat, we can see a decrease as well compared to the same period of last year. The main factor there was smaller outlay for Czechnice, CHP. As Mr. Górski has already mentioned, both this investment and that we are formally opening now, but also regarding other towns, I think you will hear more tomorrow. Now, regarding investment in our investment policy, we maintain the same approach. Invest in transformation areas that build the value of the group. We attach a lot of discipline to our expenditure on conventional energy. This is well reflected in the data. In fact, these are only maintenance costs in this area. Can we have the next slide, please? The net debt in quarter one of this year. We keep emphasizing that we are looking at this area intensely. We want to make sure that this level is secure. We are paying attention to quite significant investment expenditures that are ahead of us next year. Now, the reported net debt was PLN 8.1 billion, and that's PLN 2.9 billion less than at the end of 2024. What are the factors here that have impacted this result? The generated EBITDA of PLN 4.3 billion, a positive impact of CO2 settlements, that's PLN 2.4 billion, and the opposite outcome, investments, PLN 1.9 billion. As a matter of fact, all in all, the debt has decreased. Some fluctuations here are caused by the change in the operational equity. You should not really get attached to these levels of working capital because there will be some changes in the subsequent quarters. I mentioned this at the previous conference as well. One very important thing that we attach importance to in managing finance is the high cost of CO2. The generators from PGE Group have purchased CO2 emission credits at prices that were lower than last year. This is the market; prices change. Still, the costs incurred by the group in quarter one of this year are PLN 4.8 billion. Even compared to the record high EBITDA, you can see the scale of it and how much higher the level is of these amounts. We really need to analyze this thoroughly and be very cautious when it comes to managing the finances and liquidity. Now, the economic view, looking at future payments and settlements of CO2, the debt of the group is PLN 16.6 billion. The economic net debt to 12-month EBITDA coefficient is 1.31. The next slide here, towards the end, a few words about the potential perspectives in our EBITDA until the end of this year. As a rule, we will not change these perspectives very much, but there are some slight changes that we have observed over the first quarter for renewables. As it has been mentioned already, we have seen that the first quarter had weak winds. As a matter of fact, right now, we are not quite so sure as we were before that we can obtain higher yields, higher volumes in the whole year perspective. Slightly higher expectations are attached to our revenue from the balance power, which will support conventional sources, contracted revenues especially. That is a supplementary auction that President Górski has mentioned. We have some regulatory changes in the supply sector that shift the requirement for tariffs, which can cover the lack of purchase in electricity. The risk against the backdrop of the current regulation is still only going to be impacting quarter four of this year. I think that it brings us to the end of my presentation. Thank you. That's all from me. I believe it's time for questions. Dokładnie tak, bardzo dziękuję. That's right. Thank you so much. Traditionally, the first two questions will be ones that we have received by email. In a moment, I will give the floor to those present here. The first question: At which stage are you now with the transaction of buying assets from ZE PAK? Do you see any danger of it not being finalized? Mr. Górski? Thank you very much. As we communicated, we had signed a term sheet with the company. In the first half of this year, we wanted to conclude the agreements. The transaction is on track, on schedule. I do not see, as of today, any material circumstances that would require comments on the transaction. What was the second part of this question? Do you see any risk of it not being finalized? Of course, such a risk always exists because by the time you have signed all documents and closed the transaction, there is always the risk that a given transaction is not concluded. However, today, it is not a risk that would be above the standard level for this type of capital transactions. Secondly, as you might also hear at various meetings with representatives of the management board of PGE Polska Grupa Energetyczna, we want to develop in the area of gas energy. That is a major direction for us in the context of value building. We uphold our interest in concluding this transaction. I hope that at our next meeting, we will be able to present you more specific information about the structure of this transaction and its further schedule. Thank you. The second question, which is more financial: How much this year and in 2026 will you use the loans at the cost of 0.5 percentage points from the recovery program? Under those loans, PGE Dystrybucja obtained about PLN 9.5 billion, PGE Energetyka Kolejowa PLN 2.6 billion. The funds are available by 2036, according to the rules of the program. However, we would like to start spending the money as soon as possible. Disbursement of individual tranches can be based on current capital expenditures, as well as it can regard costs that had been incurred earlier. Bearing this in mind, it seems that the first funds under this pool of available money will be in mid-2025. Thank you very much. Now, I would like to invite those present in the room to ask questions. And please remember to use the microphone. Paweł