Good morning. I'd like to welcome you during the conference call, earnings conference call for TAURON Group for the first three quarters of this year. Our meeting will traditionally be split into two parts. We will start with a presentation of the earnings that will be made by Piotr Gołębiowski, the Vice President of the Management Board for Trading, Krzysztof Surma, Vice President of the Management Board for Finance, Michał Orłowski, the Vice President of the Management Board for Asset Management and Development. Good morning. Next, we'll move on to the Q&A session from media and analysts that you can ask via FORUM. My name is Justyna Łukawska. I'm responsible for the communications within TAURON Group. Let's start the presentation. I'd like to ask Mr. President Piotr Gołębiowski to take the floor. Good morning, ladies and gentlemen. I'd like to present before we move on to the financial results of our assets. Let me show you how our assets were used. I'll start to split it into two parts. Let's start with the generation portfolio and then the supply portfolio. Nine months have passed. We've increased by observing the increased CDS. This is mainly due to the decline of coal prices, which was partially compensated with the increase of carbon emission allowances. The principle, the economics of the conventional units has improved with respect to the low efficiency units, 200 MW units. The CDS are permanently negative, so nothing much will happen in this area. Another important element that we observe is an increase of spot and next-day market, balancing market prices, lower wind conditions, weaker weekend conditions, and lower outdoor temperatures that had an impact upon our renewables operation. Unfavorable hydrological conditions, also due to the 20% less water flows, also led to the degrading of the ability to generate electricity from our hydroelectric power plants. We were dealing also with a relatively high level of redispatching of renewable sources by the TSO that was above 1 TW-hour, but was increased by about 65%. This is quite a symptomatic event that we'll be observing probably also in the subsequent years, in the subsequent months. An additional element that definitely we felt in many business aspects was the number of negative hours we had within the last first nine months, 354 on the first fixing versus last year's period, similar period. It was 196. Therefore, we've seen quite a strong growth here. Regarding the generation of our group, it's 7.7 TW-hours over the nine-month period. It's an increase by 5% versus the same period of last year. Regarding the split into conventional assets and the renewables assets in the conventional, it was a 5% increase as well in terms of renewables assets, which include wind, solar, and water, hydro, colloquially speaking. The level of production was maintained. It is flat versus the production last year, but we observed an increase of the production from our biomass-fired units, which translated in the total increase of the production assets, low emission at the level of 5%. The result of a consequence of increase of production from the conventional units was an increase of consumption of coal, which came in at 3.2 million tons. It is a 3% increase versus the nine months of 2024, an increase of consumption or demand for carbon credits at the level of almost 6.5 million tons. It was an increase by 6%. I mentioned the redispatching by the TSO, our capacities as far as the share of TAURON units in this redispatching is very low because it is at the level of 1%, which versus what is being redispatched all over Poland. This is a major contribution to it due to our operations related to anticipating the negative hours auto-redispatching of our generation units, wind farms, and photovoltaic farms, which meant that we had a saving of around PLN 4.5 million. The dispatchability of the units, our availability of the units, I assess it as a principle as satisfactory in terms of renewable assets. It went up versus 2024. Our photovoltaic farms and wind farms were working very well. The wind farms had a 97% availability rate. Gradually, the availability rate of hydropower plants is going up. We went up by 3%, but still, it stays at the level of around 86%. It's worth noting the availability rate of a TAURON generation unit, 75% of the availability rate meant caused by the overhaul, major overhaul of a Łagisza Power Plant. It took five months. It had an impact on the availability rate versus last year, as well as a level of failure rate that we still have to face at Nowe Jaworzno, but we are still working on. It's too high. With respect to the cogeneration units, an increase of availability rate by 2.5%. We consider it to be a satisfactory level and no major reasons except for the partial failures of the units for this availability rate to cause any need to comment in any way. Let me move on now to the portfolio, supply portfolio, supply assets. The domestic electricity consumption was declined by 2.5%. During that time, our consumption of electricity on our distribution area remained at a stable level, flat. It did not go down. We observed an increase by more than 3.4% with respect to electricity consumption by the households. This was the result of connecting additionally about 50,000 consumers to the grid, but it was compensated by about a 1% decline of electricity consumption among the B2B customers, partly caused by the reduction of production in the auto subsector, steelmaking subsector, and the mining subsector. In terms of electricity supply, we observed the level of 18 TW-hours, a 9% decline versus last year. The decline by about 1.8 TW-hours was due to what we already indicated, presenting the results for the first half of the year. Putting in order or systematizing our supply portfolio, we are trying