24/2015
24/2015
Enea Wytwarzanie Sp. z o.o. terminates the Long-Term Agreement for the Supply of Power Coal, concluded on 4 March 2010
Current report No. 24/2015
Date of preparation: 21 August 2015
Subject: Enea Wytwarzanie Sp. z o.o. terminates the Long-Term Agreement for the Supply of Power Coal, concluded on 4 March 2010
General legal basis: Art. 56.1.2 of the Act on Public Offering – current and periodic information
Content:
The Management Board of LW Bogdanka S.A. with registered office in Bogdanka (“Company”, "LWB") hereby informs you that on 21 August 2015 it received from Enea Trading Sp. z o.o., acting on behalf of Enea Wytwarzanie Sp. z o.o. with registered office in Swierże Górne, 26-900 Kozienice, a notice of termination of the Long-Term Agreement for the Supply of Power Coal (“Agreement”), concluded on 4 March 2010 by and between Elektrownia Kozienice S.A. (currently Enea Wytwarzanie Sp. z o.o.) and the Company; the conclusion was announced in Current Report No. 5/2010 of 5 March 2010, and later reports provided updated information thereon.
The subject matter of the Agreement are the supplies of power coal to the ENEA Wytwarzanie S.A. power plant in Kozienice between 4 March 2010 and 31 December 2025.
The Agreement has been terminated by Enea Wytwarzanie on the basis of Article 13.1 of the Agreement, i.e. as a result of the Company and ENEA Wytwarzanie failing to agree, by way of negotiations, of the price for the next calendar year (2016) in three first subsequent dates out of four provided for in the Agreement.
As a result of Enea Wytwarzanie’s notice of termination, the Agreement will be terminated as of 1 January 2018.
Since the Agreement has been terminated, the prices of power coal supplied in 2016 and 2017 will be set according to a pricing formula provided for in the Agreement, based on prices of supplies on the domestic and international markets as well as on the industrial production price index.
The Company’s Management Board informs you that during the termination period, in 2016 and 2017, the volumes of supplies of the power coal for the purposes of the Enea Wytwarzanie Sp. z o.o. power plant will not change comparing to the volumes agreed upon in the Agreement before the notice of termination was made.
Given the above, the net value of the entire Agreement amounts currently to PLN 5,065 million.
Legal basis for submitting the report: Article 5.1.5 of the Regulation of the Minister of Finance on the Stock Exchange
Date of preparation: 21 August 2015
Subject: Enea Wytwarzanie Sp. z o.o. terminates the Long-Term Agreement for the Supply of Power Coal, concluded on 4 March 2010
General legal basis: Art. 56.1.2 of the Act on Public Offering – current and periodic information
Content:
The Management Board of LW Bogdanka S.A. with registered office in Bogdanka (“Company”, "LWB") hereby informs you that on 21 August 2015 it received from Enea Trading Sp. z o.o., acting on behalf of Enea Wytwarzanie Sp. z o.o. with registered office in Swierże Górne, 26-900 Kozienice, a notice of termination of the Long-Term Agreement for the Supply of Power Coal (“Agreement”), concluded on 4 March 2010 by and between Elektrownia Kozienice S.A. (currently Enea Wytwarzanie Sp. z o.o.) and the Company; the conclusion was announced in Current Report No. 5/2010 of 5 March 2010, and later reports provided updated information thereon.
The subject matter of the Agreement are the supplies of power coal to the ENEA Wytwarzanie S.A. power plant in Kozienice between 4 March 2010 and 31 December 2025.
The Agreement has been terminated by Enea Wytwarzanie on the basis of Article 13.1 of the Agreement, i.e. as a result of the Company and ENEA Wytwarzanie failing to agree, by way of negotiations, of the price for the next calendar year (2016) in three first subsequent dates out of four provided for in the Agreement.
As a result of Enea Wytwarzanie’s notice of termination, the Agreement will be terminated as of 1 January 2018.
Since the Agreement has been terminated, the prices of power coal supplied in 2016 and 2017 will be set according to a pricing formula provided for in the Agreement, based on prices of supplies on the domestic and international markets as well as on the industrial production price index.
The Company’s Management Board informs you that during the termination period, in 2016 and 2017, the volumes of supplies of the power coal for the purposes of the Enea Wytwarzanie Sp. z o.o. power plant will not change comparing to the volumes agreed upon in the Agreement before the notice of termination was made.
Given the above, the net value of the entire Agreement amounts currently to PLN 5,065 million.
Legal basis for submitting the report: Article 5.1.5 of the Regulation of the Minister of Finance on the Stock Exchange