A very warm welcome to the conference with the presentation of the results of PGE Group for the second quarter 2026. I would like to welcome you here in this room and online. Katarzyna Rozenfeld, Vice President of Operations, is with us. Przemysław Jastrzębski, VP for Finances, and Piotr Sudoł, Director of Financial Division. Traditionally, we will first invite you to see our presentation, and then we will move on to the Q&A session. That is it, as a way of introduction, and I give the floor to Katarzyna Rozenfeld, Vice President of Operations. Good morning, ladies and gentlemen. I would like to give you a very warm welcome. Thank you very much for coming here. We are at a conference concerning the results of PGE Polska Grupa Energetyczna for the second quarter 2026. I am very happy that we have good news for you, good news for us as a group. The results are good, and the second quarter, once again, showed that the structure of the group, diversification of our generation assets, allow us to perform well even in difficult times. Because as you know, you monitor the development, the second quarter was a demanding one for Polish energy sector, and I can say with full satisfaction that the group coped very well. We developed a robust recurring EBITDA at PLN 3.96 billion, and that was 21% higher than in the same period last year. Major impact on this fact came from record-high results from gas and heat in the second quarter. The second quarter also brought an increase in capital expenditures after a slight decrease that we mentioned after the first quarter. This decrease in the first quarter resulted from poor weather conditions. While in the second quarter, indeed, the capital expenditures returned to their planned level. Compared with the same period in 2025, they even went up in terms of cash by 4%, amounting to PLN 2.46 billion. In terms of operating results, it is worth stressing generation, 18% increase here. This 18% increase in energy generation shows not only the increase in the consumption in Poland, but also greater competitiveness of gas energy sources. This also reflects the developments in the gas market and the developments in the Middle East. We see the impact of the Middle East developments in gas prices all the time. The increased consumption is seen in a 4% increase in distribution of energy, and because of an extended heating period, we noted an increase in heat volume by 2%. A few words about coal energy transformation. At the end of August, as we informed you on a regular basis, the last units at Dolna Odra were closed, and at the beginning of September, Unit 5 at Rybnik Power Plant. I would like to stress something that we keep repeating. It is not the end of energy generation in those areas. As you might know, we are carrying out a number of investments in that area, among them, one that was given for use in 2024, PGE Gryfino Dolna Odra, with capacity of almost 1.4 GW. In this area where we closed the Dolna Odra Power Plant, we are building a steam and gas unit with 8.2 MW capacity, and it is planned to be handed over for use next year. We also have new units planned there, each of the capacity. Well, Rybnik is not exactly on the area of Dolna Odra. Each of those units will have a capacity of 600 MW, and they will be the backup for the time of highest demand for electricity. We are also building a battery storage with 400 MW capacity, minimum capacity of 800 MWh, and it is planned to be handed over for use at the end of 2028. Let me remind you something that might be important. It will be the largest battery storage in Poland in terms of installed power. In August, we handed over for use a gas heat generation plant with 8 MW heat capacity. It will supply heat energy for Gryfino inhabitants. Responsible transformation is transformation that is socially responsible. Closing down those units, decommissioning of Dolna Odra, for example, is always preceded by a long period of consultation. We introduce social protection mechanisms for employees in coal and lignite sector. We also offer new jobs to employees. We have also prepared an entire system of informing the employees as soon as possible that their current places of work are to be about decommissioned. We have a number of various solutions available to our staff, and employees do indeed use them. This entire transformation we are talking about, transformation of coal assets into renewable assets, is carried out in social dialogue with a lot of attention being paid to social responsibility of the company. At the same time, when talking about this coal energy transformation, we are aware of the fact that the remaining coal-powered units remain a major economic challenge. Realistically, it is possible to maintain, as of today, these units only thanks to the existing support mechanisms. As of now, we have the power market that supports them, but it will not continue forever. When talking about power market, it is with great satisfaction that I can say, and also, I can express my huge recognition for our analysts. At the next auction for 2027, the result of the auction is beneficial to us. Over PLN 600 million revenues were secured as part of this auction to cover the costs of operation of the coal-powered units that support Polish energy system. After this auction for 2027, PGE has contracted capacity obligations for over 11 GW. In the context of the entire restructuring or transformation of coal assets, I should also mention Moody's and Fitch rating reviews that we have undergone. I would like to thank the CEO and Piotr, because as a result of a huge work of our controlling and financial services, we managed to maintain our rating, which shows the stability of the group in spite of the challenges linked to the energy transformation. That is a point raised by both rating agencies. We still did not have any conclusive decisions about support beyond 2027. Both rating agencies maintained their rating for our group. They also paid attention to the progress in completion of our investments. So, on the one hand, we are facing this challenge of coal-powered energy, and on the other hand, there is a very positive perception of the investments we are carrying out, which confirms the direction of transformation which the PGE Group has embarked on. Let's move on to renewable energy and energy storage facilities. Key investments in renewable energy sources are presented in this slide. If we go through this list, as part of Baltica 2 project, we update you on a regular basis about the progress there. We completed the installation of 111 foundations. 