Who we are. Where we are going

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1 ANNUAL REPORT 2006

2 Who we are PSE-Operator S.A. is the transmission system operator (TSO) of the Polish Power System. It performs the aforementioned function within the scope and in the manner prescribed by the binding legal regulations, and in accordance with the conditions stipulated in the decision by the President of the Energy Regulatory Office. The PSE-Operator S.A. company was established with a notarial deed dated 17 February 2004 as a sole-stockholder subsidiary of Polskie Sieci Elektroenergetyczne SA (PSE SA). It obtained legal status on 3 March 2004 in the result of an entry into the National Court Register under No. KRS , kept by the District Court for the capital city of Warsaw, 12th Commercial Division. On 15 April 2004 the PSE-Operator S.A. company received a license for running business activities consisting in transmission and distribution of electrical energy within the territory of the Republic of Poland. It commenced the licensed activities on 1 July 2004, taking into lease from PSE SA an organized part of the enterprise consisting of transmission assets. As of 31 December 2006 the initial capital of the Company amounted to PLN 1,000,000 divided into registered stocks of nominal value PLN 100 each. In accordance with the legal framework as of 31 December 2006, a change in the ownership occurred in the result of which PSE-Operator S.A. is now a sole shareholder company of the State Treasury. Where we are going PSE-Operator S.A. is responsible for guaranteeing continuity of electricity supply to its customers and makes every effort to supply energy of proper quality, following at the same time the principle of the lowest costs possible. At the end of 2006, due to the change in ownership, PSE-Operator S.A. immediately commenced works on preparation of a new strategy of individual activities of the transmission system operator on the domestic and European electricity markets. The main strategic goal of PSE-Operator S.A. is provision of electricity transmission services according to objective and transparent rules ensuring equal treatment of the parties, and with due respect for the natural environment. As it takes care of the country s energy safety, a priority task of PSE-Operator S.A. is to build new and to modernize the existing lines and substations with the use of state-of-the-art technologies and with the environmental protection regulations observed. PSE-Operator S.A. takes efforts to eliminate hazards to the company s activities as the national electricity transmission system operator, particularly by means of bringing about formal takeover of the transmission assets*, development of the transmission system and improvement of solutions in the area of the balancing market. * Under the Program for the Power Sector the Company will receive transmission assets till the end of PSE-Operator S.A. Annual Report 2006

3 ANNUAL REPORT 2006

4 A landmark year Dear Ladies and Gentlemen, Once again I am very privileged to have the opportunity, on behalf of the Management Board of PSE-Operator S.A., to write these introductory words to the Annual Report. July 1, 2007 will be the third anniversary of the beginning of our operations as a transmission system operator. Ever since then the Management Board and staff have been working to build up an independent company operating in a transparent and nondiscriminatory manner, and our efforts have concentrated on fulfilling the tasks and obligations which are laid down for transmission system operators by law and by decisions of the President of the Energy Regulatory Office. Many events in 2006 had a significant impact on the operations of PSE-Operator S.A. I think that anyone who observed the company s activity over the course of the year will agree with me that it was a difficult time for us, but one which ended with many important successes. You will read all the details in this Report, so I will limit myself here to pointing out just a few of the most important events and statistics. We were working in conditions much influenced by the great pace of events linked to the implementation of the governmental Program for the Power Sector. As Polish transmission system operator since 1 July 2004, we are well recognized and a valued international partner. We have got an agreement from the President of the Energy Regulatory Office for a Development Plan for Meeting Current and Future Demand for Electricity in On 1 June 2006 we put into effect our Instruction of the Transmission System Operation and Maintenance. We are also actively involved in the process of creating a regional electricity market for Central and Eastern Europe according to ERGEG Electricity Regional Initiative. PSE-Operator S.A. achieved good results last year. Our net profit amounted to PLN million. Investment was also intense: expenditure on the investment tasks and projects contained in PSE SA s investment plan for 2006 totalled PLN million. In turn, fixed and intangible assets worth a total of PLN million were brought into use. In December 2006, ownership of all shares in PSE-Operator S.A. was transferred from PSE SA to the State Treasury. We became a state-owned company, thus satisfying the requirement laid down in Article 9k of the Energy Law Act: The operator of a transmission system shall operate in the Joint Stock Company form in which the sole shareholder shall be the State Treasury. This is the first step towards completing the process by which the transmission system operator will achieve full independence. A solution is still required regarding the transfer to PSE-Operator S.A. of the transmission assets and, five regional dispatching centres, today still separated companies. A large majority of European transmission system operators are the owners of their transmission grids. Experience relating to the development of electricity markets in EU countries shows that even those few countries whose transmission system operators did not own network assets are now abandoning that model. According to Directive 2003/54/EC, in order for real competition to exist in the electricity market, access to the network must be free from discrimination, transparent, and accurately valued. This means that transmission and distribution operators must be separated in both a legal and an organizational sense. They must have appropriate powers to take effective decisions in relation to network assets. PSE-Operator S.A. Annual Report 2006

