Athena owns one wind farm in Poland, Polczyno, of 1.6MW gross installed capacity.

Current tariff system

The energy produced from Polczyno wind farm, regulated under the Polish Energy Law of 1997, receives revenues from the selling of green certificates + Market price.

Regulatory changes in the renewable energy sector since 2014.

On April 8th, 2014, Poland’s government approved, after two years of work, the draft law regarding the renewable energy sector. Under the draft law, which requires final approval by parliament and the President, developers and owners of new renewable installations can sell their energy at auctions for a fixed price that would be guaranteed for 15 years regardless of market prices. The proposal would also set a ceiling on the subsidy. Regarding renewable power producers that are already in operation they will be allowed to keep their current subsidies or choose to join the auctions. Most notably, the new law should enter into force on January 1, 2016.

On March 11th, 2015, the “New RES Act” was signed into law by the President of Poland. Poland will maintain the green certificate system for the existing renewable energy installations but the period of subsidizing will be restricted to 15 years.
Starting from 1st January 2016 a new auction system will replace the Green Certificate System. The fixed price awarded in the auction will be granted for 15 years, regardless of market price.
Renewable power producers that are already in operation will be allowed to keep their current subsidies until the end of their incentive period of 15 years, or they can choose to join the auction system.

The Management estimates that the new support scheme will not affect Athena wind farm already in operation (Polczyno).

In June 2016, two acts by the President introduced significant amendments to the renewable energy support scheme and established major limitations on the location of wind farms:
• the Act Amending the Renewable Energy Sources (RES) Act (925/2016), the “Amendment Act” entered into force on 1 July 2016; and
• the Act on Investments in Wind Power Plants (961/2016) entered into force on 16 July 2016.

Even though the main auction-based support scheme rules are maintained, the Amending Act significantly modifies the auction system. Auctions will be divided into groups characterised by the reference to, in particular, the efficiency of an installation instead of the type of technology. The Amending Act introduces individual groups of renewable
energy sources (RES) installations for which the auctions will be held separately. Moreover, for each of the groups there will be separate auctions for installations with capacities below or above 1MW.