107 of them are for wind turbines and four for offshore energy plants. In the second quarter, we also set underwater ducts for cables, that is for Baltica 2. In Baltica 3, we continue to maximize the economic performance of this project to make sure that by the end of 2032, the farm has started generation of electricity as contracted. In another project, Baltica 9+, here, we are on track, on schedule, and we are preparing the project for completion. Recently, we have started design work for the scope of capacity to be carried from that part to the grid. Then, we prepared some procedures for tenders. We also have proceedings for geological tests and geophysical tests. There is a procurement procedure for a feasibility study concerning oceanographic and geological conditions, and another procedure concerning environmental impact, along with obtaining the decision about environmental impact of Baltica 9 connection infrastructure. In Baltica 9, we uphold our willingness to complete this investment with a partner, and we will keep you updated on the developments here. With regard to power storage, we are now building a battery-powered storage in Żarnowiec. This is on track. We have already completed installation of 204 storage units, and on the construction site, we have already delivered a high-voltage transformer. Now, installation works are in progress. Fitting and finishing works are underway also with regard to medium-voltage facility. That would be it as regards renewable energy. As for gas energy, here, we continue our activities related to the development and construction of gas-powered units. As I said at the beginning, that is closely linked for the entire program of coal energy transformation. As of now, our key projects are the gas and steam unit in Rybnik, 80 MW, 82 MW, and for the units in Rybnik and Gryfino, 600 MWs each. We are now organizing tenders for the selection of a contractor to build the power evacuation system. Additionally, we are preparing new projects for gas, fuel, and we currently have five sites. These are in Kraków, Lublin, Turów, Opole, and Ostrów Wielkopolski. Certainly, the final decision on going forward with this investment is up to the power market regulation and their implementation after 2030 but also depending on the potential auctions. Now, for the future of this segment, of gas segment in PGE, what was an important event for us was the signing of the contract on regasification of liquid natural gas within the second floating terminal project, FSRU 2. Now, being able to use this terminal, and I want to stress that powerfully, will allow PGE to ensure stable gas supplies, and will also allow us to diversify the current supply sources. We have already secured the volumes as part of the contractual process. We have signed an MOU with the remaining users of the terminal. As you are quite aware, you can split the slots there, and actions have been terminated, completed already, and to that end. Decarbonizing heating, i n the second quarter of this year, we continued the work on decarbonizing district heating decarbonization, and our goal, which has been mentioned many times, is to terminate the use of coal in district heating until 2030. Further on, as you can see in the slide here, in EC Gdynia, in June, gas engines were commissioned, 50 MW. There is an ongoing construction of biomass boilers with a total power of 30 MW thermal, and they have been already delivered to the site. In Gryfino, as I also informed in August, a new heating plant has been commissioned. In Kraków, we are building the foundations for gas engines, a total power of 100 MW. Additionally, after we signed contracts in February this year for further investments, there is work going on in Szczecin for the construction of gas engine, as well as Gdańsk. We are also conducting a tender procedure for a general contractor of a new combined heat and power plant in Wrocław. We are developing decarbonization projects also in other PGE locations, that is Kielce, Zielona Góra, Toruń, and Gorzów Wielkopolski. Those are investments where we purchase heat pumps, water boilers, or further construction of gas sources. The most recent update is the distribution sector. Now, this is the subsequent quarter where we have had significant progress in our very comprehensive project of developing this distribution infrastructure. Let me remind you that every year, in this sector, our investments are about PLN 5 billion. Thanks to that, this new infrastructure is growing fast. It is very much needed. You are all saying that the complexity of the electrical and energy sector is growing, and tapping on the potential of this development of green energy is something that we should do. But for that to be possible, we need to have ever so much better grid. So, after the first semester, here is the status of our investments. We have constructed and modernized 1,550 km of MV and LV lines, including 395 km of MV lines under the 30% cabling program, and 659 MV and LV substations. We have also exceeded the 27 threshold of underground cables in the MV network as part of the medium voltage network, targeting 30%. We installed 304,000 remote read meters, including 281,000 under the remote read metering program, and approximately 23,000 outside the program. We have executed over 28,000 connection agreements for low and medium voltage customers, totaling 766 MW of capacity. That is all from me, and now over to you, sir. Okay. Hello again. Traditionally, let us