to eliminate the low-margin generating contracts, contracts that generate commercial trading risk. Let me be frank here, the decline of electricity supplies is also caused by the partial expansion of our competing companies that in particular are focusing on SME customers. However, relatively steadfastly, we are observing a decline of these expansionist activities. We are trying to protect our markets, and this rate of acquiring customers in our area by competitors went down by more than 50% versus last year. The new energy product supply sales are growing. It is about 1% level now, almost 15% of the greening level of sales. This is calculated as total consumption of electricity of customers that have bought our green product versus the total demand of our supply portfolio customers. The number of customers interested in the new energy, the long-term nine-year product that we are offering at a fixed price, went up by 22%. It is now almost 370,000 of such customers. At the same time, we launched in July a new product, Cheap Hours. We are very happy with this product. On this product now, we have almost 15,000 customers using this product. An important element that I'd like to emphasize is the element of our product policy that incorporation of customers generates benefits in energy bills, utility bills. The customers took advantage of our dynamic pricing. Within the first nine months of this year, they gained an average sales price in the region of PLN 420. Let me say this is PLN 505. It's a benchmark price including excise in case of customers that are actively managing their high-electricity demand. This level of price level went down significantly. It's a clear indication of how much those products are required, high in demand, and that they find a very high demand in this product offering that we are offering. That's all regarding the results of our assets regarding their productivity and operations. Please continue. Thank you, Piotr. Let me now try to present the financial results after the operational operating part. Regarding the key financial data, if we look at the revenue, the revenue year over year went down slightly, minus 3%. However, let's remember there's a certain portion of this revenue is compensation payments. If we stripped out the compensation payments, the sales revenue would go up by close to 4% year- over- year. As a matter of fact, those compensation payments are an effect of price freezing to a large extent, and they depend on the level of the market price and the prices set in the tariff. Now the space between the frozen price and the tariff price is much lower. The level of compensation payments is much lower year over year. The number of consumers is smaller year over year. If you look at EBITDA, EBITDA year over year went up very significantly, markedly. Another quarter of very good earnings. We are continuing a good trend in total pre-quarter versus pre-quarter of last year. The EBITDA went up by 23%. Here is also where we can boast the consensus of the analysts. We beat this consensus in the cumulative quarterly analysis by more than half a billion PLN. The net profit is PLN 2.9 billion. The net profit is also a record-breaking performance in the history of our group. Here, the key issue versus last year was the total record of impairment charges, write-downs. Last year, we booked major write-downs related to the conventional assets. As far as CapEx is concerned, close to PLN 3.7 billion in total. It was very similar, almost flat versus last year. Michal will speak more about that in his section. However, as far as the net debt to EBITDA ratio, it currently stands at 1.4 and went down by 1 versus the comparable period of last year. Here, to a large extent, this was impacted by very good operating earnings. It resulted in a decline of nominal debt. If you look at the comparable EBITDA, this difference year over year is a bit lower. We are saying that it went up by 15%. The key aspects, such as one of the events that had an impact on the fact that the reported EBITDA differs from the comparable EBITDA, are all related to the supply segment. Starting from last year, we kept repeating it a number of times. We got a positivity prediction regarding the VAT deduction in the reduced payments for customers. This is VAT under PLN 125. By PLN 125, the individual customers' bills were reduced. The other portion of those, one of the events in the supply segment, one can say, stems from the non-uniform allocation of the revenue costs. This was due to a very non-typical event. Setting the tariff for one and a half years in 2024. Let us remember the beginning of July last year, the tariff in the middle of the year was changed, and it was set for a period of another 18 months. At least that's what we assumed. That meant that the cost of electricity that already were hedged last year, they were higher than the tariff-based revenue. On the other hand, the cost for the current year were to be lower versus the tariff-based revenue. This difference is PLN 275 million last year of losses on the margin of the G tariff. This year, of course, had it not been for the other event, this revenue should be higher accordingly in the pre-quarters by PLN 270 million. This was mainly the main reason for this comparable EBITDA to be slightly lower than the reported EBITDA. Let's move on to the slide showing the EBITDA and the results of individual segments. Here, invariably, our number one, generally the key part of EBITDA in the group is distribution every year, where more than 60% of EBITDA is generated by this segment. The second biggest contributor to EBITDA, it's worth mentioning that the EBITDA first three quarters in the distribution segment reached more than PLN 8.3 billion. The second segment that is key in our case is the supply and