Polskie Górnictwo Naftowe i Gazownictwo SA

PGNiG Group Q1 2018 Results

May 23rd 2018 Performance drivers

PLN strengthening yoy against 9-month average crude oil price up Revenue up on high gas both EUR and USD 15% yoy in Q1 2018 PLN USD/bbl sales volumes, with unit cost 4.5 120 -3% of gas rising.

4.32 100 -16% 4.18 4.0 4.06 80 67.03

60 54.04 3.5 +24%

3.40 40 47.30 +15% 54.45

3.0 20 01'15 04'15 07'15 09'15 12'15 03'16 06'16 09'16 12'16 03'17 06'17 09'17 12'17 03'18 01'1504'1507'1509'1512'1503'1606'1609'1612'1603'1706'1709'1712'1703'18

Quarterly average USD/PLN exchange rate 3M moving average of Brent oil price in USD Quarterly average EUR/PLN exchange rate 9M moving average of oil price in USD

Gas prices quoted on the POLPX Day-Ahead Market and Comments: the average price of contracts weighted by volume Selling prices at POLPX: the largest volumes PLN/MWh of gas were traded on the POLPX and other POLPX (Day-Ahead Market) Volume-weighted average price of contracts traded on POLPX (by delivery date) gas exchanges under contracts with maturities of a quarter, season (summer/winter) and year. 160 These were complemented by monthly/weekly futures and spot contracts. The volume-weighted average price of 90.17 contracts traded on the POLPX for a given 89.58 quarter is calculated based on the prices of 81.25 78.72 +10% 76.70 80 76.39 81.16 81.48 83.79 contracts for delivery in that quarter.

average price quoted average price quoted on DAMg in Q1 +17% on DAMg in Q1 2017: 87.43 2018: 102.10 40 01'16 03'16 06'16 09'16 12'16 03'17 06'17 09'17 12'17 03'18 2 Changes in the presentation of services under IFRS 15

The Group has applied the requirements of new Effect of the implementation of IFRS 15 on the consolidated IFRS 9 and IFRS 15 with the use of a modified statement of profit or loss retrospective approach, effective as of January 1st 2018 and, as prescribed by IFRS, did not restate Q1 2017 Q1 2017 2017 consolidated statement of profit the comparative period data in the interim report. before effect after and loss (PLNm) restatement restatement To facilitate the interpretation of financial results, Revenue, including: 11,652 -37 11,615 this slide provides a simplified overview of the Revenue from sales of gas 9,468 -1,234 8,234 impact of IFRS 15 on the presentation of the Q1 Other revenue 2,184 1,197 3,381 2017 and Q1 2018 figures. Operating expenses (excl. D&A), -8,883 37 -8,846 The next slides compare Q1 2018 with Q1 2017 including: restated according to IFRS 15. Transmission services -294 34 -260 Other services -361 3 -358 IFRS 9 Financial Instruments changes to the rules for classification and measurement of financial Q1 2018 Q1 2018 2018 consolidated statement of profit assets, before effect after and loss (PLNm) introduction of a new model for determining expected credit losses and restatement restatement changes in hedge accounting requirements. Revenue, including: 13,297 -50 13,247 IFRS 15 Revenue from Contracts with Customers Revenue from sales of gas 10,853 -1,291 9,562 Group companies which identified their role with respect to specific Other revenue 2,444 1,241 3,685 goods or services as that of an agent changed the manner of presentation of relevant revenue and expenses. Revenue is recognised Operating expenses (excl. D&A), -10,623 50 -10,573 in the amount of net consideration. including: In respect of gas transmission and electricity distribution services, the Transmission services -311 42 -269 Group has no control over the main features or price of such services, Other services -400 8 -392 acting solely as an agent. Revenue from sales of gas distribution services is recognised in an amount equal to the full value of such services provided to customers from outside the PGNiG Group.