move to electricity. In the quarter that we are now discussing, we have observed a significant impact of the national consumption of electricity. This is 3.7% year-on-year. That translates to 1.5 TWh. Part of this growth, about half of it, stems from weather conditions, you could say, and the impact of temperatures. T he second half, the other half, is a marked structural growth of demand for energy, electricity, which is evidenced by higher readings in the meters in industry. Now, for energy production generation, in the second quarter, it grew by 3.2 TWh year-on-year, and that is over 8% growth. There was a growth in demand, but also, there was a role to be played by energy export. I will say more about this later. Now, gas prices in the second quarter, certainly between February and March, they noted a leap in prices, because there were some unpredicted circumstances, such as the conflict in the Gulf area and the Hormuz Strait. High prices in Europe have a lesser impact on how the energy prices are being shaped up in Poland. I think what drives the prices here is the CO2 costs. So, giving smaller vulnerability and the relative growth in competitiveness, what we can see is that we are noticing an increase in the export of electricity. For generation from renewables in quarter two, I can say that it grew slightly, 0.3 TWh year-on-year. The main role was played by solar paneling. More power was added, but also, the weather conditions were favorable for solar panels, for photovoltaic. For wind energy, indeed, the winds were weaker, conditions were worse, especially in June, and therefore, in the second quarter, there was a decrease in generation by 1.2 TWh year-on-year. Now, the weather conditions and market conditions, also caused by the conflict that I mentioned, and the market changes in gas prices, have had a positive impact on the increased generation in coal-powered plants. So, the biggest profit here, in terms of generation, was noted in coal. That is 2 TWh increase, but perhaps a slightly smaller increase was noted in the units that were powered with lignite, and that is 0.9 TWh. For gas generation, it was maintained more or less on the same level as in the second quarter of last year. Now, prices. In the second quarter, spot prices, due to the tense situation on the gas market and the increased export, remained high, relatively high, for this period. There was an increase of about PLN 50/ MWh vis-a-vis quarter two of last year. Now, there were stable prices in the futures market. Contracts to be delivered for next year grew from PLN 440 to PLN 450, and here, there is a marked impact that I have already mentioned in gas prices, and the growing prices of energy in our neighboring countries was relatively limited. So, t he influence on prices in Poland was not so high. Like I said, the main factor here in Poland has been the price of CO2. Now, after the completion of quarter two, since mid-July, we have been observing a significant increase in prices. As a matter of fact, any hopes concerning a potential regulation or a calming down of the conflict that we might have had in quarter two, unfortunately, are no longer there. There has been an exacerbation in the situation. So, both in the gas market, we can see a significant increase, but also a continued increase of energy prices in Europe as such. Of course, that is followed by an increase of CO2 price and a general drop of coal stock, which means that the production impact really is shifted to coal-powered units. So, p rices have grown from EUR 70/tonne to about EUR 80/ tonne at the end of June. Over that period, what impacted this was the slightly moderated rhetoric on the ETS reform. It turned out to be a little, well, less far-reaching than it was believed or expected even a while ago. Additionally, what supported CO2 prices was the increased demand due to more high-emission contracts being more profitable, so coal vis-a-vis gas-powered. In the second quarter, when we talk about gas prices, I must say that they were higher. What impacted the market in this period was a changing expectation of a calming down of the Persian Gulf conflict. But what happened after the 30th of June, well, there is a significant increase in prices because the escalation is progressing and, well, it is rather hard to believe that any positive outcome will ensue anytime soon. Moving on to operational outcomes results. Our production generation grew by 2 TWh, that is about 18%. Mostly, we are talking here about coal-powered units, 1.1 TWh increase, and lignite-powered units, that is 1 TWh increase. Of course, the increased generation results from a higher demand on the market. And of course, we add to that the export and worse results for wind farms, for example. Lower gas generation, that decrease is 0.1 TWh. We see the outcome of high gas prices and the geopolitical situation. All that means that gas-powered generation is less appealing versus other conventional sources. I am talking about coal-powered units. Now, for distribution. In PGE Dystrybucja, we can see that there is a higher volume of distributed energy, 0.3 TWh year-on-year, that is about 4% increase. A higher demand for energy, both in the G tariff for SMEs, C tariff, and large enterprises tariff B. This is caused by an increase in the number of consumers of energy recipients, 1% annually, and settlements over the first quarter as a consequence of weather conditions. In PGE Energetyka Kolejowa, the volume of distributed energy grew by 0.11 TWh. That is almost 11% up. This stemmed from a higher volume in traction segment, mainly in passenger transport. In retail sales, we recorded a decrease by 0.35 TWh. That is about 35%. A, B, and C tariffs are affected by this decrease, and that results from a growing competitive pressure in the market. In the analyzed quarter, we also recorded higher sales of heat, 0.2 PJ. That is about 2% compared to the previous year, and this was mainly driven by the weather turbulences, because in April, the temperature was significantly lower than the average. 