AA1000 - International standard of corporate social responsibility, which incorporates social and ethical issues in strategic governance of the organization and its activities.

ACER - Agency for the Cooperation of Energy Regulators.

Adjusted first contribution margin - Margin on retail trading of electricity and gaseous fuel earned by ENEA S.A., presented together with wholesale sales of ENEA Trading Sp. z o.o. adjusted for presentation by other conditional factors, such as costs of provisions for claims of terminated PMOZE agreements, revenues and costs from sales and purchases of CO2 emission allowances, partial measurement of CO2 emission allowances posted in operating activities. However, it should be noted that the measurement of CO2 in terms of realized and posted exchange differences is presented in financial activities and affects the financial result in that part.

AMI - Advanced Metering Infrastructure - Smart meters.


Balancing market - Technical market operated by TSOs. Its objective is to ensure real-time balancing of demand for electricity and its production in the National Power System (NPS).

Baseload price (BASE) - Contract price for delivery of the same volume of electricity in each hour of the day.

BAT - Best Available Techniques – a document drawing conclusions on best available techniques for the installations concerned and indicating the emission levels associated with the best available techniques.

Blockchain - A decentralized platform with a dispersed network infrastructure used to account for transactions, payments or accounting entries. Advantages of this technology include, among others, safety, which is ensured by the application of cryptographic algorithms, resilience to failures and transparency of transactions, while maintaining anonymity of users. The list of possible applications includes, among others, cryptocurrencies, the Internet of Things, exchange transactions without intermediaries and institutions, land and mortgage registers without notaries and mortgage courts, electricity trading between prosumers and buyers without intermediaries, accounting ledgers.


Capacity auction - A mechanism introduced by the Capacity Market Act of 8 December 2017 (Journal of Laws 2020, Item 247). In capacity auctions, electricity producers offer the operator a capacity obligation for the duration of a delivery period, which means that they undertake to maintain readiness in the delivery period to deliver the specified electric power output to the system and to deliver the specified electric power output to the system in emergency periods.

CAPEX - Capital expenditures.

CDS - Difference between revenue from sales of electricity produced and the variable costs related to production of that electricity (unit CO2 cost and unit cost of coal including transportation).

CER - Certified Emission Reduction - the unit of certified emission reduction.

Change in working capital - An item from the statement of cash flows.

CO - Carbon monoxide.

CO2 - Carbon dioxide.

Cogeneration - A technological process of simultaneous generation of electricity and usable thermal energy in a CHP plant.

Compliance - Assurance of compliance of the organization’s activities with the applicable law and internal regulations.

COR - The price for the operating reserve.

Cost of products, goods and materials sold - Consumption of materials and raw materials and value of goods sold; Purchase of energy for sale purposes; Transmission services; Other third party services, taxes and levies, excise tax.

Coverage of non-current assets with equity - Equity / Non-current assets.

CSR - Corporate Social Responsibility. Responsibility of an organization for the impact exerted by its decisions and actions on society and the environment; it is ensured by transparent and ethical conduct, which:

  • contributes to sustainable development, including wellbeing and health of the society,
  • takes stakeholder expectations into account,
  • complies with the applicable law and consistent with international standards of conduct,
  • is integrated with the organization’s activities and is practiced in its relations.

Current liquidity ratio - Current assets / Short-term liabilities.

Current receivables turnover in days - Average trade and other receivables x number of days / Sales revenue and other income.


DSO - Distribution System Operator.

DSOn - Distribution System Operator, whose distribution network has no direct connection with the TSO’s transmission network.


EBIT - Operating profit (loss).

EBITDA - Operating profit/ (loss) + depreciation and amortisation + impairment losses on non-financial fixed assets.

EBITDA LTM - EBITDA for the last 12 months.

EBITDA profitability - EBITDA / Sales revenue and other income.

EFET - European Federation of Energy Traders.

Employee Council - Employee representation body established by the Act of 7 April 2006 on Informing Employees and Consultations with Them (Journal of Laws 2006 No. 79 Item 550). Employee Council should be established in employers who conduct business activity and have at least 50 employees. This obligation does not apply among others to employers subject to the provisions of the Act who had signed, by 24 May 2006, an agreement with employee representatives ensuring the degree of information and consultation at least equal to the conditions required by the act.

Employer branding - Activities undertaken by a company to build its image as an attractive employer.

Energy Law - Act of 10 April 1997 - Energy Law (Journal of Laws 2020 Item 883).

Energy Law Act - The Energy Law Act of 10 April 1997.

ENTSO-e - European Network of Transmission System Operators for Electricity.

ERO - Energy Regulatory Office.

EU DSO - the Proposal for a Regulation on the internal market for electricity assumes establishment of the European DSO organization, EU DSO, modeled on ENTSO, which is an existing organization of transmission system operators of great importance for the cross-border energy market.

EU ETS - European Union Emissions Trading System. A European scheme to promote the reduction of greenhouse gas emissions.

EU ETS European Emission Trading System - A European scheme to promote the reduction of greenhouse gas emissions.