Puchalski, Santander. After those record-high results, can we expect a dividend paid from next year by PGE? That's my first question. The second, you are after FID in offshore. I would be very happy to get some more information about this project, for example, specific load factors, whether PLN 30 billion is the final CapEx or maybe it's going to be increased slightly. I am interested in any information about offshore as you can provide, as much information as you can provide. The first question about dividend. As Mr. Górski mentioned, in mid-June, we will publish and announce our strategy. This document will most likely divulge more information about this. We don't want to give you any spoilers before this presentation of the strategy. Let me add to this. Of course, when we have a discussion about cash flow, operating on financial cash flow, how it can be used, it seems that today our investment ideas are pretty good, especially the ones regarding development directions that are communicated on a regular basis. The strategy, which will summarize our plans for the upcoming years, will show you that our vision, our picture of the situation is quite complete. Hopefully, that will also make you feel comfortable about managing shareholder expectations with respect to our management of cash flows. Secondly, as for offshore, there is not much that could be said here about the assumptions of the project because it seems that in January, when we published information about FID, we presented a lot of information. There is no reason today why we should expect any change in planned capital expenditures. The project is implemented on plan, on schedule, on budget. We are not encountering any circumstances or events that would give rise to any concerns on our part. That is good news. On the other hand, we are also trying to enjoy little events that surround this project. In particular, this relates to the increase in the share of our local content and the offshore project. That is good information for us as the investor because hopefully, in the following projects, the local content will be growing. Hopefully, that is also good news to our investors because that is proof that deliveries can be provided in accordance with term sheets and contracts. Secondary steel is going to be the contract implemented by Polish companies, which is good news. Procurement process is still underway. Hopefully, we will have some more reasons to be happy. As for load factor, no changes here either. In our business case, that was about 400,000 hours. The reality will be as we will see. It is significant for our project, obviously, because that will determine the economic developments. In Baltica 2, that is this project where we have support for about 100 full load hours. This is the area which gives us no reason to believe that we might be at any risk of not benefiting from this, not having a chance to use those funds. We see no reason to change the assumptions. Thank you very much. Are there any other questions? Rafał Sasuń, Portal Wysokie Napięcie PL. I would like to ask you about your forecasts for emission rights. I understand that you do not show your own forecast, but can you refer to Kobiza figures? What would be the impact for the company if EUR 200 materialized in the market? We indeed refrain from commenting on forecasts. I might ask you what is material. Two hundred is material. The previous reference level was EUR 85. As you can see, a lot is happening in the market, and there is quite significant volatility here. Forecasting becomes increasingly difficult. We had a weekend change of the order of several percentage points. Between Friday and Monday, the prices of emission rights dropped, then they started to rebuild their level. We obviously make efforts to anticipate market developments. At the same time, we are prepared to respond to the volatility. One way of responding to this variability is the way in which we manage conventional energy, coal energy, by anticipating the volatility and the demanding situation in terms of supplying flexible, balanced power. We brought about the reduction of minimum levels in our power plants fueled by coal. Renewable sources, which are dependent on weather conditions, automatically fall within the system. On the other hand, we are better prepared to respond to the supply to the balanced power reported by PSE. That is reflected in our financial results. On the other hand, as you might have seen in our results in the non-standard first quarter with lower generation from wind sources, which is local in its nature, with simultaneously high prices of gas that resulted from low levels of gas in storage facilities in Europe, we were able to respond to by greater generation from lignite. Whatever our views of emission rights prices might be, let me highlight that we make sure that our management of assets is focused on this two-track or dual management to make our generation fleet as flexible as feasible. Robert, my IBOM, my securities. I have a question about sales segment and the fourth quarter and the outlook for 2025. You mentioned the lower risk of non-covering of costs. Can we expect that the result will be going to be EBITDA at 0+0-? The second question is about recovery program. Have you applied for any other significant amounts apart from what you already have? Let me start with the second part of your question. Yes. In distribution, maybe I should start with the general information that as a group, we have obtained loans for PLN 12 billion. Previously, we had a loan on Baltica 2. We are still working intensely on obtaining smaller amounts, taking advantage of various programs that are announced as programs funded by the EU, like the Phoenix