Hello, good afternoon. Welcome to the Enea and Lubelski Węgiel Bogdanka Conference that is devoted to the most important events of 2024 and the results of the year. I welcome the analysts, journalists, representatives of the board of the Enea Group companies, and everyone that is watching us via the video broadcasting event. We have Grzegorz Kinelski, the president, Dalida Gepfert , who is the deputy president for corporate affairs, Marek Lelątko, CFO, Bartosz Krysta, who is the trade manager, [Foreign language].
Artur Wasilewski from Lubelski W ęgiel Bogdanka.
2024 was a time of positive change, dynamic change in our group, and all of that was caused by the performance of the ambitious plans of Enea Group during the rollout of the development strategy up to 2035. We would like to show you the last 12 months in a nutshell. Let's see the show.
The presentation of the financial results that you will see in a minute, and that will be moderated by our board, is also available on our website. If you're watching us online, you can launch the presentation and follow it together with us. Now over to Mr. Kinelski.
Welcome to our conference.
Enea Group after 2024. This year was a very intense one for our group, and as I'm sure you have observed, we have acted some intensely and taken some important decisions. This was a preparatory year for us to announce the strategy, which actually happened towards the end of the year. In the past year, what we focused on was to define our goals, to determine our strategy for the 10 years to come, and these were the biggest challenges. Other than the current ongoing work, which you have already seen in the video, we needed the preparedness to face the challenges of the ever-so-fast changing world, digitization, and transformation.
Now, regarding our strategy, we have put down the plans and goals up to 2035, and I think that's been the most important event that also shows our pathway and what we are going to do and how we want to do it in the future, both for all of the pillars of our work: generation, trade, distribution. What we're moving towards is something that you're going to see in the presentation. The presentation includes both a summary of 2024, all of the figures that we can and want to show, and that we can showcase for last year, but also partially, and please be attentive here, some of the forecasts that we would also like to present to you, and the ongoing activity what we're doing right now. You are aware, I'm sure, that we're putting quite a lot of emphasis on building renewables.
We have new installations that are being under construction. We are developing projects, both greenfield projects and those that have partially been based on acquisition, but we're also growing in our acquisition part. We are using all the possible ways to grow our renewable section. We are also looking at developing storage, and we are trying to obtain financing for that purpose. This year, we're launching our actions, very much aware of what we want to do, what our role is in the market, the fact that we do not want there to be any unknown aspects of our pathway. We want everything to be clear, and we want to show that we're an important player in this energy transformation, and we want to remain the leader of transformation.
Now, of course, we make sure that we take care of the environment, and so it's not the S in ESG, but all the aspects that are very important to us. We will go on to tell you more about this in the presentation. I think it will be the first time for us to elaborate on that so much, but I think it's also the first time that we've reported our ESG measures to you. I believe the fact that we are also looking at the environment, at the local community and our workforce is the foundation of this transformation. We haven't overlooked this area. Quite the opposite. We have been treating it quite seriously. Many thanks for that. Like I said, we will be talking about the past year, 2024, but also the current activity and a little bit about the future.
Okay, we move on to the detailed summary of our results. We have had a drop in revenue, but that's the result of what's happening on the energy market. This is the following year after the energy crisis. The energy prices are stabilizing. This translates to our business, but not in a negative way. Quite the contrary. If we have a smaller turnover with good results, the risk is decreasing. Now, from the point of view of production generation, we have upheld the trend. We are slowly being pushed out from the conventional generation, but it's a gradual process. It's not at this point negatively impacting our results. Bogdanka had a very good year in mining, and we had a record high EBITDA last year. This year, we have already exceeded that by PLN 500 million. We have good indebtedness ratios.
That's also the outcome of the EBITDA over the last two years. What's also important, slowly but surely, we're building the renewables sector. Other than biomass, we also have a better outcome in the green area, but we're quite aware that we're just starting this pathway.
Ladies and gentlemen, traditionally, some information about the market environment. In 2024, we saw a relatively stable price trend. The average price on the contract futures contract market was PLN 450. It was slightly higher, PLN 40 higher than the spot index. As you can see in the graph, energy prices have also already reached the level of almost PLN 400. You can see the price curve illustrating the product listing. That's the base for 2026. You can see the price level of PLN 400.
That's more or less 10%-15% lower than what we had in the similar period of the previous year. We're looking at a reduction of prices at the spot market, which is predominantly related to the increase in the availability of renewables and better supply of energy generated from these sources. Quarter one of this year makes absolutely no reference because it was PLN 470, was the average price, slightly lower than the similar period of last year, but we are expecting that this year this price could go below PLN 400. Still, spot prices are very volatile, and especially in some summer months, in some specific days or hours even, they're even negative, while in other periods they reach PLN 2,500. CO2 level, also the curve evolved around EUR 70. There were periods when it was more expensive or slightly less expensive.
As we know right now, we're looking at some reduction, more or less EUR 62 is the reference level. The coal prices in global markets are relatively stable. Still, in the domestic market, we have noted a significant reduction in coal prices. When we started the year, it was more or less PLN 20-21, and we started with prices that were 15%-20% lower. Today, the price level in the markets oscillates about $102. That would be the API markets. Now, for spreads, that's very important because this impacts the economics of the segment of generation and mining, and we can see that these spreads at some point last year became negative. That's both true for coal. Generally, for the majority of the year, it was negative for the base coal. Gas also went into the negative towards the end of the year.
This was related to significant increases of gas prices at the beginning of the heating season. Still, and I'm repeating this already, we are looking at a tendency, and we have been for a year now, where the generation of electricity for conventional resources in the base profile right now is yielding negative spreads. All of the results achieved here, yielded here, unfortunately, have to be compensated by services or other revenue rather than just generation of electricity. Some facts, basic facts regarding the regulatory environment, the most important things that have happened or occurred over the last year, that's the directive, the regulation, the energy market design package, which was very important for us because a lot of aspects are covered, including such as derogations, which then results in supplementary auctions that have been introduced for over 5,500 kg per MWh.
The current and the next day market changes, and all a number of regulations that we have also been implementing in the domestic legislation. The REMIT II directive and the whole package of regulation on the wholesale market is also a very important package for our activity. The most important topic is the regulation on the retail sale of electricity. What I mean by that is the price freeze of electricity, the administrative management obligation for public aid, the de minimis reporting obligations. That is for eligible customers, especially SMEs. Also in 2024, despite the fact that the tariff regulation and the paragraph that is listed here goes back to September 2023, the settlement of this provision in practice translates to a one-off electricity token of PLN 125 voucher. The provision was made for that purpose, and it was part of our cost in 2023.