3 Effects of presentation changes under IFRS 15 – segments Without presentation changes under IFRS 15 Q1 2017 Q1 2018 The Trade and Storage Trade and Storage segment acts as a agent with Revenue 9,932 11,506 respect to gas distribution, gas Operating expenses (excl. D&A) -9,574 -11,327 transmission and electricity Distribution distribution services. Revenue 1,469 1,551 Therefore, revenue and Sales to external customers 260 294 expenses are recognised in Inter-segment sales 1,209 1,257 net amounts. Operating expenses (excl. D&A) -777 -788 Effect of IFRS 15 In the Distribution segment, Trade and Storage the presentation change Revenue -1,235 -1,297 consists in the recognition of Operating expenses (excl. D&A) 1,235 1,297 revenue from sales of Distribution distribution services provided Revenue 0 0 Sales to external customers 1,198 1,247 to customers from outside the Inter-segment sales -1,198 -1,247 PGNiG Group as sales to Operating expenses (excl. D&A) 0 0 external customers. New manner of presentation Q1 2017 Q1 2018 The next slides compare Q1 Trade and Storage Revenue 8,697 10,209 2018 according to the new Operating expenses (excl. D&A) -8,339 -10,030 standards with Q1 2017 Distribution restated according to IFRS 15. Revenue 1,469 1,551 Sales to external customers 1,458 1,541 Inter-segment sales 11 10 Operating expenses (excl. D&A) -777 -788

4 Financial highlights Q1 2018

Group's EBITDA by segment in Q1 2017 vs Q1 2018 [PLNm] Q1 2017 Q1 2018 D%

PLNm Revenue 11,615* 13,247 14% 1600 1376 1380 Operating expenses 1400 -8,846* -10,573 20% (excl. D&A) 1200 1000 EBITDA 2,769 2,674 -3% 763 800 692 600 Depreciation and amortisation -695 -669 -4% 409 401 400 358 EBIT 2,074 2,005 -3% 200 179 0 Net finance income/(costs) 19 40 106% -200 -66 -57 Q1'17 Q1'18 Q1'17 Q1'18 Q1'17 Q1'18 Q1'17 Q1'18 Q1'17 Q1'18 Net profit 1,599 1,566 -2% E&P T&S Distribution Generation Other *Data restated to ensure comparability following the adoption of amended IFRS 15. Exploration and Production Revenue from gas sales up by PLN 107m yoy (+10%). Cost of dry wells written off in Q1 2018 at PLN -244m, compared with PLN PGNiG Group’s EBITDA in Q1 2017 vs Q1 2018** -17m in Q1 2017. PLNm 3,000 Reversal of impairment losses on non-current assets in Q1 2018 at PLN +4 2,769 +241m, against PLN +5m in Q1 2017. 2,500 -179 +71 -8 +17 2,674 Trade and Storage 2,000 Revenue from gas sales up 16%, led mainly by a 13% rise in volumes yoy. PLN +25m in reversals of gas inventory write-downs recognised in Q1 2018 1,500 (mark-to-market valuation of gas at the LNG terminal). In Q1 2017 gas 1,000 inventory write-downs increased by PLN -35m.

Distribution 500 Gas distribution volume 7% higher yoy in Q1 2018, with revenue from 0 distribution services up 5% yoy. Q1 2017 E&P T&S Distribution Generation Other and Q1 2018 Eliminations Generation **Eliminations in Q1 2018: PLN +8m, Q1 2017: PLN 0m Sales volumes of electricity (from own sources) and heat up 6% and 5% yoy, respectively.

5 Segments – Exploration and Production

[PLNm] Q1 2017 Q1 2018 D% Revenue growth driven by higher prices of oil and gas yoy Revenue 1,851 1,979 7% and an increase in the volumes Operating expenses (excl. D&A) -475 -599 26% of oil and gas sold during the quarter. Cost of dry wells -17 -244 13x Comments: Impairment losses on non-current assets 5 241 47x Revenue from sales of crude oil and condensate up PLN 85m yoy on a 4% rise in EBITDA 1,376 1,380 0% the average oil price in PLN for the quarter and a 10% yoy increase in sales volumes, to Depreciation and amortisation -292 -252 -14% 429 ths tonnes. PLN 107m (+10%) yoy increase in revenue EBIT 1,084 1,128 4% from gas sales recorded by the segment, driven by higher sales volumes (up 19 mcm, Year-on-year comparison of oil and gas production volumes or 2% yoy) and higher gas prices. bcm ’000 tonnes 1.4 600 Cost of dry wells written off: PLN -244m in Q1 2018 vs PLN -17m in Q1 1.2 1.2 2017. 1.2 1.2 1.2 1.2 1.2 1.1 480 Reversal of impairment losses on non- 1.0 1.0 current assets: PLN +241m in Q1 2018 vs PLN +5m in Q1 2017. 1.0 360 Overlift position at the end of Q1 2018: PLN 348 344 346 348 328 329 43 ths (crude oil, NGL, and natural gas), at 298 0.8 240 market value PLN -139m. Application of the 270 269 new valuation method of over-/underlift position would impact on E&P result in Q1 0.6 120 2017 at PLN -64m.

