It all depends on several factors. The main ones are: the price of coal, the price of CO2 emission allowances, and of course the price of electricity. Last year, in the case of Tauron, all three of them worked together so well that the group achieved a record result in its history.
Read also: How long will we use coal? The president of a large company has an idea for this
It is true that the fourth quarter was not a success, as the net profit at that time of PLN 416 million was 48% lower year on year, but the results of the previous three quarters were already so high that it could not be ruined.
Throughout 2025, the Tauron Group earned net earnings of as much as PLN 3,313 million. This is a new record. Moreover, the previous record from 2012 (PLN 1,476 million) was beaten by as much as 124%.
Read also: The energy company surprises the markets with a payout. “It's a justified decision”
Effect? Shares are up 3.3%.but at the highest point of the day the quotations reached PLN 10,525 per share. And all this after an increase of 12.3% on Monday. In total, the shares are already gaining 17.8% this week.
What are the reasons for such good results for a company that still generates most of its electricity from coal? Moreover, energy production by Tauron's conventional units increased by as much as 7%. to 9.54 TWh, while renewable energy plus biomass amounted to 1.72 TWh (+5% y/y). And yet coal was supposed to be discontinued.
Tauron savings
The revenues of the Tauron Group increased, but only by 2.3%. y/y, i.e. by PLN 742 million to PLN 33.3 billion. But EBITDA (operating result plus depreciation) increased by as much as 16.1%, or by PLN 1 billion 41 million.
The group earned PLN 825 million more on distribution (+21% y/y)and PLN 202 million more on generation excluding renewable energy sources (+27% y/y). Renewable energy profits fell by 16.4%. i.e. by PLN 112 million. In other words, it was the coal part that determined the increase in operating profits.
Read also: Tauron will build a power plant. He is to act as a “fireman”
This is partly due to money from the capacity market for coal-fired units. That's what Tauron had PLN 876 million in revenues, i.e. 9%. more year to year. They also resulted in lower costs of the coal segment of operations. The company writes about lower prices of coal and CO2 emission rights, which resulted in improved margins. Tauron used coal by 4%. more, and even though more of it was burned, PLN 3.1 billion was spent on ETS allowances, i.e. PLN 204 million (-6%) less year-on-year.
The reduction of NBP interest rates also helped. Interest costs decreased by PLN 38 million (-6% y/y) to PLN 634 million. To all this, it should be added that it is even lower by 27%. y/y, i.e. by PLN 358 million in income tax. All this contributed to the end result, a new record.
Author: Jacek Frączyk, editor of Business Insider Polska