5 A landmark year Their independence from the interests of producers and suppliers should be guaranteed. There still remains much to be done in this area. So what are our the most urgent actions for the future? The most important thing at the present time is to structure the transmission network operator as quickly as possible in an organizational and legal form which will enable it to function efficiently and independently. There is therefore a need for changes in the rules and statutes, for the transfer to PSE-Operator S.A. of essential assets, and for adaptation of the existing organizational structure to meet new needs. These are only some of our challenges for the future. As the national transmission system operator, we will be working closely with all business entities and national authorities in the following areas: assurance of efficient operation of the Polish Power System, and in particular assurance of its future development through changes in the law, particularly in relation to investment processes and increased decision-making powers for the transmission system operator in case of emergency situations; the need to change the law on the safe functioning of the electricity system, and particularly the safety of operation of the transmission and distribution networks. This is confirmed both by experience gained from cooperation between operators on transmission and distribution systems, and by the conclusions drawn from the large disturbances which occurred in 2006; a more precise definition in the Energy Law Act of the rights and obligations of the transmission system operator in relation to establishing technical requirements for equipment and systems operating in the transmission and distribution networks throughout the country. The transmission system operator s power to issue binding instructions should be made sufficiently clear, so as to avoid disputes concerning areas of competence and to guarantee the safe functioning of the entire electricity system; development of procedures to be followed in crisis situations which threaten security of supply over large parts of the country. The measures currently laid down in the Energy Law Act were found to be inadequate in the light of the disturbances of June 2006; strengthening of cooperation between the transmission system operator and the national authorities in case of emergency situations. We will continue to undertake active international cooperation regionally, bilaterally and within international TSO organizations. The main focuses of this work will be: action to build new cross-border connections; participation in coordinated regional planning of transmission system development in order to eliminate bottlenecks in the transmission of electricity; development of rules for coordinated auctions for transmission capacity in the regional market of Central and Eastern Europe; increased coordination of operational activity with transmission system operators belonging to UCTE (the Union for the Co-ordination of Transmission of Electricity), in accordance with UCTE s Security Package rules. We must not forget even for a moment that the greatest resource of PSE-Operator S.A. is its people. It is their knowledge and skills, their consistent good work and ability to take difficult decisions to assure security of supply in Poland. For this reason we employ highly qualified personnel who are dedicated to ensuring the continuity of electricity supplies. And we do all this in accordance with our motto: Electricity in good hands. On behalf of the Management Board I would like to convey heartfelt thanks to our customers and business partners for their fruitful cooperation, and to thank all our staff for their creativity and effectiveness in carrying out the tasks entrusted to them. Stefania Kasprzyk President of the Management Board PSE-Operator S.A. Annual Report 2006

6

7 Table of contents About us Company Bodies 9 Profile of activities 11 Organization and employees 12 The year 2006 in short Major events and achievements of the Company 15 Data concerning operation of the Polish Power System 16 Our activities Legal basis for activities 19 Responsibilities of the transmission system operator 20 Polish Power System 22 Network assets and related activities 26 Transmission services 31 Wholesale power market 33 Cooperation with transmission systems of other countries 34 Allocating cross-border transmission capacity 36 Activities of the Energy Accounting and Control Centre 36 Regional cooperation with transmission system operators 37 Participation in the works of international organizations of operators 39 Participation in the works of international industry organizations 41 New technologies 42 Major R & D achievements 43 Telecommunication and IT 43 Company safety issues 45 Environmental protection 46 Main goals to be achieved in Abbreviated financial statements for accompanied by chartered auditor s opinion

