Financial Data and Key Metrics Changes - The revenue for the first half of 2025 was PLN 17.3 billion, slightly down from the previous year, with a significant drop in compensation payments from over PLN 2,100 million to PLN 630 million [28][29] - EBITDA reached a historical high of PLN 4.2 billion, compared to previous years where such figures were only seen for the full year [29][30] - Net profit exceeded PLN 2 billion, with no impairment charges related to coal assets this year, contrasting with the previous year [30][31] - The net debt to EBITDA ratio improved significantly due to the increase in EBITDA, with financial debt declining by approximately PLN 1.5 billion year over year [31][37] Business Line Data and Key Metrics Changes - The distribution segment generated 60% of the group's EBITDA, amounting to close to PLN 2.5 billion, driven by a higher regulatory asset base and a positive regulatory account [32][34] - The generation segment saw a positive surprise with increased margins and revenue from the balancing market, contributing to overall EBITDA growth [35] - The renewables segment experienced a decline in revenue and EBITDA due to lower market prices and adverse weather conditions, despite an increase in installed capacity [35] Market Data and Key Metrics Changes - The share of renewables in the Polish energy mix remained at 28%, with a 17% increase in installed capacity for renewables [12][11] - National electricity consumption was slightly lower than last year, but production output increased by 1.5%, leading to a balance of 1 terawatt hour in electricity exports [11][12] - The average electricity price for 2025 was around PLN 488, with spot market prices at PLN 427 [18] Company Strategy and Development Direction - The company is focused on heat decarbonization, growth in distribution, and expansion in sales and renewables, with specific projects underway in these areas [5][6] - A significant emphasis is placed on digitization and customer offerings, such as the Cheap Hours tariff, which aims to enhance customer engagement and reduce electricity bills [4][20] - The company is actively pursuing project financing and has already secured nearly PLN 17 billion in subsidies and preferential financing for its strategic initiatives [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on strategic promises, highlighting the importance of financial stability for future investments [57][58] - The outlook for EBITDA is expected to improve year over year, driven by better margins and increased production volumes [54] - The company is preparing for the 2027-2028 capacity market auction, focusing on local community engagement and energy security [56][61] Other Important Information - The company has made significant investments in infrastructure, including the installation of new power lines and substations, and the expansion of renewable energy connections [26][25] - The regulatory asset base for distribution increased to PLN 24.6 billion, reflecting a rise in capital expenditures [24][25] - The company is committed to workforce development and enhancing customer service, which are seen as critical for long-term sustainability [60] Q&A Session Questions and Answers Question: What are the expectations for future EBITDA growth? - Management expects EBITDA to improve year over year due to favorable market conditions and increased production volumes [54] Question: How is the company addressing the decline in the renewables segment? - The company is focusing on increasing installed capacity and improving operational efficiency to counteract market price declines [35] Question: What steps are being taken to secure financing for future projects? - The company has already secured nearly PLN 17 billion in subsidies and is exploring project financing options to support its strategic initiatives [41][42]

Core Viewpoint - The 2025 Fortune Global 500 Summit will focus on strategies for companies to navigate turbulence, leveraging new technologies, innovative collaboration models, and enhancing resilience to maintain a competitive edge in a changing global market [6]. Group 1 - The summit will take place on September 25-26, 2025, in Guangzhou, gathering economists and business leaders to discuss how to withstand risks and seize opportunities amid increasing global economic uncertainties [5][2]. - Key themes include the rise of artificial intelligence, accelerated energy transition, geopolitical turmoil, aging populations, and deepening financial digitalization, all of which are reshaping the trajectory of the global economy [2][6]. - The event aims to foster dialogue and collaboration among thought leaders, practitioners, and commentators to explore the future direction of global economic and corporate development in a new growth cycle [2][6]. Group 2 - Leaders from Fortune 500 companies and experts will share insights on identifying trends, embracing change, and transforming their organizations to thrive in the evolving landscape [6]. - The summit will feature a diverse lineup of speakers, including executives from major corporations such as Amazon, IBM, and Huawei, who will provide valuable experiences and perspectives [6][11][20].

Group 1 - The Australian government announced an investment of AUD 1.1 billion (approximately USD 735 million) over the next 10 years to develop the biofuel industry, termed as the "down payment" for this new sector [2] - The investment aims to stimulate private sector investment in biodiesel and aviation fuel, expected to boost demand for biofuel feedstocks such as canola and sugarcane [2] - Australia is a major producer of biofuel feedstocks, with canola exports accounting for nearly one-third of Europe's biodiesel feedstock demand, but has struggled to convert agricultural advantages into domestic energy industry competitiveness [2] Group 2 - The biofuel industry is becoming a key sector in the global energy transition, with the global market size reaching USD 120 billion in 2023, a year-on-year increase of 4.4%, and is expected to exceed USD 170 billion by 2030 [2] - North America leads in biofuel production with nearly 40% market share, followed by South America, particularly Brazil, contributing about 25% [3] - China ranks as the fifth largest biofuel ethanol producer globally, with a production volume of approximately 3.9 billion liters in 2023, reflecting a year-on-year growth of 2.5% [4] Group 3 - Unlike Australia, China's biofuel industry emphasizes "domestic circulation," aiming to reduce reliance on imported crude oil through collaborative industrial chains [5] - The energy revolution positions biofuels not only as alternatives to fossil fuels but also as strategic tools for countries to compete for low-carbon economic influence [5] - A competition for "green fuels" has commenced, spanning from agricultural fields to aviation [5]