Natural gas (left axis) Crude oil and condensate (right axis)

0.4 0 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18

6 Trade and Storage

[PLNm] Q1 2017 Q1 2018 D% Revenue growth driven by increased volumes. Higher Revenue 8,697* 10,209 17% costs of gas. Operating expenses (excl. D&A) -8,339* -10,030 20% Comments: Gas sales revenue (including impact of gas sales EBITDA 358 179 -50% hedging transactions: PLN -173m) up PLN 1,347m yoy (to PLN 9.5bn in Q1 2018), reflecting Depreciation and amortisation -50 -46 -8% higher volumes and higher average selling prices of gas. EBIT 308 133 -57% Higher volume of sales to the largest industrial customers and via the Polish Power Exchange. Significant increase in gas sales by PST. Higher cost of gas in the segment due to rising prices of crude oil and natural gas. PGNiG Group** – gas sales volumes by customer group Gas imports to up yoy (3.84 bcm in Q1 2018 vs 3.22 bcm in Q1 2017), with higher bcm imports from countries east of Poland and LNG imports. Exports 0.16 0.15 Sales of electricity contributing PLN 595m to Q1 Polish Power 3.30 2018 revenue, up PLN 113m (+23% yoy). Exchange 3.46 Simultaneous increase in cost of electricity for PST customers 0.65 trading, up PLN 136m. Increase in electricity for 1.00 trading volumes, especially abroad (double Refineries and 0.40 petrochemical 0.63 growth yoy). Power plants 0.48 Reversal of gas inventory write-down in Q1 2018: and heat plants 0.70 PLN 25m, Q1 2017: write-down increase of Nitrogen plants 0.69 0.68 PLN 35m. Trade, services, 0.73 other 0.61 Recognition of a provision for energy efficiency Other industrial 0.86 buy-out price: PLN -41m in Q1 2018 vs customers 0.96 1Q'17 PLN -81m in Q1 2017. Households 1.51 1Q'18 1.68 0.0 2.0 4.0

*Data restated to ensure comparability following the adoption of amended IFRS 15. **Total volumes of gas sold by E&P and T&S segments to external customers. Volumes of gas sales to: refineries and petrochemical plants, power and heat plants and nitrogen processing plants have been restated. 7 7 Segments – Distribution

[PLNm] Q1 2017 Q1 2018 D% Segment's performance driven by higher gas Revenue 1,469 1,551 6% distribution volumes. Operating expenses (excl. D&A)* -777 -788 1%

EBITDA 692 763 10% Comments: Volume of distributed gas up 7% yoy, to 4.22 Depreciation and amortisation -231 -226 -2% bcm (due mainly to air temperatures). EBIT 461 537 16% Revenue from distribution services up PLN 71m (or 5%) yoy. Net income/cost of system balancing: PLN -177m in Q1 2018, compared with PLN -218m in Q1 2017. Gas distribution volume Revenue from distribution services Employee benefits expense up PLN 14m, as mcm PLNm a result of headcount growth in the segment. Cost of transmission service broadly 5,000 1,600 1,506 unchanged at PLN 169m. 4,220 1,434 3,941 1,400 1,345 4,000 3,488 1,282 3,444 1,262 3,295 1,200 3,000 1,017 2,441 1,000

2,000 2,050 924 1,968 882 1,877 800 835

1,000 600

0 400 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18

8 Segments – Generation

[PLNm] Q1 2017 Q1 2018 D% Key contributors to the segment’s performance Revenue 859 918 7% include air temperatures and Operating expenses (excl. D&A) -450 -517 15% higher cost of raw materials.