2.8 degrees Celsius was the difference from the average for that time. The factors that added up to an EBITDA in the second quarter this year, I will reiterate what Madam Vice President said. Recurring EBITDA amounted to almost PLN 4 billion, representing an almost 20% growth. This was driven by the result on generation that improved by about PLN 100 million year-on-year. We see the impact of higher revenues from sales of electrical energy. I have already mentioned the drivers of this growth. We also recorded higher sales volumes, higher prices, and consequently, that added up to a positive effect at PLN 1 billion. We had higher revenues from heat sales. On the other hand, we saw high consumption of coal and a higher price of gas, which, in turn, resulted in greater costs of fuels. Also, we had a positive impact of lower prices of coal and lower consumption of gas. At the same time, we had higher costs of CO2 emissions. All that added up to the effect that I have just presented. We saw a positive difference on support mechanisms as a result of higher average price of contracted power in terms of gas. The higher result was mainly for this gas segment that was linked to the deterioration of the production process in the sales of energy to final consumers. We included here the margin of turnover and railway energy segments here. PLN 1.3 billion was the increase that followed from lower margins on tariff products and PGE turnover. This is related to a higher base of last year, where we had an 18-month tariff. The regulator did not recognize full costs incurred in this tariff. The result on distribution of electricity is shown here, including the margin of PGE Dystrybucja and PGE Energetyka Kolejowa. The slight growth presented here results from higher volumes of distributed energy. In PGE Dystrybucja, 0.3 TWh, in railway, that is 0.1 TWh. Positive impact, PLN 334 million+ is seen on provisions on contracts and the liabilities linked to those contracts. Balance on the level of the group improved the result by about PLN 360 million compared to the second quarter 2025. In PGE Obrót, that was PLN 250 million, and in railway energy, that was negative and relatively small. In other segments, that was the scale of PLN 45 million in plus. Investments. CapEx has already been discussed by Madam Vice President. You can see the breakdown of the elements and quantification in the analyzed period of the second quarter 2026. Capital expenditures amounted to almost PLN 2.5 billion and were higher by PLN 104 million. That is 4% more than in the second quarter of the previous year. The greatest increase in expenditures was recorded in renewable energies, PLN 334 million. It is not surprising that the main driver of this growth was Baltica 2 project, where we incurred expenditures for the foundations for the turbines, deliveries of installation of cables, and power evacuation system. In distribution, we recorded PLN 218 million increase in expenditures. That was mainly for cabling. An increase in expenditures was also recorded in railway energy, and the amount was almost PLN 50 million. That represented, mainly, development of distribution and traction infrastructure. Increase in expenditures in heat generation, about PLN 220 million. That was decarbonization in EC Gdynia and EC Kraków. We recorded a decrease of slightly over PLN 400 million in this last segment, but that was caused by the change in the level of expenditures now and in the previous year. Now, we are more advanced in our construction works. Traditionally, for many quarters now, we have seen decreasing expenditures on coal energy. Here, it is about PLN 75 million down. This is stable and disciplined continuation of our attitude of controlling any expenditures in this area. Now, debt. Net debt at the end of June 2026 amounted to PLN 1.8 billion. That is, 0.13x ratio. It was lower by PLN 4 billion than at the end of the second quarter previous year, and this was driven by EBITDA in +PLN 4 billion, changes in settlements of the CO2 emissions, cost and payments for CO2 emissions, that also amounted to about PLN 4 billion, driving the debt down. What drove debt up were capital expenditures at PLN 2.5 billion. Now, settlements for CO2 and leasing debt, reversal of the accounting effect, revaluation of loans from the resilience and recovery program, as well as short-term deposits of three months, we have a change at PLN 1.3 billion from the previous quarter. PLN 14.2 billion is the economic debt now, and the ratio to 12-month recurring EBITDA stands at 1.06x. Just to remind you, the debt link to the offshore project is consolidated at 50% scale, just like we have the involvement in the project with our partner. At the very end, I would like to show you our outlook for recurring EBITDA till the end of this year. After the results of the second quarter, we decided to adjust our outlook in three segments: heat, coal energy, and railway energy. In the remaining segments, we maintain the previous numbers. In heat, higher revenues from heat generation because of expected greater volumes. That drives this change of outlook from stable to growing. But of course, the actual result will depend on weather conditions, because heat generation significantly depends on the weather, mainly in the fourth quarter, as well as market conditions, like gas prices, will influence the developments by the end of this year. Here, the situation is very dynamic, and it would be hard to make any rigid forecasts. As for coal energy, here, in view of the forecast positive effect of the difference on liability generating contracts and change of capacity in generation assets, we changed the outlook from stable to growing. And the third area of change or adjustment concerns distribution. Here, we have higher volumes because of frosty winter and change of the outlook for railway energy from negative to stable. Now, net profit. Some time ago, we introduced this slide to our presentation because there was a moment when we had a lot to tell you