EBITDA
Operating profit (loss) + depreciation
Return on equity (ROE)
Net profit (loss) for the reporting period; Equity
Return on assets (ROA)
Net profit/ (loss) for the reporting period; Total assets
Net profitability
Net profit/ (loss) for the reporting period; Net sales revenue
Operating profitability
Operating profit (loss); Net sales revenue
EBITDA profitability
EBITDA; Net sales revenue
Current liquidity ratio
Current assets; Short-term liabilities
Coverage of fixed assets with equity
Equity; Fixed assets
Total debt ratio
Total liabilities; Total assets
Net debt/ EBITDA
Interest-bearing liabilities - cash and cash equivalents; EBITDA LTM
Current receivables turnover in days
Average trade and other receivables x number of days; Net sales revenue
Trade and other liabilities turnover in days
Average trade and other receivables x number of days; Cost of products, goods and materials sold
Inventory turnover in days
Average inventory x number of days; Cost of products, goods and materials sold
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
”Green” Property Rights
Same as PMOZE
”Light blue” Property Rights
Property rights to certificates of origin confirming the production of electricity from agricultural biogas
”Purple” Property Rights
Property Rights to certificates of origin confirming the generation of electricity in a cogeneration unit fired with methane released and included in underground mining works or with gas obtained from biomass processing within the meaning of Article 2 (1) of the Act on biocomponents and liquid biofuels
”Red” Property Rights
Property rights to certificates of origin confirming the generation of electricity in other cogeneration sources
”White” PM
Property rights to certificates of origin resulting from energy efficiency certificates, the so called white certificates
Yellow” PM
Property rights to certificates of origin confirming the generation of electricity in a gas cogeneration unit or with a total installed capacity of up to 1 MW
ACER
Agency for the Cooperation of Energy Regulators – EU agency established pursuant to the third energy package. The objective of the Agency is coordination and support of the national regulatory authorities. A full list of duties is specified in Regulation No. 713/2009
AMI
Advanced systems measuring, collecting and analysing energy consumption and enabling two-way communication between the end user and central system. AMI includes both intelligent meters and smart power grids
Backloading
Suspension of some auctions of CO2 emission allowances by EU to increase the price of allowances
Balancing market
Technical market operated by OTSs. Its objective is to balance in real time the demand for electricity with its production in the National Power System (NPS)
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
CAPEX
Capital expenditures
Carbon leakage
Leakage of CO2 from one country to another
CER
Certified Emission Reduction – the unit of certified emission reduction
CO2
Carbon dioxide
Cogeneration
A technological process of simultaneous generation of electricity and usable thermal energy in a CHP plant
DAP
Delivered at Place – a situation where the seller of the goods is responsible for delivering the goods to a particular place and the buyer is responsible for unloading the goods
EFX
Index for session transactions, the subject of which are contracts for property rights resulting from Energy Efficiency Certificates, the so called white certificates
Energy Law
Act of 10 April 1997 - Energy Law (Journal of Laws of 1997 No. 54, item 348, as amended)
EUA
EU Emission Allowance - emission allowances under the European Emissions Trading System
European Emission Trading System EU ETS
A European scheme to promote the reduction of greenhouse gas emissions
FGD installation
Flue gas desulphurisation installation
Forward market
Electricity market where forward products are listed
GPZ
(Polish) Transformer/Switching Point – a transformer station, responsible for converting high or medium voltage into low voltage for end users in a specified area
ICE
Intercontinental Exchange – a trading platform for trading EU CO2 Emission Allowances (EUA) and units of Certified Emission Reduction (CERs) in the futures market
IGCC
Integrated Gasification Combined Cycle – gas/steam block technology with integrated gasification of the fuel. Enables the construction of power plants with much higher efficiency compared to conventional coal-fired power plants
KECX
Index for session transactions, the subject of which are contracts for property rights resulting from certificates of origin for electricity generated in other cogeneration sources
KGMX
Index for session transactions, the subject of which are contracts for property rights resulting from certificates of origin for electricity generated in gas cogeneration units or with total installed capacity up to 1 MW.
KMETX
Index for session transactions concerning contracts for property rights resulting from certificates of origin for electricity generated in cogeneration units fired with methane released and accounted for during underground mining works or by gas obtained from biomass processing within the meaning of Article 1 (2) (a) of the Act on biocomponents and liquid biofuels
MWe
Megawatogodzina (1 GWh = 1.000 MWh)
MWh
Megawatthour (1 GWh = 1.000 MWh)
MWt
Megawatt of heating power
NFOŚiGW
(Polish) National Fund for Environmental Protection and Water Management
NOx
Nitrogen oxides
ODS
Operator of the Distribution System
OPR
Operational Power Reserve
OTS
Operator of the Transmission System
OZEX_A
Index for session transactions concerning contracts for property rights resulting from certificates of origin for electricity generated from renewable energy sources, the production period of which (indicated in the certificate of origin) has started since 1 March 2009 (inclusive)
PMOZE
Property rights to certificates of origin for energy from renewable energy sources
PPE
Polish Power Exchange
Price of baseload (”BASE”)
The 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)
REMIT Regulation
Regulation on Wholesale Energy Market Integrity and Transparency which sets out a framework for monitoring wholesale energy markets in order to detect and prevent unfair practices at EU level.
RES
Renewable Energy Sources
SAIDI
System Average Interruption Duration Index - indicator of the average system duration of a long and very long break (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)
SCR installation
Installation of catalytic flue gas denitrification
SO2
Sulphur dioxide
SPOT market
Cash market (spot)
Tariff group A
Energy sold and supplied to customers connected to the high voltage grid
Tariff group B
Energy sold and supplied to customers connected to the medium voltage grid
Tariff group C
Energy sold and supplied to customers connected to the low voltage grid, excluding customers using electricity for household purposes
Tariff group G
Energy sold and supplied to household customers connected to the grid irrespective of the voltage level
TFS
Tradition Financial Services - an electricity trading platform designed to conclude various types of transactions, purchase and sale of conventional energy, property rights, renewable energy and CO2 emission allowances
TPA
Third Party Access – the principle of third party access to the power grid, which enables the purchase of electricity and electricity distribution services on the basis of two separate agreements
WACC
Weighted average cost of capital
WIBOR
Warsaw Interbank Offered Rate - interest rate on loans on the Polish interbank market
WRA
Regulatory Vaue of Assets