wholesale trading segment. Here, the EBITDA close to PLN 800 million. Again, this is the second biggest contributing segment to EBITDA. Number three spot on the podium every year, this changes to a certain extent, and the renewables keeps alternating with the conventional generation segment. This year, the conventional generation segment generated better results versus the renewables. I will elaborate on that in the next slide. Let me just add here that all the EBITDAs are positive. This is also a very good result in the context of the past years when not all segments of our group were generating positive EBITDA results. Moving on to the next slide, describing the individual segment. I mentioned the key segment distribution. Here, an increase in the comparable period by more than PLN 700 million. Two key factors, one can say one, as far as the generated margin here, higher value of regulatory asset base. This is the result of investments that we made in the past years. The second factor is the weighted average cost of capital, but close to 0.4 percentage point went up year- over- year. This is the key factor behind the increase of the EBITDA in the distribution segment. The second factor, which is more variable over time, is the settlement of the regulatory account. This year, we have a positive settlement of the regulatory account. Last year, the regulatory account was negative. This year is positive. Next year is going to be negative again. This is, as a matter of fact, the result of a settlement of the volumes, of a difference between what was agreed upon in the tariff and what was actually performed in the N+2 timeframe or two years later. The actual performance volume is accounted for in the distribution segment with a two-year lag, two-year delay. Regarding the renewables segment, the key factor, unfortunately, declined by PLN 71 million year- over- year. The key factor behind it was the decline of the prices on the market. This has a direct impact upon the EBITDA of this segment. Regarding the generation segment, good results here, good earnings year over year. First of all, the volume went up. However, one thing is the supply sales volume that we have to mention, the production volume and the sales volume. First of all, the sales volume is important here. In the current year, the margin due to an increase of sales volume went up by PLN 300 million. We managed to generate good earnings, good results. It is generating in all three areas. It is the result of an increased futures sales increase on the balancing, increased sales on the balancing market, and increased sales on the spot market. All those factors contribute to the fact that year- over- year, we have a higher EBITDA by PLN 300 million. Regarding the second important component of this growth, more than PLN 100 million was generated by the system services, ancillary services of increase of revenue from the capacity market. This is first to fall an inflation-based increase where this revenue is increased by this rate. Let us acknowledge the lag and the conversion calculated inclusion of high inflation rates from previous years. The balancing market, we mentioned a number of times. Last year in June, a new balancing market was launched. Of course, in Q3, it became highly normalized, but the first quarter generated a strong growth year over year. Moving on to the hidden segment here, the result, one may say, is worse year- over- year. However, if we strip out the one-off event that in the core operation, the result is slightly better year- over- year, especially in the heating part, the results are better. Of course, here, the key factor behind it was volume, margin generated increase over transmission rate, transmission tariff. On the electricity part, the results are better, but on the electricity sales part, the results are better. The main determining factor of the year-over-year result was weaker is the effect of the consolidation of TAURON's Czech subsidiary. Last year, in the recalculation of its de-consolidation, the company generated last year an additional extra result in the region of PLN 64 million. It was a one-off event that couldn't have been repeated this year. It was a determining factor for the results, earnings of the segment in the first three quarters. Regarding the supply segment, we have an improvement year- over- year, more than PLN 100 million. The EBITDA went up. Here, one may say that two or three key factors behind it, after the negative one I already mentioned, is negative. It's a one-off event that was positive in 2024, that positive in the tax interpretation, VAT tax interpretation, that we have two factors, much higher margin on the sales of electricity to the business customers and the MSEs, and a bit higher margin in the G tariff. Here, one could think, why only such a difference, although despite the fact that on the first bid that we described, the comparable EBITDA we're indicating PLN 250 million. Let us not forget that we have other factors were negative. The negative impact here, first of all, the negative impact came from the profile issuing, the prosumer issuing, the payments for the distribution in this segment. These two factors have a negative impact. That's why these factors do not translate, this one-off factor does not translate on the increase of EBITDA that stems from the sale of electricity to the individual customer. If we can move on now to the issues related to debt, for some time now, we've been showing a full breakdown of the gross economic debt as well as the net debt. Look, starting from the gross economic debt, it went down by more than PLN 2 billion year- over- year. Here, of course, the key aspect is operating results. As we showed before, results are much better year over year than we showed before. It caused an impact upon the