about developments in this category, and then we decided it would be a regular element of our presentations. Today, as it happens, I do not have much to comment on. There were no major elements that might be of interest to you or that might give rise to any doubts or questions. But in the second quarter, reported EBITDA was higher than recurring EBITDA by about PLN 150 million. These are one-off events, and such one-off event was dissolution of the provision for concluding the settlement with the contractor of Unit 7 in Turów. That was PLN 135 million. Impairment write-offs, PLN 311 million. That was about impairment of the value of fixed assets, PLN 142 million in photovoltaics, PLN 146 million for wind farms. The main reason of this change was our change of approach that we adopted for testing of weighted average cost of capital. In the second quarter, a major impact on the financial balance came from a valuation of derivatives. That will be a regular element of our discussions here because that is an in-built financial instrument, inflation instrument, included in the CfD contract, PLN 267 million. That is non-cash item. It doesn't impact our cash standing. On taxes, no surprises, nothing of interest here, and net profit amounted to about PLN 2 billion. From me, that's all. Thank you. And I think that brings us to questions. Thank you very much. Traditionally, we have a few questions that we collected earlier, and I'm going to ask them very soon. And y ou will hear the answers from the board, and then we will pass the microphone in the room and hear questions. Let me start with the first online question. It is about tariffs. What is a possible tariff G level for 2027? Energy prices are currently higher, so is PGE going to create a reserve because it made a loss on this tariff? That is a question that is a recurring one, and I could say, in this period, we have a standard reply. We do not wish to comment, at this point, regarding specific amounts. The process has its own dynamic. Now, regarding a reserve, a provision, this is a secondary question. We will see where we are at the end of the process. That is when the decision will be made about that. At this point, we do not wish to comment about our expected strategy. Thank you. The next question is also something that is a recurrent issue. Has PGE had problems with production generation during the high temperature season, especially in August this year? Ladies and gentlemen, we did not experience any significant challenges related to this abnormal demand for electricity. In August, we had a conference on quarter one, but we checked that for you. In August, the growth in generation was about 20% higher year-on-year. In our group, despite the fact that, as you all will have noted, we did have some difficulties, especially in those units that had a closed cooling system. There were some difficulties. Odra was one of those, and we already decommissioned that. But we did not have that problem for the remaining units. The gas assets that we used, especially during the period of peak demand, are assets that, as I am sure you know, use 60%-70% less water than coal-powered units. So, we did not really experience any significant difficulties, and we fulfilled our power obligations over that period. You can say that our group did not get wet in the process. Okay. Another recurring question. We have had a few versions of that, but to simplify the issue, it is a question about the dividend, and especially in the light of the declarations of the Minister Balczun, that the budget for 2027 provides for almost PLN 14 billion for dividends. The question is whether PGE is going to pay them as well. Yes. I know it is the second standard question that we keep hearing. There are a few components into this question. Definitely, we do not wish to comment on the intervention of the Ministry or whatever the Ministry is planning. As the main stakeholder, not just of our group, but just the portfolio of the state-owned companies, I think it is natural that these plans are being created. We are not aware as to whether our enterprise will be affected or not. Our knowledge equals that of yours. We have heard the same intervention, so t o comment on that part of your question. Bu t going back to the general question about the dividend, f irst of all, the board recommends approaching the issue of dividend after the completion of the year. It is a bit premature to tackle the question at this point. What I could say is that, so far, nothing or little has changed in terms of what lies ahead in the coal energy sector. In the upcoming years, we're talking about the problem that still has not been addressed, and that is that of the disappearing support from 2028, and we need to take that into account. That's one thing. Another thing is that before year-end, there are many events and decisions to happen. For example, tax issues. There are some projects that, certainly, will take shape. They have not yet reached the legislation route, but we're observing these projects. We do not really know what this will all look like at the year-end, what will be the shape of the new regulations. We're still facing a situation that's impacting the market. We are a well-diversified company, and we're coping with this well. But still, the geopolitical circumstances and the war in the Middle East means that we have to take a strategic outlook and really well analyze the conditions that we operate in. So, comparing us to other energy group, well, let me stress that we are the only group that has, in its own portfolio, both coal units and lignite, which is the most vulnerable source right now in terms of economic challenges. I think that's all regarding dividend, and I think that the decisions ultimately will be taken by the general assembly, and t he decision will be taken by this body. Now, after the completion of the year, when we perform our duties, we will be analyzing that, and we will issue our recommendation. Thank you. Another difficult question, the introduction