program. This activity will not be hampered, will not slow down. We have obtained quite a lot of funds. The amount is significant, but the topic is not closed yet. As for the first part of your question, it is hard to make any forecasts as it depends on decisions which are beyond our control. I will not be able to give you any answer how we assess and forecast that. I would like to add that sales is not an area where we earn significant amounts of money. This is an area that is regulated. We are trying to take activities in coordination with what is happening in the regulatory market. The purpose here is to stabilize the market and ensure security of those customers who are most exposed to the risk. We have a balanced approach to this area. Today, in the term market, we see a decrease in prices, which might also make clients in G tariff anticipate price levels. Your question contained a bit of the answer. The discussion is more about whether it's going to be 0+0- or whether that's an area where we are going to achieve significant margins. ERP is the keyword here. We are hoping that out of this very widespread program that's been planned for energy, we will be able to get some benefits out of it. I think it's worth stating in a conference as this one because the BGK has communicated its intention, but in our dialogue with it, we can see that we have a common interest. Some of the negligence of ERP that we saw in 2021 and 2022 are now compensated for quite effectively. We do share an interest together with BGK to make sure that the funds are allocated to the area of distribution, which is really the backbone of energy. The number of investments we can complete will, at the end of the day, determine the available sources that we can connect to, how many clients we can connect to the grid, and how many storage facilities can be created. All the storage is something that we speak about openly. You must know, I'm sure, about the program that's been launched by the National Fund of Environment Protection and Water Management for the support of large-scale storage of electricity. We're part of this program. We're submitting applications and hoping to get some support from this program. However, this is quite competitive. A lot of competition in the program. I think, to a large extent, this might be connected to how the terms and conditions have been formulated in the supplementary auction. It's just at the level of 12%, which determines the dynamic of a power storage facility. It's like every developer or every company, we're trying to look for alternatives and how to get the economics right of the new projects in the area of electricity storage. We're hoping that we can get some funds, some aid from this program. Thank you. Bartłomiej Sawicki, Rzeczpospolita Parkiet. My question is about generation. This sector looked very nice in the first quarter. Since it's been doing so well, and we can see PLN 286 million in EBITDA profits, Mr. Górski is talking about an increase to potential PLN 1 billion of revenue from the power market, PLN 350 million the balancing market, if I understood well. Why would you isolate coal if this works so well? Since the figures are so good from generation, would this be even needed? Could you perhaps see some other proposals, projects that you would like to introduce to the government that could be supplementary to the balancing services that could help support your work in the generation area? That is a very broad topic. I do not know who is to take this question. I can start. Difficult topic. Not because we want to evade the answer here, but mostly what needs to be emphasized is that when it comes to the future of coal energy in Poland, it is not solely the decision of energy companies, not even the Polish network, but it is a joint decision that will be taken also with the Ministry of Industry and State Assets. I think it is more complex than it might look. We are trying to be very active in the preparatory work because such work has been carried out by the Ministry of State Assets. There is some information available on how we manage the assets based on coal and lignite, where PGE Group, a very important player on this market. We do feel the responsibility on our shoulders, also resulting from the energy security. It is mostly about dialoguing with the other stakeholders than just trying to impose a preset scenario. I think, yes, actions are being taken by us, also Polish electrical network, to make sure that these assets can be financed in a profitable manner. The supplementary auctions is just but an example of such measures. Like I said before, just the fact that we are launching these initiatives in order to make these assets more flexible and in order to make it possible for them to generate revenue from the new areas such as the balancing services market, etc. This shows that we are making as much effort as possible to skillfully cope in a situation where, the decision on the future of the ownership of the coal assets is still missing today, right? Minister Jaworowski declares, as we have heard, that it's an important issue for him, that the future of these assets is on the agenda today of our government. We feel secure knowing that it's not something that's been left to us solely, but it is a matter that both the regulator and stakeholders on the government side are still working, but also the operator of the transmission grid. That's point number one. Now, regarding the question of how much money we are going to be making or not making on conventional energy, like I said before, quarter one has been specific. It was specific. There have been some coincidences resulting in profitability on coal assets. On the EBITDA level, it was