Energa smart grid investments to prevent blackouts in Poland

A PLN 1.05 million loan granted by the European Investment Bank to ENERGA Group will make it possible for ENERGA-Operator SA to carry out a PLN 7 billion investment plan in 2009-2015.

Planned investments in the power grid account for the construction of 10.5 thousand kilometres of new lines, 44 main power grids and 5,000 transformer stations and the modernisation of over 3,000 km lines.

The investments should cut by half the number of blackouts which have been experienced in Poland more frequently of late, allow the connection of 270,000 entities to the network (10% more), as well as of wind farms with a total capacity of 3,000 MW. Remote meter reading will also be possible (at all industrial receivers and 30,000 individual customers by the end of 2010). The full implementation of smart grids is planned by 2016. (JB)

Polish Market

ECONOMIC MONITOR

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• ● In December 2009 and January 2010, as in previous months in the second half of 2009, the Polish economy stood out against other countries in terms of GDP growth. Poland’s economic growth was higher than projected and higher than in other European countries.
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• In 2009 construction output increased by 3.7%.
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• Retail sales increase in most product groups.
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• On the Warsaw Stock Exchange, stock prices were very volatile in January 2010.
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• At the end of December 2009 the registered unemployment rate (claimant count rate) amounted to 11.9% versus 11.4% in November.
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• At the end of January the president signed the 2010 budget bill into law. The bill was adopted by the parliament on December 18.
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• In the fourth quarter of 2009 the Polish economy turned out to be more resistant to the global crisis than had been projected and than the economies of Polish neighbours, something which boosts optimism in forecasts for 2010 and the next years.
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WEEKLY MARKET ANALYSIS

Retail sales up again in June
Retail sales growth in nominal terms accelerated in June to 6.4% y-o-y from 4.3% y-o-y in May. The increase was higher than expected. In real terms, retail sales growth accelerated to 4.5% y-o-y from 2.0% y-o-y. June was a consecutive month with retail sales figures stronger than expected, which indicates that consumption is recovering after it slowed significantly at the beginning of the year. Private consumption is driven by an improvement on the labour market coupled with a rise in disposable incomes. In Q2 2010 retail sales grew by around 3% y-o-y in nominal terms and around 1% y-o-y in real terms. On the basis of retail sales and industrial production data, it can be estimated that the GDP growth rate was close to 3%.

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