PAK-Polska Czysta Energia

What PAK-Polska Czysta Energia does

ZE PAK S.A. is a Polish vertically integrated energy group headquartered in Konin, Poland, listed on the Warsaw Stock Exchange (ticker: ZEP) since October 2012. Operating through wholly-owned subsidiaries — PAK KWB Konin S.A. (lignite mining), PAK Górnictwo (mining services), PAK Serwis (industrial maintenance), and PAK CCGT (new generation project) — the company runs the full lignite-to-power value chain: open-pit extraction of lignite and electricity generation at three coal-fired power plants in Pątnów, Adamów, and Konin. The group is controlled (65.96% of voting rights) by Argumenol Investment Company Limited, a Cyprus entity ultimately linked to Zygmunt Solorz-Żak, with Polish pension funds (PZU OFE, Allianz Polska OFE, Nationale-Nederlanden OFE) holding the next-largest blocks.

The group's core technology today is conventional lignite-fired generation, but the strategic centerpiece is a 562 MW combined-cycle gas turbine (CCGT) power block under construction in Turek via PAK CCGT Sp. z o.o., designed to replace coal capacity as part of a coal-to-gas transition. A 5-year gas supply agreement with DUON Dystrybucja (TGE-indexed settlement, EFET-standard contract, auto-renewing) and physical delivery arrangements with Gaz-System anchor fuel supply; consortium bank financing was closed in December 2025, with an additional up-to-340 million PLN facility under negotiation with UniCredit SpA in June 2026. The CCGT's capacity market obligation was contracted in December 2021 with delivery originally targeted for January 2026 but now delayed to Q3 2027. The subsidiary PAK Serwis has also moved into offshore wind services via a contract for the MFW Bałtyk III project, signaling optionality in renewables-adjacent services.

ZE PAK generates revenue from two principal streams: (i) usage-based electricity generation and sales through the Polish grid, and (ii) recurring capacity market revenue, with monthly capacity obligation revenue of approximately 16.4 million PLN. Customer segmentation is horizontal and concentrated in the energy sector (utilities and energy traders); pricing is not publicly disclosed and is set by market conditions and bilateral contracts. 2025 consolidated sales revenue was 1,333,834 thousand PLN — a steep decline from 2,185,257 thousand PLN in 2024 — accompanied by a swing to a 164,429 thousand PLN net loss (from 262,915 thousand PLN profit in 2024), against total assets of 4,115,960 thousand PLN. The firmographic headcount range of 11–50 appears inconsistent with a multi-plant, multi-subsidiary operator and should be treated cautiously.

Name

PAK-Polska Czysta Energia

Legal name

ZE PAK Spółka Akcyjna

Website

https://zepak.com.pl

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

ZE PAK S.A. is a Polish vertically integrated energy group (WSE: ZEP) that mines lignite and generates electricity at three coal-fired power plants. It is transitioning to gas-fired generation via a 562 MW CCGT unit in Turek and earns revenue from electricity sales and Polish capacity market obligations.

Ownership category

akta.pro rank

Product category

Power Generation and Energy Supply

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Bituminous Coal & Lignite Mining (1220), Bituminous Coal & Lignite Surface Mining (1221)

akta.pro primary industry

Lignite/Brown Coal Power Generation (EUACAAAF)

akta.pro secondary industries

Lignite Mining (IMAKAIAD), Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI), Utility-Scale Combined-Cycle Gas Turbine (CCGT) Generation (EUACABAA)

Keywords

• Lignite coal mining
• Electricity generation
• Combined cycle gas turbine
• Capacity market services
• Industrial power plant operations

Headquarters

HQ city

Konin

HQ country

Poland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Electricity Generation and Sales: Revenue from electricity generation and sales through power plants in Pątnów, Adamów, and Konin
2. Capacity Market Revenue: Revenue from capacity market obligations, with monthly estimated revenue of approximately 16.4 million PLN from capacity obligations

Distribution channels1 record

Marketing channels3 records

Core offering

ZE PAK S.A. is a Polish energy group that extracts lignite from open-pit mines in the Konin area and generates electricity from three coal-fired power plants (Pątnów, Adamów, Konin), with a 562 MW gas-fired combined cycle (CCGT) power block under construction in Turek as part of its coal-to-gas transition. The company also provides industrial maintenance and repair services through its PAK Serwis subsidiary, including work on the MFW Bałtyk III offshore wind project.