8 About us

9 Company Bodies General Meeting of Shareholders Within the period between 1 January and 30 December 2006 the only stockholder of the Company, holding 100 % of the stocks, was Polskie Sieci Elektroenergetyczne SA. On 27 December 2006 an Extraordinary General Meeting of Shareholders of Polskie Sieci Elektroenergetyczne SA adopted a resolution on payment of dividend for the year 2005 in a material form consisting in transferring by PSE SA to the State Treasury, not later than on 31 December 2006, all the stocks of PSE-Operator S.A. On 29 December 2006 Polskie Sieci Elektroenergetyczne SA handed over to the State Treasury the documents of all stocks of the PSE- Operator S.A. company, thus transferring their ownership to the State Treasury, with the execution date of 31 December From 31 December 2006 the only stockholder of the Company, holding 100 % of the stocks, has been the State Treasury. Supervisory Board As of 31 December 2006 the Supervisory Board during its first term of office consisted of: Henryk Baranowski Chairman Edward Słoma Vice Chairman Marta Busz Secretary Joanna Adamczyk Member Lech Małecki Member Piotr Nojszewski Member Marek Pastuszko Member In 2006 the following changes occurred in the composition of the Supervisory Board: on 14 July 2006 an Extraordinary General Meeting of Stockholders of PSE-Operator S.A. dismissed Józef Sieniuć from the post of Supervisory Board Chairman and recalled him from the composition of the Supervisory Board of PSE-Operator S.A. Moreover, it recalled Jadwiga Karwatka from the composition of the Company s Supervisory Board. At the same time it appointed Henryk Baranowski to the position of the Chairman of Supervisory Board of PSE-Operator S.A. and Lech Małecki to the position of a Member of the Company s Supervisory Board. on 4 September 2006 an Extraordinary General Meeting of Stockholders of PSE-Operator S.A. removed Jerzy Marczak from the composition of the Company s Supervisory Board and appointed Marek Pastuszko to the position of a Member of the Supervisory Board. Henryk Baranowski Chairman of the Supervisory Board PSE-Operator S.A. Annual Report

10 Company Bodies Management Board As of 31 December 2006 the Management Board during its first term of office consisted of: Stefania Kasprzyk President Wojciech Kułagowski Vice President Till 10 November 2006 the Management Board during its first term of office consisted of: Stefania Kasprzyk President Wojciech Kułagowski Vice President Jerzy Loch Vice President Stefania Kasprzyk President Wojciech Kułagowski Vice President 10 PSE-Operator S.A. Annual Report 2006

11 Profile of activities The subject of activities of PSE-Operator S.A. is performing the tasks of a national electricity transmission system operator (TSO). The tasks and obligations of the TSO in the electricity sector in Poland are clearly defined. Legal regulations and decisions by the President of the Energy Regulatory Office (ERO) stipulate the rights and obligations, competences and tools necessary for the activities of the transmission system operator to be conducted properly. The main goals of the activities of PSE-Operator S.A. are: to ensure safe and economic operation of the Polish Power System (PPS) in the conditions of its synchronous work within the UCTE (Union for the Co-ordination of Transmission of Electricity) connected transmission system; allocating, on market principles, transmission capacity in cross-border exchange; ensuring the necessary development of the national transmission network; creation of technical and organizational infrastructure necessary for functioning of the domestic wholesale electricity market; preserving the financial stability of the enterprise and creating growth in the company value. PSE-Operator S.A. provides transmission services in domestic and cross-border trade to particular users of the transmission system. The transmission services provided in the domestic trade include in particular: transmission of electrical power understood as transport of electricity with the use of the transmission system; maintenance of continuity and reliability of electricity supply and reception within the electricity system, as well as maintenance of quality parameters thereof; conducting financial clearings resulting from imbalance of electrical power supplied to and received from the PPS. The transmission services provided in the crossborder trade include in particular: determining the volume of and offering cross-border transmission capacity; reserving cross-border transmission capacity; effecting cross-border exchange. PSE-Operator S.A. Annual Report