Red III directive, which will be implemented in May this year, but the work on this directive and a number of significant issues resulting from it, impacting predominantly biomass, are important for us because Enea Group is using biomass as a strategic source of fuel. Now, when it comes to the quarter results, this was the closing, the last quarter, so we've updated some of the inventories. In December, we had the PDO inventory and higher inventory for CO2 and for prosumers. These provisions impacted the profitability in the last fourth quarter. If we take that into account, as well as the fact that we got PLN 200 million as a compensation for 2023, which had the reverse effect, this would mean that the profitability of this quarter, last quarter, was very similar to the profitability of the previous quarters.
Now, EBITDA margin, it was 20.6%, and EBITDA was at a very satisfying level. It was higher than 2023 when it was 16.1%. Now, the economic debt, this was there when we had more CO2 than required by the business in 2024. The economic debt is better. From the perspective of EBITDA, in 2023, we had two legs. First, this was the conventional energy sector, extraction and generation, mainly in Kozienice and Połaniec in our two power plants. We had a slightly better result on renewables as well. From the perspective of the generation, despite the fact that this year was more difficult than the year 2023 when the energy prices were slightly higher, we still had a similar result like in 2023. In Bogdanka, we had a lower result, which was due to the coal prices.
In other segments, we've improved our results in comparison to the previous year. We've improved processes, lowered costs, and optimized all the areas of operation. Also the trade, which is slightly in the negative and which has been impacted by all kinds of regulations and provisions. This is still this segment, which bodes well for the future. I think this period of regulations is behind us, so this is a huge chance for our organization. Now, let us take a look at more details at what has happened in terms of the generation last year. This was the result of what we had discussed before in interviews, during press conferences, during our talks. PLN 3.6 billion, PLN 1.5 billion is the resale of energy. This is the situation that we have to get used to, actually.
Maybe not at this level, but still it will remain with us for good. The reason for that is what Bartek has just showed you about the market, market release, rebalancing the market, what happened on the 14th of June last year. We can see there are many negative prices, and when there is a lot and the prices are very high when there is not enough energy. As this generating site, we will generate energy when it pays off. Sometimes when it is cheaper, we will just repurchase energy from the market. We can earn on the energy itself, but it will be more difficult, as Bartek has said. We will earn on other things that are on the market. Another thing that has a positive impact on the results, both for 2023 and 2024, in 2024, it was not that visible.
It's an exchange rate difference with a euro. We have a collateral in euro, and when we sell energy and then we bought a euro when it was more expensive, the actual exchange rate was lower at the moment of transaction, which had a positive impact on our EBITDA. On the other hand, it is also reflected in our financial activity. It has a negative impact on the cash, but PLN 850 million on the plus. This is visible in our result. The last visible thing is the rebalancing power market. We earned PLN 415 million. At the beginning, we earned more when the market was stabilizing, and then these levels, well, simply it was not possible to earn that much. Still, this market will remain with us for the next years. Extraction will be discussed in more detail by Artur.
Firstly, this short comment on year-on-year generation for systemic power plants. We had a better result in comparison to 2023 by PLN 260 million. There was this drop on the green unit, which was only due to the drops on the energy market. We had better results in terms of thermal energy and PLN 90 million more on renewables. We had a good hydrological situation, so we sold more energy or generated more energy in our hydroelectric plants. We are still investing in our assets, which gives positive EBITDA. Now, distribution, it has been very stable. You can say no surprises. This is mainly due to our investments, but also due to this WACC. This encourages investors to invest in the energy transformation, and this translates into our good results.
We have also been working hard on other pieces of the puzzle of this difference between the balance difference on costs. We want the distribution segment to be as profitable as possible. Finally, the trade segment, it is difficult to comment on it, just like last year. The reason for that is that there are a lot of regulations. It is slightly better in comparison to the previous year, but still, as I have mentioned before, the results here are not satisfying. Now, from the perspective of the quarter, you can see it is the same thing. I will not dwell into details. You will get all that. It will be published, this presentation, so you will be able to read all the details. Just one thing about the provisions that we made in December, around PLN 600 million, it is described in detail in the report.
Some of that was the compensation from the previous year. It had an impact on the result. This distorts the result for the last quarter. It was business as usual from the business perspective, but if you compare specific quarters of the previous year, you could just add one comment that in terms of sales, we had a new tariff, which had a negative impact on the results in the last two quarters of the previous year, and it's reflected in the results from the trade segment. Now, cash flow, you know, the results may be good, but still, despite these good results, the situation, the company might be good and the other way around. This is why we want to briefly tell you what was happening last year with cash flows. EBITDA, PLN 6.8 billion , income tax, investment, and interest rates.
We had also interest rates that were paid due to our debt because part of the financing is from debt. Finally, change in the rotating capital receivables and liabilities. We got money from this compensation from the last of the end of 2023, some we got back from VAT, but there was this drop in energy prices. This is what I said at the beginning. With lower energy prices, then from the operational perspective, the risk is lower, and also this rotating capital is lower. This also meant that we had lower liabilities, and this translated directly into our cash flow. One last thing, CO2, PLN -2.4 billion. We paid a lot for CO2 for 2023, almost PLN 3 billion. PLN 600 million was CO2 for 2024. This is what we will pay this year.
You can say that we got rid of much more cash this year than would result from the financial results that you could see. Free cash, as a level of PLN 1.8 billion, we paid off some of the external financing. Now I will move on to specific segments. Thank you so much. Before I discuss the results, a few words about the market. As you can see on the side of the generation and the sale, there was a drop for coal of about 10%, which is correlated with electricity production from coal. As you know, it dropped by 10%. Everyone's getting used to that. Nominally, the production was higher. The provisions, inventories got to 5 million tons, around 30% more. Now, the situation on the coal market, Bartek has already mentioned that.
As you can see, this is a global international market, and there is also our domestic market. Downward trends, around PLN 21 for gigajoule. The first two months have shown us further drops, around PLN 17 for one gigajoule. For ARA or for Baltic, we can see that these prices are more or less stable, around $100 for ARA and around $70 for Baltic. These trends that I have just described, they had a huge impact on the results of the company. Both these historical trends, but also those trends that we foresee for the future in terms of volume and prices.
At the end of June and at the end of December, we conducted tests for the loss of value of assets, and these tests brought such results that we wrote off PLN 2.4 billion for operational profit and almost PLN 2 billion when it comes to the net result. These write-offs do not have a direct impact on the financial results of the company, nor on the fluidity of the company. The EBITDA is not affected by it. It's clean, but still, there was also a drop by around 30%. Now, production and sales are higher than in 2023, which was a difficult year. Around 8 million tons when you refer it to our capacity. It's a bit above our capacities. It's the same for the whole coal market. Now the last slide.
EBITDA, as I've mentioned, has not been impacted by this write-off due to the loss of value of the assets. As you can see on the charts and on our operational data, we had the activities on the side of the costs and the sale of the coal on the one hand, but this drop in the coal price by 30% had a huge impact. At the bottom in green, you can see these clear results without these operational results. You can see they are in the positive. The net result, almost PLN 0.5 billion. That's everything. Thank you.
