Ze Pak SA Group

What Ze Pak SA Group does

ZE PAK SA Group is a Polish vertically integrated energy holding company headquartered in Konin and listed on the Warsaw Stock Exchange (WSE: ZEP). The group's core business is the generation and sale of electricity from coal-fired power plants (Pątnów and Adamów-Konin), supported by wholly-owned lignite mining operations through PAK KWB Konin S.A. and ancillary services via PAK Górnictwo, PAK Serwis, and PAK-Volt. Its primary customers are industrial and commercial energy consumers, municipalities, and energy trading counterparties, with distribution through the Polish Power Exchange (TGE) and direct bilateral contracts.

The company is executing a strategic transition from coal to gas and nuclear. The flagship project is a 562 MW combined cycle gas turbine (CCGT) unit under construction in Turek through PAK CCGT Sp. z o.o., targeted for Q3 2027 commissioning and funded by a syndicated bank loan and a potential PLN 340 million UniCredit facility. A five-year gas supply agreement with DUON Dystrybucja, indexed to TGE market prices, secures fuel offtake. Separately, ZE PAK is positioning for participation in Poland's second nuclear power plant, retaining a central-Poland site and adding a former state nuclear executive to its supervisory board. Services subsidiary PAK Serwis has also extended into offshore wind maintenance via the MFW Bałtyk III project.

Revenue declined sharply from PLN 4,200 million (2022) to PLN 1,334 million (2025), with a net loss of PLN 164 million reported in 2025. The CCGT unit's delayed commissioning triggers monthly lost-revenue and penalty exposures under its capacity market contract. Control rests with Argumenol Investment Company Limited (~50-66% stake) linked to the heirs of Zygmunt Solorz, with pension fund OFEs as the next-largest holders. No dividends have been paid since 2017.

Name

Ze Pak SA Group

Legal name

ZE PAK SA

Website

https://zepak.com.pl

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ZE PAK SA Group is a Polish vertically integrated energy holding company that generates electricity from coal-fired plants and own lignite mines, and is building a 562 MW CCGT gas unit in Turek while positioning for nuclear involvement. It serves industrial, commercial, and municipal customers via the Polish Power Exchange and direct bilateral contracts.

Ownership category

akta.pro rank

Product category

Power Generation and Electricity Supply

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111)

SIC

Cogeneration Services & Small Power Producers (4991), Bituminous Coal & Lignite Mining (1220)

akta.pro primary industry

Utility-Scale Combined-Cycle Gas Turbine (CCGT) Generation (EUACABAA)

akta.pro secondary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

Keywords

• Coal-fired power generation
• Lignite mining operations
• Combined cycle gas turbine
• Electricity generation utilities
• Nuclear energy development

Headquarters

HQ city

Konin

HQ country

Poland

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Generation and Sales: Generation and sale of electricity from coal-fired and gas-fired power plants. Primary revenue stream from power generation operations across multiple facilities.
2. Lignite Mining: Mining and extraction of lignite (brown coal) from own mines for use in power generation operations
3. Gas Supply and Trading: Gas supply agreements and fuel trading for CCGT power generation units

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

ZE PAK SA Group is a vertically integrated Polish energy company that generates and sells electricity from coal-fired power plants (Pątnów and Adamów-Konin) and mines lignite (brown coal) from its own mines to supply its generation assets. The group is building a 562 MW combined cycle gas turbine (CCGT) unit in Turek to transition away from coal, and is positioning to participate in Poland's second nuclear power plant project.

Product overview

Ze Pak SA Group is a Polish energy company operating as a holding structure with multiple subsidiaries. The group operates coal-fired power generation facilities and is transitioning to natural gas through its CCGT project in Turek. Key operations include lignite mining (PAK Kopalnia Węgla Brunatnego Konin), power generation (coal-based), and a 562 MW gas turbine unit under development. Service subsidiary PAK Serwis provides maintenance services including offshore wind farm support.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Generation (Coal-fired) Electricity generated from lignite-fired power plants (Pątnów and Adamów-Konin facilities) sold to industrial, commercial, and wholesale market customers in Poland. The core product of ZE PAK SA Group.
• Lignite (Brown Coal) Mining Extraction of lignite (brown coal) from owned mines in the Konin area via subsidiary PAK KWB Konin S.A. Used primarily as fuel for the group's own power generation, supporting vertical integration.
• CCGT Power Generation (Turek 562 MW) Natural gas-fired combined cycle power generation unit with 562 MW capacity, developed by PAK CCGT Sp. z o.o. in Turek, Poland. Will sell electricity into the Polish market via TGE and bilateral contracts, supporting Poland's energy transition away from coal.
• Industrial Maintenance and Repair Services

Quantifiable outcome

• CCGT unit scheduled for commissioning in Q3 2027

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered strategic and core.

• Aleksander GradstrategicOthers · 20 February 2026Former head of Poland's state nuclear energy firm hired as supervisory board member. Represents ZE PAK's strategic interest in participating in Poland's second nuclear power plant project.
• DUON Dystrybucja Sp. z o.o.coreTechnology or Integration · 12 February 2026Five-year gas supply agreement for CCGT unit in Turek with automatic five-year extension. Gas deliveries to physical exit point from transmission system managed by Gaz-System SA. Settlement based on TGE indices (TGEgasID and TGEgasDA).

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Fortum Oyj: Nordic-based integrated utility with coal and nuclear generation in its portfolio. Comparable to ZE PAK on the coal-to-clean transition and European decarbonization exposure.
• CEZ Group: Czech integrated utility with significant lignite and coal-fired generation, plus nuclear. Operates in a comparable Central European regulatory context and faces a similar coal-to-gas/clean transition trajectory.
• Uniper SE: German utility with large coal- and gas-fired generation undergoing a coal exit. Comparable to ZE PAK as a coal-heavy utility pivoting to gas-fired generation.
• Energa S.A. Polish energy group (now majority-owned by PKN Orlen) with generation and distribution assets. While less lignite-heavy than ZE PAK, it is a comparable Polish power-sector incumbent navigating the same energy transition.
• Vattenfall AB: Swedish state-owned utility with lignite mining and generation in Germany (under phased exit). Closely parallels ZE PAK's vertically integrated lignite-mining-plus-generation model.
• RWE AG: Major European utility with significant lignite mining and generation in Germany. Directly relevant peer for ZE PAK's vertical integration model (mining + generation) and its exposure to lignite policy risk.
• EnBW Energie Baden-Württemberg: German integrated utility with legacy coal-fired generation and a heavy renewables/gas buildout. Comparable to ZE PAK as a European utility executing the coal-to-clean transition.

Direct peers

• Enea S.A. Polish integrated utility with significant coal-fired generation, distribution, and mining activities. Comparable to ZE PAK in the Polish coal-generation context and the regulatory/political environment for lignite operations.
• Tauron Polska Energia: Polish integrated energy group with coal-fired generation, renewables, and distribution. Overlaps with ZE PAK on coal generation and Polish wholesale market exposure, with similar transition dynamics.
• PGE Polska Grupa Energetyczna: Poland's largest power producer, operating lignite- and hard-coal-fired generation alongside an expanding renewables portfolio. Closely comparable to ZE PAK in fuel mix (lignite), geography (Poland), and the same coal-to-clean transition challenge.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/zepaksa
• YouTubeyoutube.com/channel/UC-HDVF1leTItooz7RUP-7GQ
• Facebookfacebook.com/ZEPAKSA

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 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 Ze Pak SA Group