Product overview

ZE PAK SA is a Polish energy company operating lignite coal mining and electricity generation facilities. The company operates through a holding structure including PAK KWB Konin (lignite mining), PAK Serwis (maintenance services), and PAK Górnictwo. The core business involves extracting lignite from open-pit mines and generating electricity at three coal-fired power plants (Pątnów, Adamów, Konin). The company is undergoing a strategic energy transition, with a major 562 MW CCGT (combined cycle gas turbine) gas-fired power block under construction in Turek, representing a shift toward natural gas.

Differentiator

Problem solved

Functional benefit

Products and services

• CCGT Power Block (Combined Cycle Gas Turbine) 562 MW gas-fired combined cycle power generation block under construction in Turek, Poland, intended to provide dispatchable gas-fired capacity and to participate in the Polish capacity market with obligations starting from 2026. Aimed at replacing retiring lignite-fired capacity as part of ZE PAK's coal-to-gas transition.
• Electricity Generation (Lignite-Fired) Production of electricity from lignite-fired power plants located at Pątnów, Adamów, and Konin in central Poland, with output sold to the Polish power grid and to industrial off-takers.
• Lignite Coal Mining Open-pit extraction of lignite (brown coal) from mines in the Konin area of central Poland, operated through the PAK KWB Konin S.A. subsidiary, supplying fuel to the group's own power plants.
• PAK Serwis Industrial Maintenance Services Industrial repair and maintenance services for power generation and industrial assets, delivered by subsidiary PAK Serwis Sp. z o.o., including work on the MFW Bałtyk III offshore wind farm project.
• PAK Górnictwo Mining Operations Mining operations and supporting services for lignite extraction activities, delivered by subsidiary PAK Górnictwo Sp. z o.o. within the ZE PAK capital group.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• DUON Dystrybucja sp. z o.o.coreTechnology or Integration · 12 February 2026Five-year gas supply contract for the CCGT block in Turek, with automatic renewal for subsequent five-year periods. Gas deliveries to physical exit point from Gaz-System transmission system. Settlement based on TGE gas market indices.
• Gaz-System SAcoreTechnology or Integration · 12 February 2026Gas transmission system operator (OSP) responsible for physical gas delivery points for the CCGT block.
• PAK Serwis Sp. z o.o.coreStrategic or Co-development PartnerSubsidiary company performing works for offshore wind farm project MFW Bałtyk III, showcasing engineering and service capabilities.

Scale indicators7 records

Recent moves13 records

Expansion highlights5 records

Broad incumbents

• Uniper: European gas- and coal-generation utility with significant CCGT fleet; comparable on gas-fired capacity and capacity-market economics relevant to ZE PAK's Turek CCGT.
• EnBW: German integrated utility that has moved away from coal and nuclear into renewables and gas; relevant comparable for ZE PAK's coal-to-gas-plus-services transition strategy.
• CEZ Group: Czech incumbent utility historically reliant on lignite mining and coal-fired generation, currently executing a coal-phase-out and adding gas/RES capacity; directly comparable strategic profile to ZE PAK's lignite-to-gas transition.
• RWE AG: European utility exiting lignite generation and scaling renewables and gas; comparable to ZE PAK on the lignite-mining-to-clean-generation transition narrative and capacity-market participation.
• PKN Orlen: Polish integrated energy major combining refining, petrochemicals, gas-fired generation, and renewables; broader incumbent comparable to ZE PAK on Polish power and capacity-market dynamics following its merger with Energa and PGNiG.

Direct peers

• PGE Polska Grupa Energetyczna: Poland's largest utility with lignite and hard-coal generation, renewables, and distribution; directly comparable to ZE PAK as a domestic coal-and-transitioning utility with capacity-market exposure.
• Enea: Polish utility with generation, mining, and distribution assets, including coal-based capacity; relevant peer for ZE PAK's lignite-mining-plus-power vertically integrated model.
• Tauron Polska Energia: Polish integrated utility operating coal-fired generation alongside renewables and distribution; comparable to ZE PAK in coal-to-clean transition dynamics and exposure to the Polish capacity market.

Emerging players

• Polenergia: Polish independent power producer focused on onshore and offshore wind; comparable to ZE PAK via the MFW Bałtyk offshore wind project, which ZE PAK services through its PAK Serwis subsidiary.

Regional players

• PGE Baltica: Offshore wind development arm of PGE focused on the Polish Baltic Sea; relevant peer for ZE PAK's offshore wind service positioning through PAK Serwis on MFW Bałtyk III.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ZEPAKSA
• YouTubeyoutube.com/channel/UC-HDVF1leTItooz7RUP-7GQ
• Facebookfacebook.com/ZEPAKSA
• LinkedInlinkedin.com/company/ze-pak-sa

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PAK-Polska Czysta Energia