EBITDA 409 401 -2% Comments: Revenue from sales of heat up 4% yoy, to Depreciation and amortisation -108 -127 18% PLN 571m, on a 5% increase in volumes. Growth of revenue from sales of electricity EBIT 301 274 -9% generated by the segment’s own sources (up 14% yoy), to PLN 263m, with sales volumes rising by 6% yoy. Cost of coal up by PLN 62m, to PLN -327m Segment's revenue from sales of heat and electricity (own generation sources) in Q1 2018. PLNm Sales volumes in Q1 2018: Sales of heat to customers outside 600 549 571 Electricity Heat the PGNiG Group: 19.04 PJ. 485 Electricity from own sources: 1,539 500 460 438 GWh.

400

300 238

191 263 200 226 231 146 128 205 204

100 104 118 71 72 0 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18

9 Contact details

More information Marcin Piechota Head of the Investor Relations Division Phone: +48 22 589 43 22 Mobile: +48 885 889 890 Email: marcin.piechota@.pl

Piotr Gałek Investor Relations Specialist Phone: +48 22 589 48 46 Mobile: +48 723 235 652 Email: [email protected]

Aleksander Kutnik Investor Relations Specialist Phone: +48 22 589 47 97 Mobile: +48 723 239 162 Email: [email protected] Investor Relations website www.ri.pgnig.pl

Polskie Górnictwo Naftowe i Gazownictwo S.A. ul. M. Kasprzaka 25 01-224 , Poland Fax: +48 22 691 81 23 www.pgnig.pl

Disclaimer All opinions, judgements and projections contained in this presentation (‘Presentation’) have been prepared by Polskie Górnictwo Naftowe i Gazownictwo (PGNiG) S.A. relying on publicly available information. The information contained herein is subject to change without notice and may be incomplete or condensed, and it may omit some important details. No information contained herein is intended as an investment offer or recommendation or as an offer to provide any services. This Presentation contains information and statements relating to future, but not to past, events. Any such forward-looking statements are based on our current assumptions, but as they relate to the future and are subject to risks and uncertainties, actual results or events could materially differ from those anticipated in those forward-looking statements. This Presentation should not be acted or relied on in making any investment decisions. More information on PGNiG can be found in its current and periodic reports. PGNiG undertakes no obligation to update, and assumes no responsibility for the accuracy, completeness or use of, information contained in this Presentation. No information contained herein is intended as legal or other professional advice.

10 Appendices 1. Gas sales and imports structure 2. Operating expenses 3. Debt and sources of funding 4. Statement of financial position, statement of cash flows, financial ratios and headcount 5. Production and sales volumes Gas sales and imports structure

Imports of natural gas to Poland Gas sales outside the PGNiG Group by company Lower share of sources east LNG Q1 2018 of Poland, with an increased 13% Western and [mcm] Q1 2017 Q1 2018 D% role of sources south and southern direction PGNiG Group: 8,781 9,905 +13% west of Poland as well as 9% 12% 4% LNG, in total gas imports PGNiG SA 5,387 5,944 +10% in Q1 2018. Q1 2017

PGNiG OD 2,744 2,963 +8% PGNiG Group gas sales 84% Eastern volumes up 1.1 bcm yoy in Q1 direction PST 649 998 +54% 2018. Higher sales to industrial 78% customers, mainly refineries and petrochemical plants, as well as PGNiG Group's gas sales volumes, gas inventory levels, and gas imports power and heat producers.

bcm 12.5

9.9 10.0 8.8 8.0 8.0 7.3 7.5

5.4 4.7 4.6 5.0 4.3 Comments: 3.7 3.2 3.3 3.5 3.8 2.7 2.8 3.0 3.0 LNG terminal stocks: 96 mcm after regasification (as at March 31st 2018). 2.5 2.8 2.9 2.2 2.3 0.9 1.6 0.9 1.7 1.1 0.0 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18

Gas inventory levels Volume of gas sold by PGNiG Group Volume of gas imported to Poland

12 Operating expenses in Q1 2018 vs Q1 2017

[PLNm] Q1 2017 Q1 2018 D% Comments: PLN 1.5bn (or 22%) yoy increase in the cost of gas sold, Cost of gas sold -6,749 -8,215 22% due to higher prices of oil and gas.