12 Organization and employees Organization In 2006 PSE-Operator S.A. conducted its activities within the organizational structure specified in the Organizational Rules and Regulations of the Company. Management of PSE-Operator S.A. is decentralized by means of delegating tasks, responsibilities and rights to the lowest possible, justified level of organization. MANAGEMENT BOARD ZARZĄD DEPARTAMENT GRID INFRASTRUCTURE INFRASTRUKTURY DEPARTMENT SIECIOWEJ FINANCIAL DEPARTAMENT AND CONTROLLING FINANSÓW I DEPARTMENT KONTROLINGU POWER DEPARTAMENT SYSTEM OPERATIONS USŁUG OPERATORSKICH DEPARTMENT ORGANIZATION DEPARTAMENT DEPARTMENT ORGANIZACJI DEPARTAMENT SALES AND DEVELOPMENT SPRZEDAŻY DEPARTMENT I ROZWOJU COMMUNICATION BIURO KOMUNIKACJI OFFICE TELECOMMUNICATION DEPARTAMENT AND TELEINFORMATYKI IT DEPARTMENT WORK STANOWISKO HEALTH AND SAFETY DS. BHP SECTION DEPARTAMENT COMPANY BEZPIECZEŃSTWA SECURITY DEPARTMENT SPÓŁKI Organizational structure of PSE-Operator S.A. as on 31 December PSE-Operator S.A. Annual Report 2006

13 Organization and employees The Management From the left: Magdalena Wasiluk-Hassa, Bonifacy Gajewski, Małgorzata Klawe, Jacenty Węgliński, Wojciech Kułagowski, Andrzej Gajewski, Stefania Kasprzyk, Bogumił Rudnicki, Iwona Laskowska, Jerzy Dudzik, Piotr Rak, Kazimierz Żółtowski. Employees From the beginning of its activities PSE-Operator S.A. has been consistently building an organization responsible for good working and employment conditions for its employees. A special role is played by continuing education the aim of which is to provide the Company with employees having competences necessary for pursuance of the PSE-Operator S.A. development and value growth strategies. In 2006 the continuing education program for employees included conferences and seminars organized by professional educational companies, as well as organization of internal training tailored to the needs of PSE-Operator S.A. The most popular were training courses in the areas of power engineering, legal regulations, taxes, accounting and public procurement law. The knowledge of financial issues, labor law and management was improved as well. The command of foreign languages was also brushed up. Training courses were attended by 117 individuals, which accounts for 29 % of all employees. The largest group of employees took the advantage of English language courses. In 2006 employees of PSE-Operator S.A. upgraded their knowledge also on undergraduate, graduate and post-graduate college courses. 24 individuals did bachelor or master studies, mainly in finances and management. 36 persons used the opportunity to do post-graduate studies power engineering, finances and management were the most preferred subjects. In total 60 employees of PSE-Operator S.A. have studied, which accounts for 15 % of all employees. Seven people graduated in The training courses organized in 2006 allowed to improve the efficiency of employees and teams work, broaden specialized knowledge and upgrade qualifications, and ensured that the employees meet the requirements set by the company and the external environment. At the end of 2006 there were 400 individuals employed at PSE-Operator S.A. Men accounted for 64.5 % of all employees whereas women for 35.5 %. 368 employees are university graduates, which accounts for 92 % of all the employed persons. PSE-Operator S.A. Annual Report