Ladies and gentlemen, very briefly, the systemic generation segment, a lot of the information has already been disclosed from the financial perspective. The decrease of revenue, but higher EBITDA margin compared to 2023.
As you can see, we have an increase in the volume that we are not generating, that we are repurchasing from the market in order to cover the sales contracts from generation. That is 2 GWh higher in 2024 compared to 2023. That is stable and comparable in terms of the coal generation level. It is slightly lower, slightly a 5% lower generation. Other sources from biomass, renewables are at a very similar level. Now, regarding the power market, last year, we had the contracting of just 635 MW, mostly three units for annual auction in Połaniec and a few contracts for Enea Nowa Energia. Combined is 35 MW and 9 MW for Enea Ciepło. Unfortunately, in the December auction, like we informed you, we did not succeed due to some price conditioning, price terms. We did not succeed to place the remaining units, including our gas investments.
There is a huge challenge ahead this year. Supplementary auctions, derogation for 2026 through to 2028. A big challenge there for us, looking at the Kozienice plant, but also the Połaniec plant, units 2 through to 7, has already got coverage for 2026-2028 for the units that will also take part in the combustion of biomass. A big challenge for us regarding this market here. Now, for the renewables market, we have a slight increase here vis-à-vis the previous year. The production is significantly higher because it is almost a 27% increase. It results mainly from two factors, as it has already been said: better hydrological conditions, better water flows, significantly higher generation from hydroelectric plants and also from solar plants. An increase.
You can see in the graph that the difference between 2024 and 2023 is very slight in terms of the power generated, but in 2023, a significant proportion of that power increased in quarter four. That was a period when the solar generation was minimum. The additional power at the beginning of 2024 was bigger, and the full period of generation and the increase in 2023 have resulted in an increase of four times in the renewables generation from that source. Now, some information about the investment plans and about the most advanced aspect of it. There are two projects here: Darżyno and the solar plant in PV Żary and PV Nowiny Wielkie. Those are practically completed, ready. PV Nowiny Wielkie, 95% completed. Just some formalities are being finalized, but it's fully electrified now, solar farms.
The remaining projects that you can see here, 80%-90% advanced, and quite likely that they will be commissioned and completed this year. Two weeks ago, we informed you about an acquisition. One project resulted in acquiring six wind farms. The combined power is 83.5 MW, and that will significantly increase our generation potential and the installation in renewables. We have practically almost, like, more than doubled our wind capacity existing thus far. Now, a few facts concerning this acquisition. Like I said, six wind farms. This transaction has been finalized. The market actually has, in fact, been informed about it. It was at the end of March that we informed. The combined number of turbines is 2,983.5 MW. The turbine predominantly commissioned in 2022-2023, apart from one of the farms that was commissioned towards the end of 2020. It's still operational.
We are looking that the maintenance and lifespan will be of 30 years. The price of this wind farm, converted into MW, is PLN 10.4 million, about PLN 130 per MWh , which is a very good rate, very good productivity of this farm. It is quite a valuable asset for the renewables portfolio. Like I said, the overall energy generated from that farm and from the remaining installations will, of course, be dedicated to the retail market for retail and business clients, as well as, you know, households. A few facts about what is happening. You could say that on the investment in the investment area during the project development phase, like I said, we are still verifying our development pipeline. We are showcasing the most certain things that are definitely going to happen.
There's a lot more projects and perspectives in the pipeline, twice as much, rather than just this one of 29 GW. These are issues that we're looking to complete within the next two years. Those are solar, about 508 MW. Those are energy storage facilities. Those that will be able to work with solar installations, but also standalone. There are five projects that are at really advanced stages. We have got the terms and conditions issued already. Construction could even start this year. We're also looking at receiving the terms of construction in 16 other projects of the combined capacity of 500 MW. Now, for the storage, it's just for the renewables sector, but our ambition is to also provide for storage in the systemic generation segment for the energy transformation area.
Now, wind farms, in that area, I'm really hoping that at the end of May, beginning of June, we will be able to complete the construction and formalize all the aspects on the wind farm that's just under 20 MW. We are developing projects for a combined power of 166 and 5 in wind. It is very dynamic here. We are really quite active in the wind sector. This perfectly supplements our profile so that we can structure and manage our energy very well. We do need to have the adequate mix of both solar, wind, hydroelectric sources, and those are the exact proportions that we try to keep up to roll out our development strategy, both by developing projects from the start, but also acquiring projects that are at a certain stage of development. We also acquire completed projects.
Now, for distribution, let's look at a very significant growth of the regulated value of assets vis-à-vis 2024. We're showing you 2025 already, so part of some of the data that's already from the current year. This is mainly due to the investments that we're rolling out. In 2025, we have a higher WACC in the tariff than last year. For regulated revenue, we have received additionally PLN 90 million for 35 investments from this year. That's also a matter of negotiations of distribution companies and the regulator. That's the response of the regulator to respond to the needs of the regulator in terms of financing, very ambitious investment plans. This year, for the first time historically, if you multiply the regulated value of assets and WACC, you need to add on top the regulatory aspects.
In this case, this year, this is PLN 90 million for this year's investments. This translates to regulated revenue. We have higher depreciation resulting from investments. This should translate into distribution outcomes results in 2025. The reason we're doing this is to support energy transformation. Distribution is a very important element of the energy transformation. The ratio that we have in our strategy that we always present in our conferences that demonstrates how much renewable connected power we have vis-à-vis the need of the operator towards 2024, the end of the year, it was 2.1. This ratio was 2.1. This was due to the fact that just last year, in the area, we have an increase of renewable by 1.4 GW. That's a very significant development of these installations. A lot of the new projects are being connected to our grid.
From the point of view of quality, on the left-hand side, you can see how the customers see it. On the right, this is the value adjusted by any potential disaster. When we are managing a distribution company, we are looking at parameters. We are looking at SAIDI, we are looking at the interruptions for statistical customers, and SAIFI, the numbers of these interruptions. Other than Stoen, we had the best results in terms of the quality of the distributed service to the customers. You can see that these parameters are improved every year. Now, at the bottom, you can see interruptions without planned interruptions, where we have to, I do not know, perform some investments or do maintenance work. The upper figure shows you the data together with the planned interruptions.
When we roll out big investments, it is quite obvious that sometimes the customer will have to feel the effect of the work that we have to do. From the point of view of distribution, a lot has been happening, and a lot is still happening. As you might have noticed, last year, we did not complete the investment plan. Only 80% was rolled out. The reason for that is very simple. We started to develop, started to implement the plan really late due to the changes in our management board. We have learned our lesson. We want to do long-term managing. We are contracting investment plans for the five-year development plan perspective.