noted. It is very difficult to forecast such non-standard quarters in the future, right? Like I said, already we are trying to actively respond and have the preparedness to make sure that in every area of our operations, we can cope with volatility in the market. Let me just add perhaps one more thing. It is hard to assess and to base your conclusions on individual results at a certain point in time because we are looking at the whole idea of how these coal assets are going to be operating in the long term, like 10 years or 20 years perspective. Seeing that in a specific quarter, there is a positive deviation or even in the scale of one year, it is not enough. We need to look at how these assets are going to perform over a dozen years, for example. These individual peaks, shall we say, are not perhaps a good enough reason to assess them as long-term a positive power generator, right, or cash flow generator. I think we should bear that in mind. It is about a strategic approach and seeing these assets in the long-term system. Short-term results should not really ignite such a discussion. Hello, ESB News here. I wanted to ask if you sustain the opinion that the CapEx in 2025 from CEO will grow without Baltica 2. I know that the outlay in the first quarter was lower than planned. Thank you. Now, for the first quarter, I have already mentioned when we spoke about investment outlay. Quarter is a relatively short period of time. The decreases resulted from things such as the timetables of settlements, etc. We spoke about the cash perspective. It seems that what was said during the previous conference remains true. The increase, excluding Baltica, will be up to 10%. I think that's something that we can keep. Thank you very much. At the front, we have a question. Good morning. WNP. I wanted to ask briefly about heat and auctions. What is the current level you're showing the gas investments? What is the exact date, the planned date of abandoning coal in the heat industry? That's one thing. I would like to know more about auctions. The season's quite rich in the power market this year. The 2.2 GW contracted for the auction in the first semester, you said how much coal was inside that? You said most of this was coal, but how much exactly? How much coal power are you going to submit for the supplementary auction this year for 2026? What is the portfolio of gas projects for the supplementary auction? What is the portfolio, the gas portfolio for the main auction in December? That is a lot, but this is the characteristics of the season. Thank you. Thank you very much. Now, regarding our auction strategy for this year and the subsequent years, I will give you the details right now. That was a joke. Got some scared. That is one of the components that we are looking to work in inside our offices. I think that we are being quite efficient in doing so. Perhaps let me make reference more to what has happened and less reference to what is going to happen. Regarding the 2.2 GW that have been contracted, 2.1 gw is from coal, 0.1 GW is DSR in our minds. Our assets, all of them, those are, like I said, units from all of our coal power plants. This should be publicly available, but a big picture mostly shows you that we have used to the maximum potential capacity. What has been offered by PSE in terms of the support mechanism for coal energy for this year? To those that can participate, our installed capacity is significantly larger. Those are the units that could take part in the supplementary auction. That is point one. Now, regarding the actual intense season, and I do not think we have had a year before where there would be so many auctions, not just in the power market, but we also take part in auctions for the generation. Actually, I do not think there is a quarter or even perhaps a month without one. Yes, we are there. For supplementary auction 2026, we are currently analyzing this. Again, in as much as possible, we will want to take advantage of the fact that the system has been made so as to keep the profitability for conventional energy. We are hoping that we can repeat the success that we had with supplementary auctions for the second half of 2025. Actually, today, we are devoting quite a lot of time for discussions and analysis for the extra auctions in June, July this year. It is a very interesting topic, and I think that we will be able to participate in this auction with quite significant volumes. We are preparing some projects, and some of them have been presented on the list published by PSE, the list of entities that have submitted their applications for connection to the grid. We are trying to maintain some flexibility here as to our strategy for the main auction and the extra auction because they are somehow interlinked with one another. The extra one has some difficulties resulting from the timetable. That leaves us half a year less to implement the project. The regime of the extra auction will be the same as the main auction from December 2024, so the year of supply, the 1st of January 2029. The question arises to what extent we can implement oral projects we're thinking of today in such a way that we can limit the potential risk of failing the requirements for the supply period. Yes, we will participate in the supplementary auction in the third quarter, and yes, we will also participate in the main auction for supplies in 2030. That will be the auction in which we will attach the greatest importance to our new gas capacity. As for the auction in December next year, that is still doubtful. Mówię o aukcji głównej w grudniu. I'm talking about the main auction in December 2025. We do not know the rules of the game regarding KWD, especially with respect to