当前，高端化、智能化、绿色化的技术浪潮正在加速重绘全球能源结构图景，并为全社会、全产业推动可持续发展转型提供了新的动能。日 前，产业技术的全球领导者施耐德电气出席2025世界清洁能源装备大会，展示出自身在引领能源转型和推动产业绿色变革方面的创新成果和 卓越影响力。 在本届大会的新型输变电装备技术创新与产业发展会议上，施耐德电气全球副总裁Mario Haim发表主题演讲，深入剖析了全球能源转型的核 心挑战与机遇，阐述了施耐德电气以数字化和电气化"双引擎"驱动可持续发展的深刻洞察与创新实践成果。 数字化与电气化深度融合，构建智能绿色能源体系 在不断攀升的全球气候及能源供需挑战面前，能源结构的电气化转型正呈现出前所未有的紧迫性。来自国际能源署和施耐德电气可持续发展 研究院的数据显示，要在2050年实现净零排放目标，全球电气化率需从当前的20%跃升至55%，同时还需通过提升能效、发展循环经济以及 推动化石能源脱碳等途径，实现以更低的碳排放供应更多能源。 Mario Haim指出："尽管各国能源转型的进程和重点存在差异，但能源转型的核心，在于能源需求侧的根本性变革。"面对复杂挑战，施耐德 电气坚定不移地以数字化与电气化 ...

在全球聚焦气候变化议题的大背景下，《联合国气候变化框架公约》第二十九次缔约方大会（COP29） 成功达成重要协议。富裕国家将牵头，每年提供 3000 亿美元资金，助力较贫穷国家应对气候变化。对 此，大华银行集团企业可持续发展业务主管梅可嘉指出，这笔资金对于广大发展中国家而言，仍显不 足，发展中国家需从自身内部探寻解决方案，其中相关政策的有力支持尤为关键。 大华银行关注到，东南亚地区在能源转型方面形势紧迫。亚洲开发银行预估，东南亚每年需 2100 亿美 元资金，才能满足该区域可再生能源转型的需求。梅可嘉强调，东南亚 GDP 增长的同时，碳排放也在 惊人增长，其对可再生能源投资的需求极为迫切。目前，东南亚在可再生能源领域的产能建设远不能满 足需求，煤炭依旧是主要能源。国际能源署数据显示，自 2007 年以来，诸多发达经济体在 GDP 持续增 长的情况下，碳排放量不断降低，新兴经济体中这种 GDP 与排放量脱钩的现象也较为明显，如中国经 济规模大幅增长，排放量增长幅度却相对较小，非洲和拉丁美洲的经济活动与碳排放也呈现不同增长趋 势。然而，东南亚的 GDP 和排放量增长速度近乎相同。若不加快能源转型，到 2100 年 ...

哈伊马角所在的阿联酋，国土面积接近山东1/2，人口是山东1/10，经济总量接近山东的40%。面积1684平方公里，人口41万的哈伊马角将合作的视野投向山 东，这也意味着在中国和中东国家经贸合作的深度，在海湾国家在迈向能源转型和经济多元化的过程中，山东这个制造业强省成为他们寻求合作的首选目 标。 1.来自哈伊马角的邀请 此次山东省产业链供应链国际合作对接会中东专场由山东省商务厅主办，山东省对外投资合作协同发展联盟承办。在这场对接会上，阿联酋哈伊马角酋长办 公室中国事务处商务代表韦振琛在推介会上爆出的几个关键词，展现了哈伊马角这个以制造业著称的阿联酋酋长国的吸引力—— 齐鲁晚报·齐鲁壹点记者 蔡宇丹 阿联酋的哈伊马角酋长国来山东寻求合作机会了！ 9月16日，在山东省产业链供应链国际合作对接会中东专场上，出现了"哈伊马角"这个陌生的阿联酋第四大酋长国的国名。 与伊朗共同扼守全球重要油气通道霍尔木兹海峡，拥有中东及北非最大的干散货港口Saqr，货船从这里出发前往欧洲，最多可节省25天航行时间。 在哈伊马角自贸区设立企业，若从事转口贸易，可免征进出口关税，向阿联酋本地客户销售则需在非自贸区或缴纳5%进口税。 哈伊马角所 ...

