PGE
About
Poland's state-controlled power group: the State Treasury, directly and through its subsidiary TF Silesia, holds 61.70% of the shares. Its eight operating segments still include lignite mining and coal-fired electricity and heat, beside gas-fired generation, district heating, renewables and grid distribution. Offshore wind sits in the Renewables segment, and the group holds nine location permits for offshore wind farms in the Baltic Sea. Two projects are shared 50/50 with Ørsted: Baltica 2, under construction, and Baltica 3. In March 2026 its Baltica 9 project company bought 100% of RWE's Polish offshore company, adding the adjacent FEW Bałtyk II project to form Baltica 9+. State control means its offshore programme moves with Polish energy policy as much as with project economics.
Outlook
as of 2026-10Portfolio
4 held · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 3.87 GW.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| Baltica 2↓ farmed down | Poland | Under Construction | 1498 | 50% | 749 |
| Baltica 9 | Poland | Advanced Development | 975 | 100% | 975 |
| Baltica 3↓ farmed down | Poland | Advanced Development | 1045 | 50% | 523 |
| F.E.W. Baltic II | Poland | Advanced Development | 350 | 100% | 350 |
Divested & farmed down
every recorded sale by this developer · newest first| Announced | Project / portfolio | Type | Stake sold | €m | Buyer |
|---|---|---|---|---|---|
| 2021-02 | Baltica 2 | farmdown | 50% | 86 | Ørsted |
| 2021-02 | Baltica 3 | farmdown | 50% | 60 | Ørsted |
Ownership history comes from the transaction database; the portfolio above is the current snapshot only. "Joint" stakes are the consortium total (per-seller split not disclosed) and are excluded from the stake-weighted GW figure.
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