EUA - EU Emission Allowance - emission allowance under the European Emission Trading System.

Euro-peak price (PEAK) - Contract price for delivery of the same volume of electricity in euro-peak (i.e. from 7:00 a.m. to 10:00 p.m. on business days).

External financing - Sum of the following Statement of cash flows items: Loans and borrowings received, Issue of bonds, Repayment of loans and borrowings, Redemption of bonds.


FDIR - Faul Detection, Isolation, Restoration, a system enabling automatic detection of faults, isolation of the damage site and restoration of power supply.

FGD - Flue gas desulfurization and heavy metal reduction installation.

FIP Tariff - The FIP System is intended for producers of electricity from renewable sources in RES plants with total installed electric capacity of no less than 0.5 MW up to 1 MW, who are or will be selling unused electricity to a selected entity other than the obliged offtaker.

Fixed costs - Costs that are independent of the electricity production volume. In a power plant, these costs include: payroll costs and charges, depreciation and amortization, costs of consumption of materials and supplies, costs of third-party services, costs of taxes and charges and other fixed costs.

Forward market - Electricity market where forward products are quoted.


GPZ - Main Supply Point.

Green Block’s margin on sale / remeasurement of green certificate inventories - Margin on the sale of green certificates from the Green Block calculated as a difference between revenue from sales and the cost of sales of the certificates, which takes into account the updated inventories of green certificates, i.e. the updated average weighted price of the inventory of certificates to market price in case their market price drops significantly.

GWh - Gigawatt hour.


HCl - Hydrogen chloride.

HF - Hydrogen fluoride.

Hg - Mercury.

HR - Human resources.

HV - High voltage grid. An electric power transmission grid, in which the phase-to-phase voltage ranges from 60 to 200 kV (in Poland: 110 kV). This grid is used to transmit electricity over large distances.


ICE - Intercontinental Exchange - Platform for trading CO2 EU Emission Allowances (EUAs) and Certified Emission Reduction units (CERs) on the futures market.

ICT - Information and Communication Technologies.

IED - Directive 2010/75/EU of the European Parliament and of the Council of 24 November 2010 concerning industrial emissions. It tightens the standards for emissions of sulfur dioxide, nitrogen oxides and dust from combustion plants.

Internal Collective Bargaining Agreement - An agreement between an employer and trade unions, which defines, among others, duties of the employer towards employees and guaranteed employee rights.

Internet of Things - A concept according to which various items, such as household appliances, lighting and heating products, may directly or indirectly collect, process or exchange data via a power installation or a computer network. The purpose of this concept is to create smart cities, transport, products, buildings, power supply systems, health systems or daily life systems.

Inventory turnover in days - Average inventory x number of days / Cost of products, goods and materials sold.

IT - Information technology. Computer hardware and software as well as tools and other techniques related to the collection, processing, transmission, storage, protection and presentation of information.


JGWa - Active scheduled generation unit.


LFC System - A system ensuring automatic load and frequency control.

LV - Low voltage grid supplying individual users with 50 Hz alternating current at 230 V phase voltage.


Margin from licensed activities - Margin from licensed activities is a management indicator incorporating revenues and costs related to business activity involving distribution of electricity to customers located in a specified area. Those include primarily:

  • revenue from sales of distribution services to end users,
  • costs of transmission and distribution services,
  • costs of electricity purchased to cover the balancing difference and for own needs,
  • revenue from grid connection fees.

ENEA Operator Sp. z o.o. holds a concession granted by the President of the Energy Regulatory Office until 1 July 2030.

Margin on generation - Difference between revenue from sales of electricity produced and revenue from certificates, and the variable costs related to production of that electricity.

Margin on heat - Margin on the sales of heat calculated as the difference between revenue from sales of heat and its variable production costs.

Margin on RES energy production - Margin on the sales of energy and production of green certificates from the Green Unit, calculated as the difference between revenue from sales of energy and from the valuation of certificates produced and the variable costs of producing them.

Margin on the balancing market - Difference between revenue from sales of electricity purchased on the balancing market and the costs of purchasing that electricity incorporating the result on CO2 sales.

Margin on trading - Difference between revenue from sales of electricity purchased in trading operations and the costs of purchasing electricity incorporating the result on sales of CO2.

Mg - Megagram, or a ton.

Mobbing - Bullying, persistent harassment and intimidation, psychological violence against a subordinate or co-worker in the workplace.

MultiSport Card - A subscription service enabling the use of various types of sports facilities participating in the program.

MV - Medium voltage grid, in which the phase-to-phase voltage ranges from 1 kV to 60 kV.

MWe - Megawatt of electrical power.

MWh - Megawatthour (1 GWh = 1,000 MWh).

MWt - Megawatt of thermal power.


National Power System - A collection of devices used to generate, transmit, distribute, store and use electricity, connected together in a functional system supporting continuous and uninterrupted supply of electricity in Poland.