operating cash flow. Generally, it led to a decline of debt. What we also would like to draw attention to is, of course, in the three quarters of this year and the last year, it improved balance of the capital. If we look at the individual items, that's probably interesting throughout this bridge, is a slight decline in the provision for carbon credits. This is due to slightly lower prices, average prices, including the average purchasing price of CO2 allowances. What we have been showing for two quarters now, or since the previous quarter, is the matter of including the National Recovery Plan funds. Here, we want to be fully transparent. We are showing the full inclusion of within the first in total, we drew more than PLN 900 million in the distribution segment, out of which slightly more than PLN 300 million were included in the debt. According to IFRS 9, the remaining PLN 600 million were included in the payments in the gross according to IFRS 20. In total, you can see that at least due to the current difference in the interest rates, a significant portion of this debt is treated as a subsidy-based component for is included in the prepayments and the gross item. Another thing that I drew attention to in the previous part is the declining level of the bonds, subordinated bonds. Of course, the debt with the highest interest rate due to its nature. We are gradually exiting this debt. In December last year, we exited. Let me explain right away with our intention to repay the significant portion of this debt in December of this year and March next year. This item will be going down. The lease item, leases item can go up gradually because the leases according to IFRS 16 also includes the easements, rentals, and things related to our growth in the renewables and the distribution segment. Finally, the other side is that the group's liquidity is stable, first of all due to the good operating results, secondly due to the available sources of financing, so more than PLN 6 billion available financing we had as of September 30. That's all regarding the financials. Let me hand over the floor to Michał, who will speak about the investment portion. Ladies and gentlemen, the total CapEx of TAURON Group for the first three quarters of 2025 came in at about PLN 3.7 billion. It's a stable level, flat versus last year. Our largest segment remains in the distribution line of business, wherein this is close to 70% of this year's CapEx, with 46% allocated to the construction of a new grid connection for the source and the new prosumers, and about 37% for the refurbishment and replacement of grid assets. Apart from that, we are continuing the replacement of meters with smart meters. Now, in our grid, we have installed 2.4 million meters, so we are complying with the regulatory regulation targets at the current level. It's also worth to mention the dispatch communication. We continue the implementation of TETRA, which was a special important term in the case of failures, disasters, and problems in the grid. It also enables emergency communications in crisis situations. The second largest segment were renewables. Regarding the CapEx, year- over- year, we've been observing a significant decline. This decline is partly due to our investment cycles. I will speak about it to a larger extent, elaborate on it on the next slide. We have several investment projects that are close to completion. Therefore, the outlays not fully reflect the tangible progress on these investment projects. We can expect that those investment projects in Q4 will accelerate. We are also facing the commissioning of further investment projects, launching further investment projects, especially the battery energy storage systems in case of getting funds from the national government for the photovoltaic projects. That's renewables. Regarding the generation, we are talking about bringing our assets to make it usable, to extend its lifecycle. In line with the strategy, we're working to pipe out our second most effective, most efficient unit, 460 MW unit, also with strong heating components, with much better economics than the 200 MW units. This year, we're dealing with the final major overhaul in the lifecycle of this unit operation. The strategy we planned that the Łagisza Power Plant will be operating until 2030, however, that recent major overhaul was required to enable it to operate over that timeframe. Apart from that, we are continuing the repair program for we have bought the 910 MW units. The availability rate this year was unsatisfactory for this unit. Now we are performing repair actions that were defined at the time when we were finalizing the talks to end the dispute with Rafako. These are the final adjustments to make the unit operate at a higher availability rate and in a more predictable manner generate electricity. Regarding the district heating segment, this year we are completing two major investment projects. The gas-fired boilers, gas-fired boilers, and gas-fired boilers. Coppice investment projects were already commissioned. However, the outlays related to the completion of those investment projects are not fully yet visible here on the slide. This is due to the process of talks and settlement with contractors. We also launched a major project of PLN 15 million. This is gas-fired engines, also used as cooking power. This is a project that financially is not yet fully visible in financial outlays, but next year, those expenses will accelerate the majority of our expenses for the transition of each segment. We will be seeing next year the majority of the siting decisions about the transition are related in next year. The 2028-2029 timeframe will be the majority of CapEx. Supply segment and the other. Here, for IT investments, we allocated PLN 100 million, maintaining of lighting about