We're preparing it in such a way so that the investments are not carried out in the last months of the year, which means expensive and rushed unnecessarily from the point of view of contractors, work, suppliers, etc. This year, we have already contracted 80%. So 80% of our plans has already seen contract signs, supply or investment contracts. We are looking at investment supply as well. That opens the market very much. Entities with smaller potential can also enter to do work on our grid. We communicate quite significantly with the market so that this year and in the years to come, we can perform our investment plans in a sustainable way from January to December without a hockey bat. Not everything has to happen in the last few months of the year, basically.
Looking at big tenders, we've already had the outcome for the tendering of the meters. We will be assembling them. We have selected our suppliers already. In the second half of this year, we will significantly speed up the process of assembling them. We want to reach the target of 35%. We currently have 70% of metering already achieved. The project is to complete in 2028. We are also making a lot of effort in the area of financing. All of the large entities present in the market have already been informed about how much funding they have been given from the RRP. I hope this will not be last but not least. I do hope it will be last but not least. I'm hoping that basically this will be at the level that is not inferior to what other companies can enjoy.
Our share in the program should be communicated in late April, early May. We are concluding our contract with the bank that's operating the program. We are also active in other programs. We are now launching RRF, SGPLO, as I've just mentioned, but it's also about subsidies. It is organized by our agency, SAFI Repower. This is for rural grids. We are hoping to participate in this financing in a large extent. It will help us with our investments. Finally, transformation. As the operator, we've been very active. We have 7.2 GW connected to our grid. At the same time, we have agreements and conditions issued for another 7.8 GW. We have applications for another 11 GW. It's a lot. We've been working on it.
We've been on it, on the communications work, just to make it easier for our customers, that is, to renewables producers. We know a lot still remains to be done. Still, our customers can see that, and they will see in the coming months that we've been becoming more efficient with management. We are also working on increasing the flexibility of our network for grid. Switching off the producers when there is too much energy in the grid affects our operator to a large degree. This is also why we've been looking for solutions. We've been working with PSE. We now have this interventionist supply of active power. This goes for some of our customers. We've been working for the same for the passive power as well.
We have been wondering how to use storage facilities just to use this energy that is generated within our grid so that we have as low a level of not-used energy as possible.
Ladies and gentlemen, I am quite sad, to be honest, to be discussing the results in trade and sales. There is huge potential in this segment with stable volume, 25 TWh increase to the tune of 10% year- on- year with a very similar structure of customers. Unfortunately, margins are far from satisfying. From the segment minus PLN 4 million, the margin at the level of zero, more or less. This is something that makes us sad a lot. Of course, the reason for that is all kinds of regulations, price freezes, etc.
I will tell you that for 2024, because of these regulations, we've lost PLN 430 million, around PLN 100 million was because the tariff was lower in the second half of the previous year. Let me just remind you that we have now tariffs for 18 months starting in July 2024. It has cost us on the side of the result around PLN 100 million. PLN 70 million is provisions for prosumers, and these prosumers who are settled in net metering system. Another painful thing is that over PLN 250 million, this will be settled in September and October. This is due to price freezes. This is due to limiting the margin to 3% in specific segments, mainly for SMEs. We do hope that this situation will change, that price levels will change.
The market is right now in such a shape that this should be free market prices, not detrimental to any customers. Now, the conditions are not easy because PLN 15 billion of profits and zero EBITDA margin, it does not make you feel very optimistic. As an entity, we've been very active on the transformation side because trade is really the driving force of the transformation. Green energy, or even this energy transformed via gas, it has to be made available for customers. We have to follow this technological transformation path. We must introduce all kinds of IT solutions and instruments just to facilitate the service. We've been doing that. We sold Enea Smart to 2,000 customers. It's a tool which makes it possible to regulate, calculate, and steer your energy consumption. Now, 16,000 households and 6,000 business customers have signed agreements for green energy with us.
We started the sales in the fourth quarter of the previous year. Also good results for tenders. We've won almost 60% of the offers that we made. For example, the city of Warsaw, the city of Wrocław. These are the biggest transactions. All in all, 339 tenders won. At the end of the previous year, we launched also an app. A few thousand customers use them right now. It's a very comfortable, very smart tool to use. You can monitor and settle your energy consumption. Now, when it comes to our company, to our green window, Enea EKO, let me just give you some data. First of all, we have a license for trade in green energy. It's the last stage. We've been now ordering things and signing agreements. I hope it will take us a maximum of two months.
This is when we'll start the sale of green products. This will be the biggest area of operation of Enea EKO. We have been very active in energy efficiency. Now, we've made an offer for 2,500 customers, an offer for energy effectiveness. We had seven or six webinars for a few thousand customers of ours. These webinars were hugely popular. During these webinars, we discussed green transformation, energy saving, etc. We have our own policy of energy efficiency, almost 500 TOEs of savings that were submitted to the Office of the Energy Regulation. We have been active in selling audit services and other products. Over PLN 1 million in revenues from the sale of such services. We hope that after summer holidays, we will sign even more agreements. We are ready for it. The most important business event will happen when we start to sell electrical energy.
We are getting there. We are almost there. Now, on the sad note, one more thing, two slides from me. It is a must-have. It does not make us happy. It is not operational, strategical work. This is something that you have to do simply just to close a chapter and to clear the company. We have conducted 36 audits and controls. You know some of them to some extent from my previous presentations, but also from our publications. The most important is the activity of Enea Foundation cooperation with the Polish National Foundation. I will go into details in a sec. Now, giving conditions for an operator investment in Ostrołęka, the biggest topic, biomass supplies and civil agreements. For controls, financing of the electoral campaign, cooperation with counterparties, and employment of advisories in our capital group.
These audits, now when it comes to the most important ones, is the Enea Foundation. That means, to be more specific, to use these gifts or donations in an irregular way. Certain legal steps have been taken. We have informed the authorities about the suspicion of a crime. It is all to the amount of PLN 3.6 million. We have decided to liquidate, to close the foundation. We have another entity established. There was huge neglect and many problems surrounding. We have closed this chapter. Now, the Polish National Foundation, we have filed for a return. It is about PLN 35 million. It is also about an illegal use of the funds. It is about changing the statute of the foundation. It is at the stage of the first instance on our side. The purchase of production fuels, this is the Arkan company, that is the biomass supply.
Complaints have been prepared to be submitted to arbitration courts. It is an international trade, so it will make things more difficult. This is something that we have to do. Now, the biggest topic in terms of money is PLN 656 million. It is investment in Ostrołęka C Power Plant, the coal power plant. It is a huge loss. There is this parallel proceeding. In parallel, there is this criminal procedure. We have been claiming for compensation. Now civil agreements. We have been taking a look at all that in recent years. We are taking all the necessary legal steps to recover these amounts. It is simply because this money was paid in an unjustified way. This is the good out of the bad news, and we can move on to investments.