Fuels for heat and power generation -293 -355 21% Higher yoy cost of dry wells (PLN -244m). Seven dry wells written off in Q1 2018 vs three in Q1 2017 Other raw materials and consumables used -350 -438 25% (PLN -17m). Reversal of impairment loss on non-current assets at Employee benefits expense -640 -669 5% PLN 240m. In Q1 2017, reversal was low at PLN 20m. Lower depreciation and amortisation yoy (PLN -669m in Transmission services -260* -269 3% Q1 2018 vs PLN -695m in Q1 2017), mainly on account of a PLN 40m (or 29%) decrease in depreciation and Other services -358* -392 9% amortisation charges on Norwegian assets in Q1 2018 vs LNG regasification services -87 -89 2% Q1 2017. Decline of other income/expenses in Q1 2018 caused, Taxes and charges -524 -557 6% among other factors, by a reversal of gas inventory write- downs of PLN 25m (vs an increase in write-downs of Other net income and expenses** 167 112 -33% PLN 35m in Q1 2017) and lower provisions for certificates of origin (Q1 2018: PLN -43m, Q1 2017: Change in inventory write-downs -19 63 -4x PLN -82m).

Change in provisions -63 -92 -46% Net exchange differences related to operating activities: PLN +52m in Q1 2018 vs PLN -74m in Q1 2017. Recognition and reversal of impairment losses on 2 -4 3x Net loss on derivative instruments charged to other property, plant and equipment and intangible assets expenses: PLN -43m in Q1 2018, vs net gain of PLN Cost of dry wells and seismic surveys written-off -17 -244 14x +53m in Q1 2017. Cost of transactions hedging gas prices at PLN +4m in Impairment losses on non-current assets 20 240 12x Q1 2018 vs PLN +45m in Q1 2017. Work performed by the entity and capitalised 159 214 35%

Depreciation and amortisation -695 -669 -4%

Total operating expenses -9,541* -11,242 18%

Operating expenses net of cost of gas sold -2,792* -3,027 8%

* Data restated to ensure comparability following the adoption of amended IFRS 15. ** Other expenses shown above do not include taxes and charges, or impairment losses on property, plant and equipment and intangible assets. 13 Debt and sources of funding Comments: On December 21st 2017, due to a mismatch Sources of funding (as at March 31st 2018) between its investment programme and the PLNm PLN 1.5bn bond programme of July 4th 2012, PGNiG TERMIKA entered into agreements available used terminating the bond programme. As a result, the total value of guaranteed bonds reached PLN 7bn. On December 21st 2017, PGNiG S.A. signed a PLN 5bn bond programme agreement. The issue is organised by: ING Bank Śląski S.A., 6,600 Bank Polska Kasa Opieki S.A., 5,000 w Warszawie S.A., and Bank BGŻ BNP Paribas S.A. 760 1,000 ,400 610 Underwritten bonds (programmes Domestic bonds (2022) BGK programme (2024) Reserve Based Loan (2022) Dividend per share valid until 2019-2022) PLN Debt at quarter end 0.30 PLNbn 0.19 0.20 0.20 0.17 0.18 10 0.20 0.15 0.15 Debt Net debt 0.12 0.13 8 0.09 0.08 6.4 6.4 6.4 6.4 0.10

6 3.8 0.00 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 4 3.0 2.2 1.3 2 0.8 1.1 Strategic objective: up to 50% of consolidated 0.5 0.7 0.4 net profit to be distributed as dividend in 0 2015−2022 (provided that the financial Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 condition is stable and financing for investment -2 -1.5 -1.6 projects is secured). -1.9 -1.7 -2.0 -4

14 Statement of financial position, statement of cash flows, financial ratios and headcount

Group's statement of financial position (as at Headcount (as at March 31st 2018)* March 31st 2018) thousand 40 PLNm Non-current Current Equity Other segments Generation Distribution Trade & Storage Exploration & Production