报告称，2024年，清洁能源领域的投资和生产为中国经济贡献了近2万亿美元，这一数字相当于澳 大利亚的整个经济规模。Ember的报告还显示，清洁能源行业的发展增速是中国整体经济增速的3倍。 巴基斯坦应借助中国绿色能源的巨大发展，将风能和太阳能项目纳入目前正在重新规划的中巴经济 走廊中。（作者沙希德·贾维德·布尔基曾任世界银行副行长，王从译） 美国《新闻周刊》网站9月13日文章，原题：图表显示中国在全球清洁能源竞赛中胜出 一份最新报 告显示，随着全球最大能源消费国中国大力推进脱碳进程，风能和太阳能在满足激增的电力需求方面发 挥着越来越大的作用，中国的化石燃料使用量正趋于稳定。 重要性何在？中国已成为绿色科技制造和出口领域无可争议的领导者，在电动汽车、太阳能电池板 和电池储能等多个领域占据主导地位。中国之所以能做到这一点，凭借的是积极的国家驱动型产业政 策、大规模的公共支出以及利用其整合的国内供应链，进一步减少对石油进口的依赖，并在新兴技术领 域抢占先机。 英国能源智库Ember的数据显示，2025年上半年，中国风电累计发电量同比增长约16%，太阳能累 计发电量则飙升近43%。根据Ember的数据，仅在2025年上 ...

全球海洋能蕴藏量巨大，但技术挑战高，多数仍处于技术研发和项目示范阶段。 东盟成为能源发展新的增长极 0 2 当前，东盟海洋能开发仍处于早期勘探与技术验证阶段。与此同时，东盟正不断成为全球经济和能 源发展新的增长极。 东盟国家普遍拥有较长的海岸线和广阔的海域面积，蕴藏着丰富的海洋能源资源，为大规模开发和 多场景应用提供了良好条件。其中，多能融合是建设海洋能源的重要方向，推动区域能源转型与可持续 发展。具体方向：海上风电与海洋油气田、海上风电制氢氨醇、海洋牧场、海水淡化融合发展；海上风 电与海上光伏、波浪能、潮汐能融合；与船舶通航、气象观测、生态环境监测、极端情况应急避险融 合。 推动海上能源合作的优先领域 0 3 9月8日~12日，以"创新、绿色、智能，中国—东盟蓝色新未来"为主题的面向东盟蓝 色经济合作发展论坛在广西南宁举行。本届论坛由广西壮族自治区海洋局、自然资源 部第四海洋研究所（中国—东盟国家海洋科技联合研发中心）共同主办。来自中国与 东盟国家的海洋管理部门500多人次代表和专家学者围绕注重创新驱动，培育蓝色发 展新动能；注重产业更新，探索蓝色发展新路径；注重人海和谐，打造蓝色发展新格 局，展开深入研讨 ...

Core Viewpoint - The current U.S. energy policy under the Trump administration is seen as detrimental to the country's competitiveness, particularly in the context of clean energy and low-emission technologies [1][3]. Group 1: U.S. Energy Policy - The Trump administration is pushing for increased production of fossil fuels while simultaneously rolling back support for clean energy, which is damaging U.S. competitiveness [1]. - The current energy policy is described as a "tragedy" for the U.S., as it may lead to a decline in its position when low-emission technologies become widely adopted globally [1]. Group 2: Geopolitical Implications - The U.S. energy policy is paving the way for China to expand its dominance in the future low-carbon economy, which could reshape global trade alliances [1]. - The actions taken by the U.S. are perceived to weaken its moral authority and ability to lead globally, prompting other countries to reassess their relationships with China [1]. Group 3: Impact of Executive Orders - Upon returning to the presidency, Trump signed an executive order titled "Unleashing American Energy," aimed at encouraging fossil fuel exploration and production to enhance energy security and job growth [3]. - The Trump administration has also repealed clean energy policies from the Biden administration, specifically targeting wind energy as a focus of opposition [3]. - While these policies may slow the energy transition, it is asserted that they cannot halt it entirely [3].

荣鼎集团最新研究结果表明，特朗普和共和党人迅速破坏了拜登政府经过艰苦努力取得的能源转型进展。三年前，时任总统乔·拜登签署了具有里程碑意 义的《通胀削减法案》，为可再生能源、家庭能源升级和电动汽车创造了丰厚的税收激励措施，以及一系列旨在加速行业摆脱化石燃料使用的拨款和贷款 计划。 特朗普自重新入住白宫以来，一直在破坏美国减少地球变暖排放的努力。根据研究公司荣鼎集团（Rhodium Group）评估，美国目前预计在未来十年内将 温室气体排放量仅减少到2005年水平的26-35%。这一减排幅度远低于拜登政府时期的预测。 然而，特朗普政府和共和党控制的国会实际上废除了该法律，以及许多其他环境法规，例如限制车辆排放的法规，这些法规不仅有助于控制温室气体，还 能减少有害的空气污染。这是令人沮丧的消息。但在这迅速逆转的背后，如果仔细看，也有一线希望：特朗普证明了事情可以迅速改变。在未来的新政府 治理下，轨迹的快速改变可能会再次发生。 荣鼎集团2024年7月的一份报告发现，美国当时预计到2035年将减排38-56%。换句话说，去年拜登政府下的"最坏情况"仍比特朗普破坏国家脱碳战略后 的"最佳情况"要好。按照目前的情况，美国将 ...