PLN 50 million, the expansion of fiber optic networks as part of the program subsidized partly from the National Recovery Plan and the operational program, Digital Poland, PLN 36 million. Finally, implementation of the central information system market on the energy market, PLN 20 million within the first three quarters, the higher spending plan next year. Moving on to the investments in the renewables, we are about to finish complete the Novaprižnica and Sierra wind farms here. We are at the stage of final acceptances. We are planning to complete both of these investments by the end of this year. The wind farm in Miejska Górka is moving faster than we originally assumed in the schedule. The first turbine was already installed. Further turbines are being delivered. In the coming quarters, further turbines will be installed. Power [audio distortion] and Postomino PVs are also close to the completion. We are planning to complete by the end of the year. Energy storage facility [audio distortion] Przewóz, we are the first energy storage facility. They are physically already at the construction sites. We had the time of tests, safety, security, and powering and power up. We are planning to launch them to commission them in February of 2026. On the list of energy storage facilities that are under construction, we assume will be significantly more projects in the coming months. We are facing a number of investment decisions regarding the construction of further better energy storage systems. That's all regarding the investment projects. Let's move on to the Q&A session. Thank you very much for the presentation. Let's move on to the Q&A session. Let me remind you that you can ask using a form. The first question, why did you make a decision in the dominating part to use the Chinese solutions for the smart electricity meters? Don't you see the difference from the operating or maintenance point of view? Ladies and gentlemen, let me remind you that in the distribution segment, we are dealing basically with the majority of technologies and solutions coming from the domestic entities. The majority of technologies we are using is implemented locally. The construction works are performed by far by the Polish companies. The meters that we are buying are the certified meters. We buy them under the public procurement law procedure. We are also tested by us regarding the stability of our operation and in terms of complying with our cybersecurity standards. As of today, in reality, we are mainly Chinese solutions because of our price competitiveness. However, as part of the entire CapEx that we have, they have a relatively small portion, but the share of local products is very significant. The security, we have certified solutions that we are bringing in, and we are fully certified. Another question, are there any premises for TAURON to pay our dividend next year? Let me take over this question. Of course, it keeps coming up again, again, again during our earnings conference calls. I will not change our rhetoric too much because last time we said that we intend to take the decision on the dividend after we have completed a full financial year, so have a full view of the full financial year. First of all, we are looking at the subsequent years as well. Based on the data, we will take a decision as far as the payout of dividend is concerned. I want to re-emphasize here that we'd like once we start paying out the dividend, we want this to be a continuous process, not a one-off. Definitely, this projection of further subsequent years has a major importance bearing on the decision to pay out the dividend. Thank you very much. Next following questions are similar. First of all, let me read the first one. What's the risk of decline of regulatory asset base to 8.1? Work weighted average comes to 8.59%. Also, non-target revenue can drop, or should we add the 35% of CapEx component to increase the regulatory asset base this year? There is another presentation regarding the decrease of leverage cost of capital to 70%, having an impact on the process of improving the distribution tariffs for 2026. By how much the regulatory asset base can go up in 2026? Let me start, and I'll ask Krzysztof to supplement my answer as far as the non-tariff revenue and the financial perspective. Regarding our knowledge as of today, we know that we are in the tariff process. The expected results will come in the middle of December. In parallel, certain proposals and the proposals that came out as a team working group, working at the Ministry of Energy, the conclusions of which are to be known as the order of next year. As of today, it's difficult for us to comment on what will be the results of work of this working group. We are happy to see distribution companies being certain in this working group. There is a PDPR, the key trade organization of the distributors, which is represented also by President [audio distortion]. We see it as a good opportunity to discuss the tariff mechanisms. A number of questions that came up both during our earnings calls and during direct conversations with the financing institutions for investors. Each time, they ask about the weighted average cost of capital. It's a good opportunity to discuss not only how much the work will be in the given tariff period, but what should be the remuneration for the utility sector on the long term. We have examples of Western countries in Spain, for example, that set some targets over longer timeframes. We know that transparency regarding the results limits of the financing institutions and our investment risk at the same time translates into a decline regarding the potential expectations of financing institutions. Therefore, such a discussion about the long-term model for remuneration of distribution assets could be definitely