Research Outline

Energy Sector Investments


To identify the investment plans of relevant players (EON, Uniper, RWE, Innogy, Centrica, DONG, Vattenfall, EnBW, EDF, Engie, Enel, Tauron, ČEZ, MVM, Verbund, Tauron, SSE, Iberdrola, Statoil, Fortum, EPS, HEP, SEAS, EPH, Verbund, Energa, PGE, and Electrica) in selected geographical areas (Slovakia, Czech Republic, Poland, Austria, Slovenia, Croatia, Serbia, Romania, Macedonia, Montenegro, Bosnia and Herzegovina, Albania, Bulgaria). This information will be used to identify potential acquisition targets in the energy sector.

Early Findings


  • Electrica is a Romanian company and one of the key suppliers and distributors of electricity to that market. It is the only Romanian company invested in this sector.
  • Investments discussed in the Supplementation of Consolidated Investment Plan 2019 include an increase of RON 39.2 million to RON 778.2 million. This is being used to increase in investment in Societatea de Distributie a Energiei Electrice Transilvania Nord SA.

Polska Grupa Energetyczna

  • Polska Grupa Energetyczna (PGE) is the largest energy sector company in Poland.
  • Early in 2020, PGE signed an agreement with General Electric Global Services GmbH, Polimex Mostostal S.A. and General Electric International Inc. for construction of power units at Dolna Odra power plant.
  • PGE is in talks with Energa SA and Enea SA over the construction of a 1,000 MW unit in Ostrołęka.
  • The management board of PGE commenced talks in October 2019 with Orsted regarding the sale of a 50% share in two off shore wind farms. The wind farms are Elektrownia Wiatrowa Baltica-3 Sp and Elektrownia Wiatrowa Baltica-2 Sp.


  • Unfortunately the website of Energa does not contain an English translation.


  • Verbund is the leading energy supplier in Austria and one of the largest hydro power producers in Europe.
  • The annual report of Verbund for 2018 discloses that they have generation capacity or trading activities in some geographical areas identified. The extent of these activities is unclear.
  • Verbund's investment focus is recorded as "Our business model centers on investing in profitable assets in the regulated sector and improving generation efficiency as well as on fulfilling our customers’ needs in the best possible manner, all the while ensuring responsible management of energy."


  • While we have managed to locate some limited investment information regarding some of the companies identified, we are not confident that the information required is publicly available at this time. One of the difficulties is that information regarding potential investments is considered commercially sensitive and usually not released publicly.
  • We do not believe that further research into the other companies will yield any detailed information regarding the investment plans of the identified companies. By redirecting our research, we are confident that we will be able to identify information that will be of use.