of the new invoicing system. This is to you, Madam. What is the situation right now? What are the deadlines, and what are the problems with its implementation? Ladies and gentlemen, this is not a question that can have a brief answer to. Let me just recall, before I move to the final response, t he new billing system in PGE is the biggest transformation yet in the history of the Polish energy system. I must say, I want to say that the size of this endeavor means that it is exposed to many risks. We are migrating 6 million customers from 17 billing systems, and those 17 billing systems, each one of them, is supported by a different technology and has a different model. So, this is an incredibly difficult job. Additionally, what we're facing is an unprecedented, full technological division between operations and distribution. PGE operations and PGE Dystrybucja will get separate SAP systems according to the unbundling principle. So, the whole process requires a close cooperation between the three operating companies. I know that these are facts that should not be of interest to the customers, and I respect that, and I know that the customer perspective is the most important. I have my own parents who live in the city of Łódź, and they are covered by PGE. I have a lot of family and friends in this area, and the only thing I can say at this point is that every time I'm there and someone experiences difficulties, I ask them to be patient, but I also do apologize because I know that from the point of view of the customer, the difficulties that we're facing and the huge complexity of this challenge should not be of interest to them. At the same time, this transformation is probably comparable to the major transformations in banking systems. But the difference is that we keep operating. This is a living body that we are operating on. We are introducing a new billing system in the dozens of locations for 6 million customers, but at the same time, we keep operating, we keep invoicing, we keep being there for our customers. What we have done, as you will know, is that this whole giant migration is being done in steps. There is a plan that is being prepared, and subsequent systems are being migrated so that it does not happen all at the same time. And certainly, we are aware that customers are experiencing difficulties getting their invoices, verifying their status, or accessing their applications. And we are in touch with the customers. We send the information via text messages, apps, internet sites. Customers are informed. We also, in order to further improve the situation, we hire specialists, trained employees who work in the new systems. We have issued over 2 million invoices already in the new system. And there was a question as well, when the migration will end. According to the plan, until the end of this year, we will still be migrating. Until the end of 2026, we are going to migrate 2 million PPEs, and 2027 leaves us with just under 1 million. So, let me stress that again. For every week, the situation is improving and the capacity of the system, as well as the skills of using it. There is a whole team of people working on it, and from our level of the board, we are in touch with them at all time. Once again, as you will imagine, this is a huge challenge also for our employees. I keep telling them that, well, the last will be the first, and once we do it, we will have the best, the coolest, and the best operating billing system. But the difficulties that we are experiencing also probably perhaps prove why this approach has been failing during my short career in PGE. Right now, we are really powering through and we will succeed. We are doing everything we can, and we apologize to anybody who is experiencing difficulties. Please be patient, and I am sure it will be all right soon. Thank you. I think it is a shorter question now to follow. Where does the difference between outlay come from in the cash and? There are differences, and that is not the first time that they occur, and in the second quarter, it is about PLN 800 million. This is due to payment timetables for payments made by the group, so between cash and accrual accounting. And they took place in July. And there is a certain feature of reporting. If we talk about a certain day and certain point of time, and if any payments are shifted by two, three, or five days, and that has no significant impact from a business point of view. But in financial documents, in financial reporting, you can see it. So, for example, energy storage in Żarnowiec, such a shift, such an accrual was PLN 500 million. We also saw such shifts in Baltica 2, for cable supply on a smaller scale, but it also was there. That was a water test of the boiler. And generally, such shifts can happen in various investments, and they have happened. That is nothing serious, nothing to be afraid of, and it will all even out throughout the period. It is difficult to manage this, because the dynamic of the investments is complex, and it will happen. So, you will see that sometimes the difference is smaller, sometimes it is bigger, but in the long run, it will all even out. From the point of view of the performance, we are on track, and those are typically technical things, differences between cash and accrual. But you can see that in our statements, and you can monitor the categories, and you can ask us further questions if needed. Thank you. Now, I can see that Mr. Zasuń wanted to ask a question here in the room. In the meantime, there was a short question. When will the management board present an updated strategy to the shareholders? In October. One word even, October. Okay. Are you already working on this update? Of course. Okay, now the floor goes to Rafał Zasuń. Rafał Zasuń, WysokieNapiecie.pl. I have three very specific questions. The first is about Baltica 9 project. When can we expect a selection of the partner for this project? Can you reveal the secret? Do you have any short list? What is your schedule on this? The second question is about