worthwhile. I think for all the participants of the markets, it would be beneficial. However, the levels themselves, the figures themselves, as of today, we know where the results of the work of those working groups are to be known in the first quarter. Therefore, we actively, through TAURON distribution subsidiary, will definitely be taking part in this regulatory dialogue. As of today, it's difficult for us to comment on specific levels as we understand that the group is to develop, to work out a solution that will combine the interests of the distributors and consumers. Let us remind you that the distribution investments are key for the energy transition. We have certain industries that require more education and increase of consumption. They need the connection capacity. Distribution is a backbone that enables connecting new sources, better energy storage facilities, and the stable operation of enabled stable power systems. We hope that the results of this distribution segment will allow us to support the distribution and implement our strategy. Krzysztof, you would like to add? I'd like to refer also to individual parts of this question that were asked here because there was a question about the 35 components of the CapEx. Of course, this is, of course, connected to the entire tariff-related discussion. However, in our opinion, 35% of CapEx added to regulatory asset base as of the end of the year is justified. So far, there was no discussion of including the subsequent years regarding the tariff-related revenue. Here, I can say very good, but this is a recurring component. I understand the issues here with connections, good connections, the issue of resulting power provisions, power revenue from the passive energy because we have a counter-account. I can put it this way. They're quite prepared. Regarding the tariff itself, the number of tariffs is very important. At the end of the day, we bid stemming from that in the distribution segment, which is very important for the group and for the entire investment process. As I said, as a model, we assume cash flow in the distribution with earnings and distribution stable in distribution. However, based on the bid-generated distribution, we develop a bid capacity of BTI groups of this magic net bid of 3.54. It's based upon the group's bid. That enables the implementation of this project, not only the distribution, but for the whole group, based on the debt capacities. The higher bid in distribution means we can implement more recent agreement to better the transition for BTI groups. The discussion has also had an impact upon the distribution, but on the debt capacity of the entire group. That's all I think we can say about the distribution. Thank you very much. Next question. What is the risk of setting up provision Q4 in the trading line of business? I assume that these are the issues related to the right of charge to fund. If not, please supplement the question. Let me answer in this context. There's an indication from the Energy Regulatory Office about the audits having been issued to electric utilities related to the amount of charge of the right to fund at the end of 2022 and full 2023. We can't say much about the level of risk. Only after the audit and the final conclusions, we'll be able to evaluate whether there is any discrepancy between our approach to the calculation of the right versus the allowance versus what the present of the Energy Regulatory Office position is. We will take a decision whether this provision should be set up. Thank you. Hardcore prices when 2026 can be lower than the ones observed now on the spot market. The current hardcore prices became equal to the ARA ports versus Polish prices, the Polish index. We suppose that this level of prices will not be lower. It will be at a similar level as far as what we are observing today and we are foreseeing for the next year. Next question. What was the result in Q3 of 2025 on the buybacks of electricity and on the balancing market in the generation segment? The total result on the balancing market and the electricity buybacks in the context of capacity offers about PLN 150 million in Q3. What is the expected negative impact of settlement of regulatory account in 2026? It's quite a simple answer. We already know detailed figures of PLN 170 million in 2026 alone. I'm not talking about the year-over-year comparison. This year, we have positive minus PLN 170 million coming in next year. Thank you. The next question. Why is such a weak result of renewables in Q3? Let me put it this way. The key factor, as I mentioned in the presentation, of course, the lower prices year over year. However, let's remember about two other factors, namely the volume. Volume also is lower. Why the volume is lower? One can start thinking about it. Unfortunately, the meteorological conditions were not favorable with conditioning wind capacities. Still, the volume of generators from wind is lower year over year. Of course, we have the issues of the other hydroelectric power plants. Unfortunately, the volume was a determining factor. Finally, the factor that was quite important, we have a major decline on the green certificates markets. Not only some units of ours are losing those entitlements due to the 15-year timeframe having elapsed. Secondly, the prices of the market are declining year over year. The key factor being the price of the market, second factor the volume, and the third factor the declining price and the decreasing volume of green certificates. Thank you. The next question coming from Mr. Paweł Puchalski. Isn't the company concerned that due to the very low CapEx in the distribution, significantly lower versus the regulatory, the regulator can decrease the WACC of TAURON in 2026 as it's happened in 2025? I'm a bit surprised by the way this