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 2026-10PGE's strategy to 2035 targets 4 GW of offshore wind in operation by 2035, and the FY2025 report gives offshore wind farms 22% of a planned PLN 235 billion investment over 2025 to 2035. Its first farm is Baltica 2 (about 1.5 GW), built 50/50 with Ørsted: final investment decision and project financing came in January 2025, all 111 monopiles were installed by August 2026, and commissioning is planned for the fourth quarter of 2027. Behind it sit Baltica 3 (about 1 GW), reconfigured in 2025 with its deadline for first power to the grid extended to 2032, and Baltica 9+ (about 1.3 GW), formed when PGE bought RWE's adjacent FEW Bałtyk II project (not the Polenergia and Equinor Bałtyk II) in March 2026; both parts of Baltica 9+ hold contracts for difference. Baltica 1 (about 0.9 GW) won no support in the December 2025 auction and is being reconfigured for the 2027 round. The group sets a 7.5% minimum IRR, which it may lower for projects with secured revenue such as a contract for difference.
What they've said
5 statements 2026-04 – 2026-09
- H1 2026 management board report
“In line with the PGE Group Strategy, achieving 4 GW of capacity (in operation) in offshore wind energy is a target for 2035. The PGE Group currently holds 9 location permits for offshore wind farms in the Baltic Sea.”
PGE (company report) source → - H1 2026 management board report
“The acquisition of the FEW Bałtyk II project allows the PGE Group to achieve synergies resulting from the joint development of the FEW Bałtyk II and PGE Baltica 9 projects, which will from now on be implemented as a Baltica 9+ project with a capacity of approx. 1,325 MW.”
PGE (company report) source → - H1 2026 management board report
“Consequently, the project is undergoing reconfiguration and is being considered for participation in the 2027 auction. In the second quarter of 2026, the environmental permit for the grid connection infrastructure was obtained.”
PGE (company report) source → - FY2025 management board report
“the Group applies a selective approach to project selection, including the implementation of investments that achieve an internal rate of return above 7.5%, based on conservative macroeconomic assumptions. The Strategy allows for the possibility of lowering the minimum internal rate of return for projects for which the revenue component is secured through long-term support instruments”
PGE (company report) source → - FY2025 management board report
PGE plans to invest PLN 235 billion over 2025 to 2035, and its capital expenditure chart gives offshore wind farms a 22% share, separate from the 21% for other renewables.
Hafrok summary source →
Portfolio
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.