profitability of generation from coal and gas. The first half of this year was very favorable for gas. With the current prices, do you think that this trend might reverse, with the higher generation from coal? The third question, for sure, you must have some forecasts for the financial gap after the expiry of the capacity market, can you share those forecasts? Thank you. I think these are all questions addressed to me. Starting with Baltica 9, we are looking for a partner. We are not disclosing any details of that, but by the end of the year, you will have heard some communication on this. That is our plan. Communication on this point. Is there a possibility there will be no partner? Our strategy is that we have a partner in offshore projects. Offshore projects are to be carried out with an experienced partner. That was about Baltica 9. Now, coal and gas profitability on these two. It is very hard to estimate how that will develop because the factor that will determine this development are the gas prices. As of now, the market is very volatile, and as long as it has no stable level, the market follows the situation in the Middle East. Recently, we saw a deterioration of that situation. There is a problem with Yemen, and there is risk for the other straits, so it is very difficult to expect the situation to come down here. We do not have enough data to forecast anything. We can do some guesswork, but while the tension in the gas market remains so high, the profitability will naturally shift towards high emissions sources, and it applies not only to Poland, also to other countries. The question is being asked off the mic. We feel profitability pressure on gas. Yes, we do. I do not want to quote anything because I do not remember the figures now. But in general, under existing conditions, there is pressure on generation of electricity from gas. Gap 2028, w e cannot give you, our calculations. Obviously, we are analyzing those figures, and we are also considering actions aimed at optimization of coal generation. But h ere, everything depends on the support system and the new support system beyond 2028 and the ultimate shape of ETS reform. Those discussions are still in progress, and it might be an ongoing process. There is still some time till 2028. As of now, the reform that has been announced, to a large extent, bypasses energy sector, and the effects on CO2 market will be seen beyond 2030 rather than earlier. We do not quote the gap. We do not share any exact numbers on this. Another question asked off the mic. To address the question of the gap, we additionally need the support system because that will happen beyond 2028. Closing down of the capacity market, power market, is a major impact. I do not want to make any mental calculations here, but I do not think what you have suggested is the way to follow. We can say that in Bełchatów and in Turów, we have mines that are not covered with any support system. With low volumes, a unit of lignite significantly burdens the cost of generation. More or less 2/3 of our generation from what we call coal is from lignite, in fact, not hard coal. Okay, I think we can now move on to the next question. Piotr Dzieciolowski, b rokerage house. I would like to ask whether there are any ongoing active discussions about the support for lignite that might end before 2028, before the elections. If not, maybe, indeed, investors should think in terms of what will happen after the elections, and this or another government will decide on this. That is my first question. The second, what is your take on the result of 2027? You mentioned this pressure on gas, but I see huge positive impact on your results coming from PLN 550 being higher PLN 100, PLN 150. You do 30 TWh, so you can earn millions more. What implications this might have? The scale maybe is not that big as it was previously. It does have some impact on your results. May I ask one more question? Okay. Then it is, what is your understanding of this proposal of increased tax? Is it only for distribution or for the entire group? Will the impact of increasing the rate on the amounts will affect the whole group, distribution only, or the entire PGE Group? Ladies and gentlemen, as regards questions related to the support, both for coal and lignite, as of now, we can only say that we, as the management board, quite systematically use our data and projections, monitor the developments here. We emphasize that the support system is necessary. Of course, in parallel, as Przemysław said, in parallel, we carry out all possible activities on our side to support this. And in spite of the huge difficulties, we are aware of this gap, and internally, we take action. But I think, as Przemysław has suggested, it is not the right moment to discuss any specifics. That would be premature as of now. Then, there was a question about tax distribution of the entire group. At present, the structure of tax changes that are being considered, this is still being processed. This has not completed the legislative path. From my perspective, it is important that we have a tax group from the 1st of January, and within this tax group, there is also PGE Dystrybucja, the entire distribution segment. I do not want to improvise an analysis of legal options, but it might be a potential problem how to tax only distribution if we have a tax group. That might pose a legal problem. However, I would not like to comment on tax law. Possibly, there is some solution, and the authors of those concepts might have the solution on their mind. We are now monitoring the situation and waiting for the ultimate shape of the regulations. That is it as regards this question. As for the results of 2027, we do not share forecasts. We do not publish financial forecasts. That is one thing. An d secondly, going so far ahead would mean just speculating. As of today, we are in a very dynamic situation in the gas market and in what is going on in terms of geopolitics. We will see what happens till the end of this year. We will watch the dynamics of