Net debt - loans, borrowings and non-current and current debt securities + non-current and current finance lease liabilities + non-current and current financial liabilities measured at fair value - cash and cash equivalents - non-current and current financial assets measured at fair value - non-current and current debt financial assets measured at amortized cost.

Net debt / EBITDA - Interest - bearing liabilities – cash and cash equivalents / LTM EBITDA.

Net profitability - Net profit/ (loss) for the reporting period / Sales revenue and other income.

Nh3 - Ammonia.

Nm3 - Normalized cubic meter of gas, i.e. the number of cubic meters that the gas would occupy in normal conditions.

NOx - Nitrogen oxides.


Operating expenses - Depreciation and amortization; Employee benefit costs Consumption of materials and supplies and cost of goods sold; Purchase of energy and gas for resale; Transmission services; Other third-party services; Taxes and charges.

Operating profitability - Operating profit/ (loss) / Sales revenue and other income.

OSH - Occupational health and safety.

Own costs - Direct and indirect selling costs of ENEA S.A. and ENEA Trading Sp. z o.o.


PKPZ - Employee Loan and Benefit Fund.

PMOZE - Property rights to certificates of origin for energy from renewable energy sources.

PMOZE - BIO - Property rights under certificates of origin of electricity from agricultural biogas plants.

POR - Generating capacity of JGWa constituting the operating reserve.

PPE - Polish Power Exchange.

Properly rights "Blue" - Commonly used name of PMEF, PMEF_F, PMEF-XXXX instruments.

Properly rights "Green" - Commonly used name of PMOZE instruments.

Properly rights "White" - Commonly used name of PMOZE-BIO instruments.

PSCMI 1 - Reflects the price level of class 20-23/1 thermal coal powder in sales to commercial and industrial energy sector.


RAB - Regulatory Asset Base.

RAB AMI - Regulatory Asset Base for AMI projects.

RES - Renewable Energy Sources.

Result on other operating activities - Change in the following items: other operating income, other operating expenses, profit/loss on a change, sale and liquidation of property, plant and equipment.

Return on assets (ROA) - Net profit/ (loss) for the reporting period / Total assets.

Return on equity (ROE) - Net profit/ (loss) for the reporting period / Equity.

RS - Switching substation.


SAIDI - System Average Interruption Duration Index - indicator of the average system duration of a long and very long break in the supply of electricity (expressed in minutes per Customer).

SAIFI - System Average Interruption Frequency Index – indicator of the average system frequency of long interruptions in energy supply (expressed in the number of breaks per Customer).

Scope 1 - Direct CO2 emissions resulting from fuel combustion in stationary or mobile sources owned by an organization or under its control, emissions resulting from manufacturing or processing or fugitive emissions of coolants.

Scope 2 - Electricity indirect CO2 emissions resulting from the generation of consumed electricity, heat, processing steam and cooling, purchased or supplied from outside.

Scope 3 - Other indirect CO2 emissions created in the company’s entire value chain, e.g. in the production of raw materials, semi-finished products, management of waste, transportation of raw materials and products, business trips of Employees or the use of products by final users.

SCoTA Standard Coal Trading Agreement.

SCR installationCatalytic flue gas denitrification installation.

SE - Transformer station.

Selective catalytic reduction (SCR) - An installation for catalytic denitrification of exhaust gases. It operates based on the principle of reduction of nitrogen oxides to atmospheric nitrogen on the surface of a catalyst, using substances containing ammonia.

Smart Grid - Smart electrical grids, which feature communication between all the participants on the energy market, in order to supply energy services at lower costs, enhance efficiency and integrate dispersed energy sources, including renewable energy sources.

SO2 - Sulfur dioxide.

Social labor inspection - Social service provided by Employees to ensure that the company ensures safe and healthy working conditions and to protect employee rights specified in labor law. Social labor inspectors cooperate with the National Labor Inspectorate and other authorities overseeing and inspecting working conditions. The principal scope of their activity is defined in the Social Labor Inspection Act of 24 June 1983 (Journal of Laws 2015, Item 567).

SPOT market Cash (spot) market.

Stakeholder - A person or group of persons interested in decisions or activities of an organization. A stakeholder is anyone who influences an organization and anyone influenced by it.

Supply chain - A sequence of actions or parties supplying products or services to an organization.

Sustainable development - Development that meets the needs of the present without compromising the ability of future generations to meet their own needs and considers the expectations of the surrounding communities and societal, environmental and economic challenges. It enables permanent increase of the value of an organization and rational management of resources.


Total debt ratio - Total liabilities / Total assets.

Trade and other liabilities turnover in days - Average trade and other receivables x number of days / Cost of products, goods and materials sold.

Transformation System Operator - Polskie Sieci Elektroenergetyczne S.A., a company wholly-owned by the State Treasury, which owns highest voltage grids and therefore is the operator of the power transmission system.

TSO - Transmission System Operator.

TWh - Terawatt hour.


Wastewater hydrocyclones - Devices serving the purpose of reducing the volume of suspended gypsum particles reaching the FGD wastewater treatment plant and therefore reducing the volume of sediment/sludge discharged from the treatment plant.

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