storage. We know that the conditions for storage are very demanding in the supplementary auction. It is very difficult to make the project add up given the prices going down. We will see how the situation develops. The heat is the second area where there are no reasons as of today for us to change our basic scenario by when we want to decarbonize. The announced date remains in force. That is a very demanding deadline. Obviously, we are trying to do as much as possible. First, you need to spend a lot of money in this area, and that is not the major problem. It is also the area which faces a number of other challenges. We are now investing, for example, in gas engines. We are talking about 30 MW, 50 MW, 100 MWs, while our total installed power is over 2 GW in heat. Part of that has already been decarbonized, but we want to decarbonize a significant part. Today, that is the first wave of investments that are relatively compact and easy to implement. We already see that what is ahead of us are very large investments like Czechnica that will require long preparation and long implementation. Darek Marzec, President of PGE Polska Grupa Energetyczna in Czechnica, will tell you more on the occasion of official opening of this investment. I think also there you will get some information about our ambitions in heat and CapEx there. That is for the upcoming months and years. Thank you. Thank you very much. We should wrap up. If there are any other questions, one maximum to, I will have one final question. When do you intend to start your nuclear project in Bełchatów? Because in the press reports and in the announcements of your managers, there is this recurring theme of nuclear energy being the future for Bełchatów. What is the progress of work in this project? Thank you very much for this tricky question. Let me uncode it first. As for our engagement in analytical and preparatory work regarding potential locations for the second site of nuclear energy in Poland, this work is at a very early stage. As of today, we are definitely not talking about involvement of PGE in any construction of a nuclear power plant because, A, we are not designated to perform such activities, B, it is a distant future, and C, this is not on our agenda. If the announcements of those managers that you quoted were unclear, I would like to clarify that we are having talks about preparatory work. Unlike in other projects, preparatory work for nuclear energy, that is already a topic in itself. Some 10 years ago, we had similar work done for the first location in Choczewo. Now, Polskie Elektrownie Jądrowe is the company responsible for this project. We can handle studies for other projects in nuclear energy. We allocate time and money to studies in Bełchatów. This is the kind of work we are beginning, in particular concerning the interpretation of the information that has already been collected about the geological and geotechnical conditions around Bełchatów. We concluded an agreement with a consortium including AGH University of Science and Technology and Główny Instytut Górnictwa, and they are supposed to prepare the first study on geological and geotectonic conditions in the vicinity of Bełchatów. These are so-called excluding studies. Information had been gathered since the 1970s, and analysis of this information should confirm whether we should or should not exclude Bełchatów as a potential location for this type of nuclear project. We follow the methodology of the International Atomic Agency that stipulates carrying out some work that should be done before being able to say whether a given location should be excluded from being considered as a potential location of a nuclear power plant. We are doing this type of studies to make sure to what extent the declaration concerning the possibility of building a nuclear power plant in Bełchatów is backed with facts. You might know that together with the PAK group in Konin, some studies have already been carried out, and we have already conducted those first excluding studies. We participate in meetings, discussions, conferences on whether or not new locations could be considered as possible locations for SMRs. This is a challenge because those SMRs are not there yet. Although we are increasingly able to define the nature of this small nuclear energy as not being very different from bigger scale nuclear energy plants. Maybe at some point, we will be able to study our location in Turów. We are increasingly aware of the type of questions we will have to ask our technical advisors, geologists, and other technicians regarding the criteria that such a location should meet. The second criterion to which we will pay increasing attention soon is water because that is the second determining factor. Probably that is a very distant prospect—who, when, how will build nuclear power plants. We as PGE Polska Grupa Energetyczna are dedicating our time to studies, analyses, and that is a completely different set of questions, a completely different discussion from the discussion on the shape of the business model and the proportions of those investing in nuclear power. Completely two different sets of discussion points. Thank you very much, Mr. Sawicki. The last question. Very briefly, please give me one number: revenues from repurchase of energy in the first quarter. Piotr? I do not have the number here on me, but we will get back to you with the answer. Ladies and gentlemen, why is it important? Is that a question to a question? I'll be malicious in answering. Your competitors quote this number, so I want to know what it is in your company. Right. Ladies and gentlemen, thank you very much for participating in our conference. Thank you and see you at the next meeting.