Public offering

December 1990 – Zespół Elektrociepłowni Wrocław (ZEC Wrocław), at its own initiative, requested Poland’s Privatization Ministry to transform it from a state-owned enterprise into a commercial law company.
1 November 1991 – the Company was the first in its industry to officially commence operations as a joint-stock company (S.A.) wholly owned by the State Treasury, under the name of Zespół Elektrociepłowni Wrocław S.A. (ZEC Wrocław S.A.).

Towards the end of 1991 – having reviewed the organizational structure of the Company, its Management Board decided to spin off financially independent companies to carry out support and non-production activities.

Towards the end of 1992 – a new company strategy for the period until 2000, including a strategic action plan, the Company’s mission and an investment and upgrade programme, was developed. Letters of Intent were signed by ZEC Wrocław S.A. with Electricité de France (EDF) and Belgium’s Tractebel. As a result, a Company privatization plan involving foreign investors was jointly developed.

Unfortunately, the process was discontinued due to changes introduced to the Polish Privatization Act. Repeated changes of government hindered privatization.

January 1997 – the Minister of the Treasury assumed ownership of our Company as part of a reform.

July 1997 – the new Labour Code took effect and the Company’s organs requested the Minister of Industry and Trade to resume the privatization procedure.

July 1997 – a great flood, which lasted from 10 July until the end of the month in Wrocław, got in the way of the Company’s privatization plans. Water flooded the plant. Once the damage had been repaired and production resumed, work on the Company’s privatization continued and it was taking shape ever more clearly.

6 July 1999 – the Minister of the Treasury approved the plans to privatize ZEC Wrocław S.A. on the Warsaw Stock Exchange.

3 September 1999 – an agreement was signed with the brokerage house Dom Maklerski Banku Zachodniego to manage an issue of ZEC Wrocław S.A. shares.

26 September 1999 – the Company adopted a new name:


and its abbreviated versions:


30 September 1999 – an application was filed with the Polish Securities and Exchange Commission in Warsaw to approve ‘A’ series shares of KOGENERACJA S.A. for public trading.

31 March 2000 – the Polish SEC approved the shares for public trading.

26 May 2000 – the Company debuted on the Warsaw Stock Exchange. The issue debuted at PLN 52 per share, whereas the subscription price had been PLN 49.

28 June 2000 – the first Annual General Meeting of KOGENERACJA S.A. was held.

August 2000 – the process of signing agreements began for the transfer of shares held in KOGENERACJA S.A. by the Treasury to eligible Company employees free of charge.

November 2000 – ‘B’ series shares were issued, to investors only.