question is formulated. It's an increase of 80% year- over- year in the distribution and calling it very low and significantly lower than the 31. In fact, we're informing before between 15% and 25% increase of CapEx year over year in distribution is reasonable levels. However, the implementation market could adjust and provide appropriate supply and to have for us a sufficient number of permits for the implementation of the investment requirements needed by the distribution. This growth is definitely as planned, on track. We do not perceive this CapEx as very low. It is an increase that is in line with what we assumed in the strategy. Of course, there was no split year per year, but this is the path that we as part of our assumption. Let me say that last year and this year, we are a bit above the plan because we have certain flexibility of spending year- over- year. Therefore, we do not consider the increase of close to 18% after the first three quarters. It is a very low CapEx. Here, we do not expect this to be an individual specifically penalized due to the CapEx level. Thank you. Next question. What capacities in the battery energy storage systems do you expect to arrive at at the end of 2026 and at the end of 2027? We do not publish detailed figures, detailed focus. We can say we won projects, but we won the market option with a 270 MW capacity level. The production must start before 2027. However, a large portion of the project we are accelerating in parallel as a portfolio of projects that were submitted for the National Recovery Plan funds for also National Environment Protection Fund for waiting for the decision. I will not give you the exact figures based on these objectives. In 2027, we expect major acceleration. We want at the end of 2027 to be talking about the potential hundreds of megawatts and tens of megawatts. In 2026, it's going to be still a year where we will not be able to reach those levels. Another question. However, in the capacity market option for 2030, will you take part with the gas-fired projects? If so, which ones? We are in the capacity market options in 2030. I have another question about the status of readiness of those projects. We are now at the point where Łagisza, Jaworzno, and Łaziska projects can take part in the capacity market option. The matter of advance payment is decided in the coming days. There's an option for us to take part as far as details of the option strategy for our taking part in this trade secret, quite an important one. Other projects are possible. So participation in those projects is possible. We are talking about two 400 MW units, Łagisza and Łaziska, and 600 MW in Jaworzno in the gas-fired technology, pickings of open cycle gas turbine. Regarding the tenders, we got a question about the tenders. The tenders have not been announced yet. However, they will be announced in the coming months. Thank you very much. What are TAURON's plans in the context of the December auction? I think I will partly address. Let's move on to the next 19 question. The next question about our plan for the company for the coming upcoming capital market auction. Implementation of the gas-fired projects and battery energy storage systems projects are dependent upon acquiring the support. Regarding the gas-fired projects, we discussed already. As far as the battery energy storage facilities are concerned, we don't see the market for the possibility of achieving profitability of this type of project. We are now dealing with the adjustment factors for the energy storage facilities which make the level of support per megawatt is relatively low, definitely lower than for other types of units. Therefore, we do not see any connection to the market auction. Let me be frank, there are other sources of funds that are important, in particular the subsidy program organized by the National Environment Protection Fund, which have made an impact upon the economics of better energy storage systems. Support systems, yes, but not necessarily the capacity market auction. Regarding the better energy storage systems, we have a supplement to the question regarding the training. The risk of setting up a provision in the G group. In the trading segment is difficult to evaluate, to assess. We filed the tariff application. Got any feedback yet? Any response? The energy regulatory office is working. Over time, we don't have any feedback, neither positive nor negative. We are patiently waiting for the first assessment of the parameters of our regulated revenue that we propose. We'll see what happens. As sold recently shares in one of the offshore wind farm projects, are you considering such an option? I think that regarding our offshore wind farm projects, we are a minority interest holder in the Baltica Wind Farm 7, the main Baltica 7. PGE is a major holder at this stage. I will not be giving any detailed comments. We are at the stage of holding discussions upon the future of this project. We are held jointly with our partner. We'll be informed in the current report in the regulatory filing if a decision is made regarding this project. Another question. What is currently the level of outlays on the peaking gas fire units per megawatt? The topic is dependent on the technology and details, but orders of magnitude PLN 2 million per megawatt, PLN 3 million per megawatt VEs are roughly the amounts we are talking about this type of technology. Depending upon the detailed solutions, they may vary slightly. Thank you very much. That was the last question. That is all for today. Thank you very much for all the questions, for the answers, for the presentation. We encourage you to follow our activities on a good basis. I wish you a good and nice day, and see you at the next conference call. Thank you very much. Thank you. See you next time. Thank you.