31.0 29.0 30 2.0 11,857 1.1 1.6 25.5 25.3 24.7 24.7 1.1 35,048 1.3 1.9 1.8 1.8 1.1 1.9 13.1 1.8 1.8 36,783 20 12.2 6,725 10.7 11.2 6,867 10.8 11.1 4.1 3.9 Assets Equity and liabilities 10 3.5 2.9 3.0 3.0 Profitability and liquidity ratios 10.8 10.2 8.9 7.7 7.0 6.9 9.4% 10% 8.7% 0 7.3% Dec 31 2013 Dec 31 2014 Dec 31 2015 Dec 31 2016 Dec 31 2017 Mar 31 2018 8% 6.7 6.9%

6%

5.8% 6.1% Consolidated cash flows (Jan 1−Mar 31 2018) 4% 4.7% PLNm 4.1% 4.3% 2%

0% 6,000 2013 2014 2015 2016 2017 - 1 050 ROE ROA + 1 174 +93 +669 -488 - 1 695 3 2.4 2.2 4,000 1.8 +2 080 2 1.6 1.4 1.2 2.0 1.6 1 1.4 2,000 1.1 1.2 3,364 0.9 2,581 0 2012 2013 2014 2015 2016 2017 Current ratio Quick ratio 0 Cash (Jan 1, Profit before Depreciation Income tax Other Change at the Investing CF Financing CF Cash (Mar 31, 2018) tax and paid adjustments end of the 2018) amortization period expense * Changes in the presentation of corporate centre data, leading to changes in the Trade & Storage and Other segments in 2016.

15 Production and sales volumes

NATURAL GAS PRODUCTION BY THE PGNIG GROUP [mcm] Q1 2018 FY 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2017 FY 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2016 HIGH-METHANE GAS (E) 464 1,863 461 459 469 474 1,919 473 449 487 509 including in Poland 323 1,315 335 325 327 328 1,401 347 346 349 359 including in Norway 141 548 126 134 142 146 518 126 103 138 150 NITROGEN-RICH GAS (Ls/Lw as E equiv.) 719 2,674 731 664 567 712 2,540 692 582 596 670 including in Poland 674 2,524 684 627 533 680 2,481 670 570 584 657 including in Pakistan 45 150 47 37 34 32 59 22 12 12 13 TOTAL (measured as E equivalent) 1,183 4,537 1,192 1,123 1,036 1,186 4,458 1,165 1,031 1,083 1,179

NATURAL GAS SALES at PGNiG Group [mcm] HIGH-METHANE GAS (E) 9,414 25,291 7,603 4,298 5,079 8,311 22,895 6,921 4,004 4,410 7,560 including PST sales outside PGNiG Group 998 2,186 603 452 482 649 2,510 561 614 571 764 NITROGEN-RICH GAS (Ls/Lw as E equiv.) 491 1,496 419 296 312 469 1,371 417 244 298 412 TOTAL (measured as E equivalent) 9,905 26,787 8,022 4,594 5,391 8,780 24,266 7,338 4,248 4,708 7,972 including sales directly from the fields 237 796 226 182 161 227 718 209 129 172 208

NATURAL GAS IMPORTS by PGNiG SA [mcm] Total 3,837 13,714 3,673 3,488 3,334 3,219 11,527 2,968 3,020 2,837 2,702 including: sources east of Poland 2,982 9,656 2,540 1,889 2,518 2,709 10,248 2,539 2,429 2,623 2,657 including: LNG 505 1,715 383 470 475 387 974 380 384 210 -

CRUDE OIL, PGNiG Group (thousand tonnes) Production of crude oil and condensate 348 1,257 329 313 269 346 1,318 344 298 328 348 including in Poland 208 787 220 203 148 216 763 207 177 176 203 including in Norway 140 470 109 110 121 130 555 137 121 152 145

Sales of crude oil and condensate 429 1,270 313 251 316 390 1,346 325 287 336 398 including in Poland 210 791 222 190 161 218 753 198 179 171 205 including in Norway 219 479 91 61 155 172 593 127 108 165 193

GENERATION Production of heat, net (sales) (TJ) 19,037 42,487 14,195 3,472 6,732 18,088 39,527 15,079 2,945 5,351 16,152 Production of electricity, net, secondary generation (for sale) (GWh) 1,539 3,882 1,280 407 737 1,458 3,604 1,204 418 592 1,390

16