CBE Polska

PGE Dom Maklerski S.A. (PGE DM) is part of the PGE Capital Group. PGE DM's areas of business are:

• Brokerage in commodities transactions:
  • electricity,
  • property rights,
  • gas,
  • allowances of emissions CO2
• brokerage in financial instruments transactions,
• management of the commodities portfolio,
• reporting under EMIR and REMIT regime.

ELECTRICITY, GAS, PROPERTY RIGHTS
PGE DM is a participant of the Polish Power Exchange S.A. (TGE) on electricity, gas and property rights markets. This year, the company received the "Platinum Megawatt" award for the most active brokerage house on the electricity market and the Property Rights Market in 2015.

ALLOWENCES OF EMISSIONS CO2
PGE DM has full access to the emissions allowances market through the ICE Futures Europe exchange in London and the European Energy Exchange (EEX), based in Leipzig. PGE DM is the only brokerage house on the polish market, which has obtained the authorization of the Polish Financial Supervision Authority for the acquisition on behalf of clients of emission allowances on the auction platforms. Obtained by PGE DM approval ensures transparency and the highest level of security of transactions carried out on the primary market of CO2 emission allowances. PGE DM as a licensed entity operates according to the highest standards. Membership on the Polish and foreign exchanges, cooperation on the OTC market and qualified personnel with expertise and years of experience, enable the provision of high quality services on the field of commodity spot and futures markets transactions.

Focused on emissions trading since 2001, Vertis Environmental Finance thanks to the wide range of business partners within 1,000 companies from industry, energy and financial sectors, together with clearing counterparties across the Europe and membership on exchanges (ICE, EEX) guarantee You an outstanding service with the best prices on EU ETS market.

In 2011 Vertis was awarded the prestigious Best Broker title by Thomson Reuters Point Carbon and won 2015 Best Emissions Dealer award, by Energy Risk commodity rankings.

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Domański Zakrzewski Palinka was established in 1993. Since then we have systematically expanded our potential. For many years now we have been the largest independent Polish law firm. Our reputation and brand are values built on client trust and satisfaction and effective team work. DZP’s main office is in Warszawa and it has local offices in Poznań and Wrocław. Our legal team is composed of over 140 experts provides advisory to clients in all sectors, offering them full-range legal and tax advice on all aspects of the law and in all specialisations. Our worldwide network of relations with leading foreign law firms enables us to advise Polish firms interested in operating on the international market and foreign firms planning to invest in Poland. We render services in various languages including English, German, French, Russian and Spanish.

Belektron is currently one of the most active carbon trader on the European and global market. We have direct access to the main commodity exchanges EEX and ICE and to daily emission allowances auctions what is a warranty of competitive prices with fast and safe settlement of each transaction concluded with Belektron. Additionally we are also official EEX market maker. Our wide international network of business partners includes companies in the EU ETS from industrial and power sector, airlines, regional traders, banks, project developers and liquid European wholesale markets.It will be a pleasure to discuss with you opportunities of your CO2 products portfolio optimization and further strategies related to the purchase or sale of carbon emission allowances.

www.belektron.eu

(022) 389 51 31

Areto is a modern consultancy providing advisory services on a broad range of issues relating to the financial  instruments, financial risk management and regulatory requirements of financial instruments. Areto brings together Poland's leading experts with vast financial market experience. Areto specialise in handling financial instruments issues, and particularly in:

We offer our clients, inter alia:

• Financial risk management advisory;
• Documentation advisory for master agreements and credit support agreements;
• Support in implementation of financial instruments and investment services and due diligence of the processes related to these services;
• EMIR Regulation advisory
• Training in financial market related issues
• The regulatory and legal requirement advisory

Towarowa Giełda Energii SA (TGE) was established at the end of 1999. In the first six months, from registration of its business operations, it has launched the Day Ahead Market (electricity spot market). In 2003, TGE was the first and so-far only entity to obtain a license to run a commodity exchange market from the Financial Supervision Commission (KNF).

The Exchange is the Market

For sure, the exchange is the essence of the market. One can say that this is the place, where individuals and companies meet, on a regular basis and on specific dates, to conclude "buy" and "sell" transactions of a commodity, such as for example electrical power. Those "meetings" also involve intermediaries (brokers).
The complete liberalization of the electricity market - which became unavoidable in Poland - is creating the need to build a market mechanism for setting the electricity prices. This need can be satisfied by the Polish Power Exchange (TGE). It is offering the possibility to determine an objective market price, being a reference for other transactions concluded on the electrical power market.

TGE, as an organized part of the electricity market is offering its participants a range of benefits:

• Equal access to market information
• Clear, transparent and consistent rules for conclusion of commercial transactions for all participants
• Reduction in the costs of negotiation (automation of the best offer searching process)
• High level of flexibility in conclusion of transactions
• Effective management of commercial risks, resulting from fluctuation of the electricity demand price and volume.

The key areas of TGE operations are:

• Day Ahead Market (DAM),
• Intraday Market (IDM),
• Day Ahead Market gas (DAMg),
• Commodity Forward Instruments Market with Physical Delivery (CFIM),
• Commodity Forward Instruments Market with Physical Delivery gas(CFIMg),
• Property Rights Market for Renewable Energy Sources and Co-generation, (PRM)
• CO2 Emission Allowance Market (EAM).

Polenergia Obrót SA is an entity acting as an intermediary between the generating assets of the Group, the markets of electric energy and certificates of origin, and the people managing the risk for the Group. The Company also runs trading operations. A team who had previously gained experience in trading at Vattenfall in Poland was established in 2013 to deal with such operations.

The Forum for Energy is a non-profit initiative founded by Joanna Maćkowiak-Pandera (project leader, Agora), Jan Rączka (Regulatory Assistance Project, RAP) and Maciej Bukowski (WiseEuropa, formerly called Warsaw Institute for Economics Studies, WISE).

The Forum has been established to support a public debate which aims to develop low-emission mechanisms for the Polish power sector. The FfE works in the context of decisions reached at the European level about the long term strategy of the power sector to 2030 and beyond. The project aims to develop a comprehensive and cohesive vision for an economically viable transformation of the electricity sector.

Within the project exists the Expert Panel, a gathering of the prominent Polish experts who represent the stakeholders of the energy sector at large, i.e. business, think-tanks, government, and business and non-governmental organisations. FfE intend to facilitate a dialogue which involves a full spectrum of opinions of all the stakeholders who shape the power sector in Poland. The task of the Expert Panel is to suggest topics of the studies, consult on their outcomes, and work out recommendations for the positions by FfE. The Expert Panel convenes several times a year.

FfE is funded by: Agora Energiewende, Regulatory Assistance Project, WiseEuropa and European Climate Foundation.