14 The year 2006 in short

15 Major events and achievements of the Company January The President of the Energy Regulatory Office (ERO) issued a decision appointing PSE-Operator S.A. as the electrical power transmission system operator for the period from 1 February 2006 till 31 December 2007 on the territory of the Republic of Poland. May The District Labor Inspectorate approved the PSE-Operator S.A. Corporate Collective Labor Agreement together with a salary incentives system. New standards for agreements on provision of transmission services were worked out, adjusted to the stipulations of the draft of new Instruction of the Transmission System Operation and Maintenance (ITSOM). A technical design of a data communications system was prepared regarding the equipment of new TSO headquarters in Bielawa and tenders were invited for an IT System for the Electricity Market. June Implementation of the Instruction of the Transmission System Operation and Maintenance (ITSOM), adjusted to the provisions of Art. 9g of the Energy Law Act (a separate part of the ITSOM concerning system balancing and system congestion management was approved by the President of the ERO). August The tender procedure for development of PCM data communications network to be used by PSE-Operator S.A. was finished and an agreement with a contractor was concluded. September A representative of PSE-Operator S.A. was appointed as Vice President of UCTE (Union for the Co-ordination of Transmission of Electricity). November A Memorandum formulating common goals of eight TSOs from the Central and Eastern Europe Region (Poland, Austria, the Czech Republic, two operators from Germany, Slovakia, Slovenia and Hungary) was negotiated and signed. On the basis of the aforementioned document and under the direction of the Company representative, a draft of a new flow-based capacity allocation concept of setting technical parameters under the coordinated mechanism was worked out. The 1 st stage of development and modernization of PCM devices, including telecommunication hubs in 44 transmission network facilities and conducted under an agreement concluded with a contractor for development of the PCM data communications network used by PSE-Operator S.A., was finished. December The President of the ERO issued a decision approving the PSE-Operator S.A. tariff for the period between 1 January 2007 and 31 December The Development plan for meeting the current and future demand for electricity in was agreed upon with the President of the ERO. All stocks of PSE-Operator S.A. were transferred by PSE SA to the State Treasury the condition stipulated in Art. 9k of the Energy Law Act was thereby fulfilled. Technical designs of data communications systems were prepared regarding the equipment of new TSO headquarters in Bielawa and tenders were invited for an IT System for an Integrated Management System and a Local Area Network. At the end of 2006 PSE-Operator S.A. disclosed gross profit in the amount of PLN million. After deduction of the mandatory charges to the financial result, the net profit amounted to PLN million. PSE-Operator S.A. Annual Report

16 Data concerning operation of the Polish Power System As of 31 December 2006 the total capacity available in the Polish Power System (PPS) amounted to 34,718 MW and was slightly, that is by 174 MW, higher than in the previous year. At the end of 2006 the total capacity available in public thermal plants was 30,150 MW, which accounts for 87 % of total capacity available in the PPS. The maximum domestic power demand occurred on 24 January 2006 during the evening peak and amounted to 24,640 MW. The minimum domestic power demand occurred on 21 May 2006 during the night off-peak period and amounted to 10,820 MW. The difference between the maximum and the minimum demand within the analyzed period amounted to 13,820 MW (56 % of the peak demand). [MW] Consecutive hour quarters in a day Maximum demand Minimum demand Power demand curves for days on which the maximum and minimum domestic power demand occurred 33,3% 2,5% 1,8% 5,1% 57,3% Hard coal power plants Lignite power plants Elektrownie gazowe Elektrownie wodne Gas (Public (Gas-Fired power Hydro Power plants power Stations) Hydro-electric power plants Industrial power plants Percentage share of particular power plant groups broken down by fuel type in domestic electricity generation in PSE-Operator S.A. Annual Report 2006

17 Data concerning operation of the Polish Power System The minimum domestic power demand during evening peaks on business days in 2006 occurred on 30 June and amounted to 17,173 MW. The average monthly domestic power demand during evening peaks on business days in 2006 was higher than in all months of In 2006 the total electricity generation amounted to 160,848 GWh and was higher by 3.1 % than in the previous year. The domestic power consumption in 2006 amounted to 149,847 GWh and was higher by 3.5 % than in The balance of electricity exchange effected between Poland and neighboring countries in 2006 amounted to 11,001 GWh and was lower by 1.7 % in comparison to the previous year. [MW] January February March April May June July August September October November December Average monthly domestic power demand during evening peaks on business days in 2006 in comparison to historical data [GWh] Krajowa produkcja energii elektrycznej Domestic electricity generation years l a t a Domestic electricity consumption Domestic electricity generation and consumption in the years PSE-Operator S.A. Annual Report

