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Agreements on sale of green certificates annulled

Poland
14/09/2017
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According to a press release, Energa Group – the biggest buyer of green certificates and green energy in Poland – claimed 150 agreements on the sale of property rights arising from green certificates concluded in 2007-2013 invalid due to an alleged violation of public procurement law. Energa Group claims that the agreements should have been concluded under the public procurement procedure. This is not in line with the uniform market practice to date.

In recent years, due to changes in the renewable energy sources support system, there was a drastic decrease of the market prices of green certificates. The prices dropped from PLN 180 in 2013 and PLN 120 in 2015 to nearly PLN 20 per green certificate in 2017. Energa Group claims that under the agreements, its subsidiary – Energa-Obrót S.A. – was obliged to pay an amount more than ten times higher. According to press releases, 130 agreements referred to market prices and 22 agreements were "extremely unfavorable", not relevant to market prices and executed for a long period of time such as 15-20 years.

Energa-Obrót S.A. declared that it will discontinue the implementation of twenty-two agreements and will initiate court and/or arbitration proceedings against wind farms and assignee banks and expects that the courts will declare the agreements null and void.

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