[Foreign language] .
We have said a lot about results and what's happening in the company. To make this image even more complete, let me just spend a few minutes talking about investment outlay. Let me just remind you that last year we did not fully implement our plan. Every quarter we said that. The reason for that was, as Grzegorz has said in the context of honest, when we entered the organizations, we decided to look at the plans and to check the reasonable grounds for the expenditure that was being made. Some of these projects were not completed on time due to some corporate decisions, such as financial plans, for example, were adopted at a later stage. We just ran out of time with the fulfillment of some projects. Still, over PLN 3.4 billion in investment was made. 55% was spent on distribution.
I don't think it will be a surprise to anyone in this room when we recall the information also indicated by President Lel ą tko, the volume of investments that we make for renewables and for the connection of renewables, but also modernizing and maintaining our assets. That is also a significant amount of expenditure that it consumes. Also, almost PLN 1.9 billion was spent on the distribution area, a lot less on renewables. We had a more spectacular plan, but you will know very well that there was a significant adjustment of prices in the investment in renewables. Some of these investments were never completed, even though they were in our portfolio. We needed to adjust some of the investments in the conventional energy area. Some of the amounts from EKO Gas were transferred. As Bartosz has said, we did not really conclude a contract in the power market.
Some of the land acquisition in EKO Gas were shifted towards a later stage. It will cause a slight deviation this year. What I'm thinking is important to share and to emphasize here, as you can see, for this year, we're planning almost PLN 8 billion of investments this year. I'm thinking this amount is respectable. We also need to look at two issues. We're slightly trying to catch up with last time because the majority of the investments in the previous years just quite simply never happened. The group has a huge technological debt in terms of the transformation of our assets. Let's be honest, in these significant amounts, other than the distribution that's almost PLN 3 billion, we've had quite significant investments for the group that are of strategic importance. These are gas units.
We're planning almost PLN 900 million to be invested in the Kozienice gas units. We have a very ambitious plan in the Kozienice units because we have won the power auction, and we need to adjust them to the requirements. These are definitely the investments that are going to roll out this year. Now, Bartosz has said a lot about renewables. PLN 2.5 billion planned investments, almost PLN 1 billion has already been spent because we have completed the acquisition. If we look at the profile of our investment, you can see that, well, distribution and renewables are the areas which will be dominating this year in this group. Also generation, meaning transformation of existing units, are going to be a significant factor here.
This slide would probably complete the picture of all of our results and what we have managed to accomplish, what we managed to accomplish last year. I wanted to also touch on a few components of our group strategy. As you might remember, last year, we adopted a strategy, including five basic pillars that you can see in the slide here, and 25 goals that we wanted to achieve. Now, we have, I think, completed verification and commissioning of projects. We have 160 projects that have been launched. Over 20 of them are strategic projects for the group today. They are being verified, monitored by a special task force. We call it a strategic committee. Other than the group's board, we have also invited the key figures from the management of each of these companies.
Our plan is very ambitious to implement all of the goals that we designed. We have put down the most important projects on the slide that are part of the strategy and specific pillars. Now, we have the transformation of coal assets. That is one of the critical pillars. We are looking here at the construction of gas and steam units and the possibility to transform the units in Kozienice by adding biomass to the combustion basket. For the development of the renewables capacity, we are generally looking at developing this founder infrastructure. A lot has been said already about this. It is worth looking at the new dimension of our products. Bartek spoke with some degree of sadness about the results. This also translates to a few plans that we have put in the pipeline. The new EKO pipeline project offers we will be growing that sector.
We are also looking to prepare and implement changing the model of sales development. As you know, we are the only energy group where the mother company is also the seller and takes part in the trade exercise. This means we supervise the distribution company. From the point of view of building a philosophy of sales, this is consistent. We are trying to isolate sales to one of our companies within the group. We are centralizing the wholesale market and trading in order to optimize and synergize the whole process within the entire group. I am thinking that what is also meaningful is distribution. A lot has been said in this area. Perhaps I should not really be repeating any of that. I just want to say a few words about operational excellence. I think a lot of the companies are talking about it.
What's really important is that people matter in the organization. When we talk about operational excellence, we are building plans for growing competence in the organizations. Just like all the other energy groups, we are looking at facing the situation where there is going to be a mismatch of competences and human resources in all our locations. There's going to be a shortage. We have slightly a high age average in our workforce. They will be retiring slowly but surely, which means that we will need to fill the competence gap before it has a negative impact. Now, we're obviously following all the indicators in our group strategy. A lot of these have been covered in the speeches. Distribution, SAIDI, SAIFI ratios. We talked about the net indebtedness to EBITDA ratio.
To sum up the investment plan, perhaps the PLN 8 billion that have been earmarked for this year, it's perhaps worth drawing a link between our net debt to EBITDA and investment plan. Although PLN 8 billion seems to be an immense amount, this is the level of investment that, seeing our financial capacity, is safe from the point of view of our balance sheet. It's necessary for the group. Please also note the renewables installed capacity, 2.5 GW, 2.2 GW, but 0.5 GW was the power of green energy. Most of that from the green unit in Polonia. Our plan up to 2030 is 2.1 GW and 2.4 GW, 4.9 GW in 2035. I think that what's been planned for this year is of no surprise to anyone. The topic that remains is something that I think is a feature for the first time during our conference.
That's ESG. As you know, our group reported this year for the first time according to the European standards. We have submitted an ESG report disclosing our impact on the environment, but also the impact of the environment on our organization. I must say that the first report, the analysis and the outcomes of this analysis and the gaps that we have in the group is that we are actually building ESG from scratch. The most important thing that seems to be part of our strategy is to prepare one. We treat this as an opening report. The majority of topics that feature inside it, so the significant risk factors, the impact on the organization, the disclosures of any kind, mean that we will be putting in practice a lot of the important aspects of it.
As you know, in our strategy, we have said that we wanted to upkeep the increasing value of Enea and to keep our market standing. I think that ESG responds to how we want to do it. It is against this backdrop that we will be working more specifically on the decarbonization strategy, but also human rights and the environment protection. There are still a lot of areas where we can do quite a lot in terms of circular economy. One positive area, which I believe transpires through the ESG report and is worth mentioning, is our positive impact of us as an employer on the employees. Our employees have a stable quality workplace. That has been very well assessed in our report. This year, we started with training, preparing the management, the supervisory board.
