Key factors affecting the Group’s growth

The following factors have the biggest impact on the TAURON Group’s operations:

  • macroeconomic environment, including changes to interest rates, FX rates and other indicators that have a direct impact on the valuation of the Group’s assets and liabilities,
  • political environment, especially in Poland and in the European Union, including positions and decisions of government institutions and offices, e.g. Energy Regulatory Office (URE), the Office of Competition and Consumer Protection (UOKiK) and the European Commission,
  • situation in the power sector, including the competition’s activity and actions on the energy market,
  • reinstatement of a scheme that would support electricity generation using high efficiency co-generation units (red and yellow certificates),
  • geological and mining conditions of hard coal extraction,
  • number of CO2emission allowances allocated free of charge after 2013, and prices of purchased allowances (carbon credits),
  • changes to power sector regulations, including energy law, tax law, commercial law and environment protection law,
  • demand for electricity and other energy market products, including fluctuations due to seasonal factors and weather conditions,
  • electricity and fuel prices,
  • URE decisions, including decisions on tariffs for electricity supply to consumers and for electricity and heat distribution,
  • environmental protection requirements,
  • progress in science and technology.


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Letter from the President of the Management Board [43KB PDF]Open
Auditor's Opinion [477KB PDF]Open
Consolidated annual report for the year 2014 [3MB PDF]Open
Standalone annual report for the year 2014 [1MB PDF]Open
Quarterly Reports 2014 [4MB ZIP]Open
Consolidated annual report for the year 2013 [4MB PDF]Open
Consolidated annual report for the year 2012 [8MB PDF]Open
FY 2014 Selected figures [24KB XLSX]Open
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