18 Our activities

19 Legal basis for activities PSE-Operator S.A., as a company governed by the commercial law, operates in accordance with all the general legal regulations, and particularly with: the provisions of the Code of Commercial Partnerships and Companies of 15 September 2000 (Journal of Laws No. 94 item 1037, as amended); the provisions of the Civil Code of 23 April 1964 (Journal of Laws No. 16 item 93, as amended); the provisions of the Accounting Act of 29 September 1994 (Journal of Laws No. 76 item 694, as amended). PSE-Operator S.A., as the national transmission system operator, acts on the basis of the following regulations: decision by the President of the Energy Regulatory Office No. PEE/272/4988/W/2/2004/MS of 15 April 2004 on granting to PSE-Operator S.A. a license to transmit and distribute power within the period from 1 July 2004 till 1 July 2014; decision by the President of the Energy Regulatory Office No. DPE-47-3(6)/4988/2005/2006/BT of 26 January 2006 appointing PSE-Operator S.A. as the operator of the electrical power transmission system within the territory of the Republic of Poland till 31 December 2007; the provisions of the Energy Law Act of 10 April 1997 (Journal of Laws of 2003, No. 153 item 1504, as amended), which takes into account the provisions of the Directive 2003/54/EC of the European Parliament and of the Council of 26 June 2003 concerning common rules for the internal market in electricity; subordinate legislation for the Energy Law Act of 10 April 1997 (Journal of Laws of 2003, No. 153 item 1504, as amended). PSE-Operator S.A., as a transmission system operator, acts on the European electricity market pursuant the following regulations: directive 2003/54/EC of the European Parliament and of the Council of 26 June 2003 concerning common rules for the internal market in electricity; regulation EC No. 1228/2003 of 26 June 2003 on conditions for access to the network for crossborder exchanges in electricity together with the guidelines of 9 November 2006 on the management and allocation of available transfer capacity of interconnections between national systems; decision No. 1229/2003/EC of the European Parliament and of the Council of 26 June 2003 laying down a series of guidelines for trans-european energy networks; directive 2005/89/EC of the European Parliament and of the Council of 18 January 2006 concerning measures to safeguard security of electricity supply and infrastructure investment (the SoS directive). PSE-Operator S.A. Annual Report

20 Responsibilities of the transmission system operator A transmission system operator, in accordance with the Energy Law Act, is an energy company dealing with transmission of electricity, responsible for network operations in the transmission system, current and long-term operational safety of that system, use, maintenance, overhauls and necessary development of the transmission network, including connections with other electrical power systems. The most important domestic legal conditions for the TSO operations, as specified above, are stipulated in Art. 9c item 2 of the Energy Law Act. TSO responsibilities: Taking care of the safety of electrical power supply by means of safeguarding the safety of transmission system operation and proper transmission system capacity. Dispatching of the Power System in an efficient manner, with the required reliability and quality of electricity supply ensured, and coordinating the operation of a part of the 110 kv network (the socalled coordinated 110 kv network) in cooperation with operators of distribution systems. Maintenance of the transmission network, systems and devices, including connections with other electrical power systems, in a manner safeguarding reliability of the electrical power system operation. Ensuring long-term capacity of the transmission system in order to satisfy justified needs in the area of electricity transmission in domestic and cross-border trade, including the area of transmission network development, and where applicable, development of connections with other electrical power systems. Cooperating with other transmission system operators or energy companies in order to ensure reliable and efficient operations of electrical power systems and to coordinate the development thereof. Dispatching the power of generating units connected to the transmission network and of generating units whose available capacity is 50 MW or higher, connected to the coordinated 110 kv network, taking into account agreements with the users of the transmission system and the technical limitations of that system. Managing transmission capacities connections with other electrical power systems. Purchasing system services necessary for proper operation of the electrical power system, reliability of the work of that system and for maintaining the quality parameters of electricity. Balancing the electrical power system, which means also balancing the current power demand with power supply in the Polish Power System, system congestion management and conducting financial clearings with the users of that system resulting from: imbalance of electrical power supplied to and received from the Polish Power System, system congestion management. 20 PSE-Operator S.A. Annual Report 2006

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