We have also prepared the first goals for our strategy that are important from the point of view of ESG. In September, we appointed the ESG department, and we started the cooperation and the development of a whole set of information. I must say that this has been a very difficult task. The fact that these regulations that have been implemented in Europe are not easy to transpose, I think a lot of the companies are still learning, auditors as well. We have done a lot of work, and there were a lot of doubts as to how we should approach certain of these issues. I think that next year will be a lot simpler. Now, the most important outcomes will not be a surprise. The biggest impact is in the area of environment.
It's not just our impact and our emissions and river pollution and using water resources. What is also meaningful is to adapt to climate change. We know that, for example, the cooling of our units, which are in the open system, or any sudden weather conditions such as hurricanes or other natural disasters that could have an impact on our distribution infrastructure, this will be meaningful for many aspects of our operations. Of course, one more thing that we need to take care of this year is a strategy and preparation of all kinds of activities. The things that need to be done, these activities that will be described in our numerous policies, there are still many areas in which we can train people. I think that education plays a very important role, basically education at all levels of the organization.
We have devoted a lot of energy in raising awareness. Still, there are many areas in which we can improve. This is our plan for the next year. Within six months, we should develop our ESG strategy. As part of this strategy, we will have specific goals to be achieved. We want it to be coherent, consistent. We have a dozen policies that we have to implement in the organization. When it comes to the policies that such groups like ours should have, we have none of them. It is a huge amount of work. We need to prepare what we want to do, what goals we want to have, how we want to decarbonize. It is also about regulations or standards, policies. They simply need to be there in the group. That is it from my side. Thank you.
Ladies and gentlemen, I would like to summarize. What are the perspectives? What will we be facing in 2025? What are the main indicators, business indicators will we be looking at? In terms of extraction, we expect a stable level of production and sale of coal. This plant generation in our system sources will be according to the plan and will be stable. We have to bear in mind the possibility of coal prices being reduced. It will be correlated with coal prices on global markets. This will depend on this long-term prognostics of $100. For distribution, we've mentioned that we hope that we will have good investment return on capital invested. This is why we have this investment plan being implemented. We expect stability in this segment. Generation will definitely be a difficult year.
Production levels will be a bit lower and margins that we'll obtain, given that electricity prices right now are around PLN 400. This means it will be lower. I showed you the CDS negative spread. On the other hand, there is possibility to repurchase energy and also to have more energy that will be produced with a zero variable cost. This is a huge opportunity for us. We'll, of course, try to optimize as much as possible, but also try to use the balancing market opportunities. Dynamic investments, implementation of the plans adopted, what I've shown you in our investment pipeline. This is important. This year, there will be a significant increase in comparison to the previous year, increase of production levels in renewables.
If we succeed and if the conditions will make it possible, if the market environment will make it possible, we will be in a good starting point on that, the beginning of 2026. The sales and trade segment will definitely be emphasizing the importance of the green energy. We have 500,000 GWh of renewable sold for the perspective of, in the perspective of five years, we will be conducting intensive work. Let me just remind you that most sales happen between September and the end of the year. We are already now offering things. We are active on the marketing side. We want the offer for the retailer, for the individual customer, and for business to be visible on the market. The drop in energy prices might translate into this marginal decrease in individual margins.
What we are hoping for is that the market will really become a market again, that there will be no additional regulations or intervention mechanisms. They were right. They are right in the face of huge volatility on the market. When we look back, when we are looking now at the year 2025, there seem to be no grounds for them to exist anymore. We hope that this year, these interventions and regulations will disappear. Now, on the regulatory side, I have mentioned that a lot of things will be happening this year. What is important for our group, it will be the power market, supplementing auctions for the year 2026, and especially for Kozienice power plant, but also additional auctions until the year 2029 and for the following years. They will determine our investment opportunities in gas.
We hope that there will be solutions and regulations for windmills. There is this CSIRE, which is a big challenge. It's necessary, but it's time-consuming. RED III and biomass. The question is, will the directive be implemented? Will we have more time? There will be this biomass regulation. It will have a huge impact on the possibilities and directions of our development in terms of cogeneration of biogas in Połaniec, in Białystok power plant. Also, it will have a huge impact on the strategic project that is the greening of units in Kozienice. Thank you. Thank you.
Transformation of Enea is taking place before we showed you the first part of our project. We want to show you the second episode of the assembly of the turbine blades. It's very interesting because one blade is 64 meters in length.
Ladies and gentlemen, now is the time for questions, questions and answers. Now we would like to give you the mic. Please introduce yourselves. I can see a lot of hands. You can ask a question when you have the mic.
Thank you. I do have a mic. Rafał Zasuń. I have two questions. The first one is about the investment pipeline that you've shown. Do you think it's profitable to invest in solar farms and PV? Because many companies say it doesn't pay off due to the price dynamics. They don't want to invest in big PV farms. They rather switch to the wind once the act has been unblocked. That's the first question. Now the second one. Would you be so kind as to say what you mean by the modernization of coal units in Kozienice, especially?
Because we know what will be happening in Połaniec, but what about Kozienice? Because a big part of the investment will go there as well. Could you please give us more details?
Thank you. When it comes to investment in PV and in renewables, yes, indeed, we do realize what the situation is on the PV market. We have almost 23 GW of installed PV power. And given the conditions that have been given, we'll have at least three more GW added to that. As you can see, we have a bit over 70 MW. It's not a lot. We've started the investment. What is important is that these projects are developed by us. Fortunately, there were huge price decreases. One year, 18 months ago, there were attempts to sell projects for PLN 4 million.
Right now, with big engagement and with optimal investment, you can get to the level of less than PLN 2 million, or even between PLN 1.5 million and PLN 2 million. Of course, we will be building photovoltaics with storage facilities just to increase the value of this profile. Because with PLN 300 for one MWh , with these short-term investments that I've described, we have it all calculated. We've done the maths. This is acceptable and it's good profitability for this renewable segment. We need to be very reasonable with spending CAPEX. We need to increase the value of this profile. We want to sell the energy by structuring that in the right way to the final recipient. Now, when it comes to modernization expenditure, let me just put it this way. There are many standard renovations, small, medium renovations, and complete renovations.
They are necessary to make the units work. Now, the technical longevity of our 200 units is for nine, ten years more. In order for that to be possible, so that the technical supervision office allows for that, we need from time to time to review that and to renovate these blocks. I have already mentioned that it is a few hundred million that you have to spend annually for this work on coal units. This is something that will make it possible for these units to function for the years to come.
Okay. Next person, please.
[Foreign language] . Maciej Martowicz. Maciej Martowicz, good afternoon. I have a question. On the slides, we could see that 140 MW and wind is in acquisition. Could you tell us something more about the project? Is it just one project or a few of them? Will that really happen?
What stage is this investment at? Now, something that also that you said about expenditure this year, that you could do that on your own balance sheet. Does that mean that you are planning a bit at the level of PLN 8 billion? That would mean an increase from this PLN 7 billion. One more question about this tariff application. Do you think that the price will be higher or lower than PLN 500?