the conflict in the Middle East. In November, there will be partial elections in the U.S. I do not know whether that will have any influence on those developments. Then, we have the tariff process, so there are some elements like this tax, for example, and all they can impact the whole picture. Another question asked off the mic. H edging of our position always follows the hedging strategy and our commercial strategy. We do not make any nervous moves. This is well thought through and checked, double-checked by a number of people. We stick to our strategy, and we have always been good at that. Thank you. Wojciech Jakóbik, podcast Energy Drink. I have two questions. The first is about direction of deliveries of liquefied natural gas as contracted, and the second question is greater consumption of coal because it is more profitable. A representative of TAURON mentioned that there was even a trend of exporting our coal to Germany, which means that we consume quite a lot of that. How will that matter before winter when you need a bigger stock of coal in power plants? Do we use all that now, or do we have any stock in case we need a greater amount of that? Thank you very much for this question. We are just after signing this contract. There is still a long time, many years of work ahead of us. Again, we have some timelines, and for sure, we will not leave it until the last moment, but for sure it is not the right moment to determine the directions now. What we are doing now is to follow very well thought-through criteria, which we use to create a list of potential suppliers. This list, I do not know whether colleagues from communication department will not start telling me off, but this list is being updated and revised. As you know, we need a supplier who is secure in every regard, so those lists are revised, updated, reviewed. We start initial talks with suppliers from the long list, and for sure, it is not the right moment to say which direction of deliveries we can expect. Now, regarding coal, I do not have any figures at hand right now, but probably, they are publicly available on the figures of the import. For our units, we have secured all of the volume right now. We are currently holding talks concerning prices, but the volume has been secured, and our group will burn about 1.5 million- 2 million more than planned. But we have secured the coal, and in our case, I would probably have to ask the generators for details, but if there have been any difficulties, oftentimes, this would have been caused by logistics or transportation and, mostly, concerning one unit. But we managed to secure that relatively fast. So thankfully, the group is safe regarding coal supplies also for next year. Just to supplement this, let me comment. Please note that our group, we have spoken about lignite as well. That's a paradox. We are talking about this being a challenge on the one hand, but on the other hand, lignite is a local source, and we have access to it. Now, regarding the whole market, we are able, we have the power market, and we have some power obligations, and in the generation units that are powered by lignite, there is room for potential support of this market in the event that the market needs that. So, that's an advantage of the diversification exercise. Hello, [Non-English content]. First of all, if you take a bird's-eye view, could you tell me whether this year or next year, you are going to decommission any coal units? If so, to what extent? A second follow-up question, due to the energy transformation of the coal energy, is PGE planning to implement any program of voluntary redundancies for employees in the coal-powered unit plants? The third question concerns about the increased amount of powered coal. I understand this is coal, right? Yes, this was just coal. Yes. Thank you. Confirmed. Now, regarding the decommissioning, Dolna Odra, in fact, and one unit in Rybnik, in fact, they were decommissioned. This has already been communicated. Early 2027, we are planning to decommission one unit in Rybnik, and in April 2028, the two remaining Rybnik units. So, this is the plan. Now, yes, for voluntary redundancies, we have such programs in place. Yes, they are in place. We do not have the figures in front of us right now, but they are quite popular, perhaps people not hugely enthusiastic, but they are successful, and people who have made their own calculations, they use the program, yes. Yes, I could. In September, we decommissioned one unit in Rybnik. We will be decommissioning another one in early 2027, and two more will be decommissioned in April 2028. Those will be the two last ones. We can send you more information on the voluntary redundancy project if you wish. All right then. I am taking a look around. Your capital investments, would you even consider investing in [inaudible]? Historically, you decapitalized PGG. There are various needs at hand now. I am trying to understand whether energy could be drawn into it as well. I felt that you had a lot of questions because you could not wait for the presentation to end. No, I work for a brokerage house. I am not a journalist, but I could pose as one for a while to ask the questions. Essentially, we are bound by the strategy. We have major challenges in energy, and at this point, we are not planning any change in our investment areas and entering new investment areas. This is what it would look like. That's what I would say to comment. Thank you. Thank you. Okay, one more question that I can see on the screen. It will be short. It has two components, but I will end with the first one because I don't think you will need to respond to the second one. Does PGE think that Młoty Power Plant will be implemented without a dedicated support system? The answer is no. That's why I'm not going to read the following part. Unless there are any further questions, I would like to thank you all very much for participating in our conference, and I'll see you in two months, I believe. Thank you very much, ladies and gentlemen. Thank you.