I will start. When it comes to the balance sheet, we have a two-fold strategy. PLN 107 billion. Out of that, PLN 67 billion, we can afford that. We can do that from the balance sheet in the perspective of 10 years. But for PLN 40 billion, we have to look for additional financing sources. We have started cooperation with PKO BP and will be on the lookout for financing options.
What we meant is that PLN 8 billion that we want to do this year is part of this PLN 67 billion that had been planned under our own balance sheet.
I would like to answer the other two questions. For acquisition first, yes, that is true. We've been working on acquisitions. I hope that soon we'll be able to give you the results. There are also many projects that will be ready in a few years' time, but we are interested in them right now. Wind, as I've said, now the onshore wind technology, this is something that takes a lot of time to develop. Sometimes it's even more than seven or eight years. This is why we've been looking for it. This is why we've been developing our own projects. Now, the question about the tariff price. Will the price be higher than PLN 500?
Let me put it this way. When it comes to 2025, right now it is PLN 622. It will remain so for the time being. If we are called to change the tariff as of the 1st of July this year or effective later, then we will know what level we are talking about at all. Let me just remind you, and this is important. Let me just remind you that the price of PLN 622, which is the tariff price right now, this is the price that was lowered last year by PLN 100. It was lowered as of July the previous year. This price is supposed to cover our costs. In 90%, we have incurred the costs of the energy until the end of June. We have hedged our position fully because it was difficult to speculate whether prices would be higher or lower.
This is part of our procedures, contracts that we sign, and risk management. 622, this price reflects the energy costs for the year 2025. These costs were incurred until the end of June 2024. This price also reflects the margin that is supposed to cover the loss for the second half of the year 2024. That was more than PLN 100 million. For 2026, everything depends on the price of the electrical energy. I do not think it is real below PLN 500 as a final price. Unfortunately, the question is asked without the microphone. If in April regulations remain unchanged, if we are obliged to make this kind of an application, we will. We are in constant dialogue with the Office of Energy Regulation. Right now, the price is PLN 622. Next question.
Just to finish the answer, we've presented our calculations and our costs in detail. What did it cost us to pay for energy, the rebalancing, customer service? It's over PLN 300 million for individual customers. We've presented all the calculations. We've shown how the tariff price for 2025 is shaped. We've presented the perspectives with certain preconditions for 2026. I cannot go into details right now because it's kind of an internal discussion going on right now. I think first we need to have this application to change the tariff in order to do that. We have the whole process of establishing the tariff price if it was supposed to be changed as of the 1st of July. The result will flow from specific calculations.
I am deeply convinced that the regulator, the President of the Office of the Energy Regulation, will analyze the costs in detail, will take a look at the level of the costs, and will adjust the tariff price to the costs. This is what this mechanism consists of. The principle is that we incur costs accepted by the regulator. These are the costs of electrical energy purchase, balancing, profiling, our own costs, all kinds of capitalizations, SERA expenditures, etc. This is all taken into account. We make a balance sheet on the side of revenues of what we had, what we could have. There is this price that is not detrimental to anyone.
Next question.
I wanted to follow up on what Maciej said. We all know that this year you are in the process of recovering the losses that you had last year.
The tariff for one year and a half, you were supposed to recover the costs. The government put you in a strange position because they asked you to prepare this new tariff application. It is directly stipulated in the legal act. Either you present this tariff application or the tariff will be lowered in the second half of the year because it says about 90%. Correct me if I'm wrong.
The answer, no, it's not like that. We have to make this tariff application. Of course, we could enter into a dispute, but we don't want to do that. It's not possible. Not making this tariff application or not concluding the process so that the tariff can enter into force as of a given day, for example, as of the 1st of July, would mean that we will not get compensation.
We will act according to the law. We will participate in the process of making, submitting these tariff applications. It will not be one application.
Now, on the side of analysts, Citibank.
Good morning. I have a few questions. Firstly, the acquisition of the wind farm. Could you tell us what the EBITDA was as it was the existing farm? On the basis of what price this EBITDA was calculated? Is there any PPA? Yes. With whom? Could you please tell us more about the farm? PLN 920 million. What did you spend that on?
Firstly, we did not spend PLN 920 million. We spent PLN 868 million. Whether it will be more, we will see once we assess the productivity of the farm. Now, the return rate, EBITDA, the return rate on the investment, IRA, MPV, they are favorable to us. They are satisfying.
As I've said, the productivity of the farm is pretty good. The purchase price is within the average, or even it's in the lower price range for this indicator per MW, as it's around PLN 10 million, PLN 10.5 million, and plus PLN 400,000 for one MW, and PLN 140,000 for MWh. It's good. It's a good result. This farm has a PPA for some part. It will be converted by us. We will have all the electrical energy at our disposal. I will not be precise, but it will be around 230 gigawatt hours annually.
Again, correct me if I'm wrong, but if you take the forward price, if I want to close the PPA on the market, pay as produced, it's around PLN 300. You had 250 GWh . I'd say it's around PLN 70 million. You paid PLN 11 million and plus the EBITDA.
Is that this kind of an indicator? Is that still a market kind of a wind farm? This is what the market is afraid right now when you study CAPEX, because you take part into competitive auctions with other state companies and you overpay. Could you please confirm what the EBITDA was? What is the predicted EBITDA in the perspective of, let's say, two years? Because I can imagine that the price in Poland is like in Germany. Right now, Germany is EUR 65.
First of all, I need to deny what's just been said. We are absolutely not talking about PLN 300 as a price. We will absolutely not be selling energy to anybody from this wind farm at PLN 300. We will not be selling it at PLN 400 either. Like I said, the whole energy from this farm will end up in the green portfolio.
It will be structured, and it will be sold on the retail market. Today, the levels on the retail market are from PLN 460-PLN 600, depending on the client group and the type of product, what the contract deadline is. This is how we want to manage this energy. We are absolutely not intending to sell this energy at PLN 300 or PLN 400. That is number one. I do apologize. I do not remember. I cannot tell you what the EBITDA is, but the yield is definitely good when it comes to the renewables segment. I do not believe that today the issue of acquiring such a wind farm, well, let's remember that acquiring one, acquisition of a ready-made operational wind farm also eliminates a huge risk, investment risk, technological risk, time-to-market risk.
Any times of delays in the CAPEX timetables, I think this is an absolutely profitable transaction. It's a beneficial market transaction. I am convinced that both from the point of view of a business center and our Nowa Energia, it will be positive and beneficial to the EBITDA of the company, but also from the perspective of the group. It will generate the margin on the sale of this energy generated by this wind farm.
All right. One more question before I give over to my colleagues. The repurchase of energy, could you please explain whether it's just for you that this effect where you can sell and repurchase on the spot, or is it for all the energy? Are you selling something when you're in the money or out of the money and then repurchasing? Why would it structurally work just for you, not for anybody else?
Why would base be different? This is part of your profitability that could evaporate at some point, couldn't it?
The repurchasing of electricity is something that's been present always. Ten years ago as well, you sell a certain profile in the energy jargon. You can say that you purchase bands for units in specific hours. Now, we didn't have a lot of renewables ten years back. This repurchase was done in off-peak hours, 2:00 A.M, 3:00 A.M, 4:00 A.M., 5:00 A.M., 6:00 A.M. and on Sundays and during holidays. It was about 200 hours where definitely it wasn't profitable to produce, but it was profitable to repurchase. If an energy generator sells the energy from a specific unit, then they can either generate it and then provide it on the market, or you can repurchase.
Now, in order for a repurchase to take place, you need to sell the energy first, right? If it is not contracted, regardless of the profile, for a specific hour or a specific unit, they will either not generate it and not sell it, or they will generate it and sell it. There is nothing else that can be done. If somebody has sold, then depending on whether it's profitable or not, they can repurchase it. They can produce it. If now the cost per unit is higher for a specific hour than the price available in the market, more likely than not, the offers will be put in such a way so that we can repurchase this energy. That's what the whole business is about.
I believe that the scale, the volume of the repurchasing will slowly but increase in a stable way in terms of MWhs because inadvertently, this energy, if you have the volatile zero cost, there will be more of this energy available. I cannot imagine that we can generate energy if it's available at PLN 100 or PLN 200 or PLN 300, or even if the cost is negative. There will be such situations where operators will ask us to generate, but that's a different type of situation. That's forced.
Mr. Puchalski.
No, let me ask a question. I wanted to ask you about the acquisitions. Do you then imagine that the price cap that you have paid for this farm, that that's a cap, the maximum cap that you are capable of paying on the market, or can you imagine paying more? Briefly.
Yes, of course, we do not believe that it's a maximum cap. It's all going to depend on the economics. Like it's been said before, I have a revenue of PLN 300 per MWh. I want to buy, I will want to buy a farm for PLN 6 million per MW. If the prices of energy grow, then the market and the technology and the cost of such a farm will also grow, right? We know how this has changed before. The CAPEX outlay over 15 years on wind turbines has changed so much. There have been such at PLN 6 million, such at PLN 13 million. Now, the average level is about PLN 9 million-PLN 11 million, PLN 12 million. You need to expect that it'll still be cheaper, whether it will be cheaper in half a year or in a year. We don't know that.
It could also be more expensive, couldn't it? The market will balance the price. Can you see the availability of such wind farms? Very, very scarce, I would say. You are perfectly aware that the whole business of wind turbine development has basically since 2016 been put on hold, 95%. A lot of these projects are in an early stage of development. There are some projects that are available for acquisition, but they are definitely very much limited.
The gas unit in Kozienice. Can you imagine that if you do not win the auction, a supplementary auction, you will still be going ahead with a project? At what stage are we when we're looking at selecting the contractors?
Matchball. We cannot imagine otherwise.
Another question concerning Bogdanka, the mining, the extraction this year. Could anything change in terms of increase?
Another scenario, anything new, any new prospects for the ownership structure, or does it stay unchanged?
The second part is not for me to answer, but for the volume, just like we said, speaking about the results, we have learned the market, we are understanding it, and we are adjusting our needs to the abilities. We do not see any risks in this topic.
For ownership structure, we are not predicting any changes. I think what we have right now is satisfactory.
Mr. Puchalski? Santander. Santander. Mr. Puchalski.
First question on distribution. You did not deliver the CAPEX last year. This year, the CAPEX is increasing significantly, but I am looking at your strategy, PLN 40 billion over 10 years. It is not very high, is it? I am thinking the regulator has a floor of PLN 7.5 billion plus something for delivering the investments.
Aren't you afraid that you might be punished, quite simply, with lowering this in distribution due to insufficient spending? That is the first part of my question. I heard about PLN 11 million, PLN 12 million, PLN 7 million, PLN 8 million of three companies. Did I miss a communication from Enea regarding how much it will receive from the RSP, or has it not yet been disclosed, and why?
All right, investment. There is a floor on the level of 80% of performing your investment plan, and this is what we fought for last year. We told you what the reasons were for that, one organizational, and I think also the habits that such organizations have is to plan in an annual span. I approved the investment plan. I implemented it in one year, which means that at the end of the year, there is an increased level of expenditure, which increases the risk.
Let me just recall that we are putting in practice very large projects such as replacing meters, etc., unfortunately, because it's not helpful. It's not proving to be helpful. We buy from PZP. The tendering procedure is lengthy. There are shifts in time, which could trigger some problems. We have triggered some measures. We contract the investment plan from the point of view of the development plan. In the five-year perspective, we're not just thinking about investments for this year, but we're looking at multi-annual investments. We're monitoring these processes. We're implementing changes in the purchasing structure. We're introducing more flexible market. We talk to contractors. We do all of that to be able to complete our investment plan. I cannot imagine that we should have the same problems this year as we did last year.
We will be enforcing the performance of the contracts we already have, and that's 80%, and we are all active in the remaining 20%. We're quite determined. The market needs it. There need to be some changes in distribution in the grid. The grid needs to be more flexible so that we can connect next sources and so that we can avoid decommissioning the existing ones. Now, for our RP, it's our last strategy, but we believe that the information we will communicate to you in late April, early May will be good news, not different to what the market standard is. We're at the end. Somebody has to be. The applications are analyzed one by one. We will just take the rest. It would be good if we could. I think that this is the last stretch now.
We really are finalizing our deal with BGK, and I think that we're also requesting some subsidies. We'll be applying for those, and we're hoping we will get some.
Last question. Just as for the strategy, one slide was missing here. What about the dividend? When are you going to offer one for our shareholders?
There wasn't a slide on the dividend, but we do understand the expectations of the market very well. We hear what you're saying to us. We're analyzing this. It's not the time. This is also the ownership decision, but we are analyzing this.
Thank you very much for your questions and responses. Early this week, Enea launched the image campaign, Enea and much more. The protagonists would be the ambassadors of Enea, Aleksandra Kałucka, Olympic champion from Paris, and Natalia Partyka, who has many times won the Paralympics. That's not all.
The music was composed by Leszek Możdżer, an exceptional artist, who was also present in our festival.
[Foreign language] .
[Foreign language] . I hope we will never run out of energy. Many thanks for participating in our conference. I thank the management for the presentations and responding to all the questions of journalists and analysts. Before I invite you to our next conference, let me also invite you to our investor chat with Mr.
Marek Lel ą tko in the investment zone at 10:00 A.M. tomorrow morning. Please watch and ask questions. Let me invite you to our next conference. We will see you in May.