Duyuru • May 22
ZE PAK SA, Annual General Meeting, Jun 17, 2026 ZE PAK SA, Annual General Meeting, Jun 17, 2026, at 12:00 Central European Standard Time. New Risk • May 13
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: zł164m Forecast net loss in 2 years: zł53m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Reported Earnings • Dec 02
Third quarter 2025 earnings released: zł0.78 loss per share (vs zł0.66 profit in 3Q 2024) Third quarter 2025 results: zł0.78 loss per share (down from zł0.66 profit in 3Q 2024). Revenue: zł331.2m (down 34% from 3Q 2024). Net loss: zł39.6m (down 219% from profit in 3Q 2024). Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 06
Second quarter 2025 earnings released: zł1.30 loss per share (vs zł2.17 profit in 2Q 2024) Second quarter 2025 results: zł1.30 loss per share (down from zł2.17 profit in 2Q 2024). Revenue: zł335.1m (down 34% from 2Q 2024). Net loss: zł65.8m (down 160% from profit in 2Q 2024). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Jul 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Polish stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 88% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (13% net profit margin). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł30.30, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 12x in the Electric Utilities industry in Poland. Total returns to shareholders of 30% over the past three years. New Risk • Jun 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 88% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 88% per year for the foreseeable future. High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). New Risk • Jun 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Duyuru • May 19
ZE PAK SA, Annual General Meeting, Jun 12, 2025 ZE PAK SA, Annual General Meeting, Jun 12, 2025. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to zł25.00, the stock trades at a trailing P/E ratio of 4.8x. Average forward P/E is 12x in the Electric Utilities industry in Poland. Total returns to shareholders of 69% over the past three years. Reported Earnings • May 02
Full year 2024 earnings released: EPS: zł5.17 (vs zł11.43 in FY 2023) Full year 2024 results: EPS: zł5.17 (down from zł11.43 in FY 2023). Revenue: zł2.19b (down 26% from FY 2023). Net income: zł262.9m (down 55% from FY 2023). Profit margin: 12% (down from 20% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 25% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Polish stocks, typically moving 3.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 29% per year for the foreseeable future. High level of non-cash earnings (121% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (3.9% average weekly change). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to zł17.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 14% over the past three years. Major Estimate Revision • Dec 03
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from zł2.50b to zł2.22b. EPS estimate unchanged from zł3.65 per share at last update. Electric Utilities industry in Poland expected to see average net income growth of 10% next year. Consensus price target down from zł30.50 to zł25.50. Share price fell 5.1% to zł15.84 over the past week. New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 19% per year for the foreseeable future. High level of non-cash earnings (74% accrual ratio). Reported Earnings • Nov 27
Third quarter 2024 earnings released: EPS: zł2.74 (vs zł7.28 in 3Q 2023) Third quarter 2024 results: EPS: zł2.74 (down from zł7.28 in 3Q 2023). Revenue: zł1.56b (up 101% from 3Q 2023). Net income: zł139.0m (down 62% from 3Q 2023). Profit margin: 8.9% (down from 48% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 25
Second quarter 2024 earnings released: EPS: zł2.17 (vs zł5.44 in 2Q 2023) Second quarter 2024 results: EPS: zł2.17 (down from zł5.44 in 2Q 2023). Revenue: zł522.0m (up 71% from 2Q 2023). Net income: zł110.4m (down 60% from 2Q 2023). Profit margin: 21% (down from 91% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 24% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • May 31
ZE PAK SA, Annual General Meeting, Jun 24, 2024 ZE PAK SA, Annual General Meeting, Jun 24, 2024. Reported Earnings • May 29
First quarter 2024 earnings released: zł0.09 loss per share (vs zł7.36 loss in 1Q 2023) First quarter 2024 results: zł0.09 loss per share (improved from zł7.36 loss in 1Q 2023). Revenue: zł519.6m (down 53% from 1Q 2023). Net loss: zł4.64m (loss narrowed 99% from 1Q 2023). Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.0%. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. New Risk • May 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 101% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 56% per year for the foreseeable future. High level of non-cash earnings (101% accrual ratio). Major Estimate Revision • Feb 01
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł3.32b to zł2.97b. EPS estimate unchanged from zł6.20 per share at last update. Electric Utilities industry in Poland expected to see average net income decline 4.3% next year. Consensus price target up from zł22.95 to zł28.55. Share price was steady at zł20.00 over the past week. Price Target Changed • Jan 31
Price target increased by 31% to zł28.55 Up from zł21.75, the current price target is an average from 2 analysts. New target price is 44% above last closing price of zł19.82. Stock is down 32% over the past year. The company is forecast to post earnings per share of zł6.20 for next year compared to zł4.00 last year. Major Estimate Revision • Jan 14
Consensus revenue estimates decrease by 28%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from zł4.62b to zł3.32b. EPS estimate increased from zł2.70 to zł6.19 per share. Net income forecast to shrink 8.8% next year vs 7.2% decline forecast for Electric Utilities industry in Poland. Consensus price target up from zł21.75 to zł22.95. Share price fell 2.1% to zł20.55 over the past week. Price Target Changed • Jan 12
Price target increased by 11% to zł22.95 Up from zł20.60, the current price target is an average from 2 analysts. New target price is 11% above last closing price of zł20.75. Stock is down 12% over the past year. The company is forecast to post earnings per share of zł6.19 for next year compared to zł4.00 last year. New Risk • Dec 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: zł7.13 (vs zł2.54 in 3Q 2022) Third quarter 2023 results: EPS: zł7.13 (up from zł2.54 in 3Q 2022). Revenue: zł819.9m (down 26% from 3Q 2022). Net income: zł369.9m (up 187% from 3Q 2022). Profit margin: 45% (up from 12% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to fall by 27% p.a. on average during the next 3 years compared to a 3.2% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 01
Second quarter 2023 earnings released: EPS: zł5.00 (vs zł0.97 in 2Q 2022) Second quarter 2023 results: EPS: zł5.00 (up from zł0.97 in 2Q 2022). Revenue: zł305.6m (down 68% from 2Q 2022). Net income: zł254.3m (up 418% from 2Q 2022). Profit margin: 83% (up from 5.2% in 2Q 2022). Revenue is expected to fall by 24% p.a. on average during the next 3 years compared to a 4.5% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 05
First quarter 2023 earnings released: zł7.39 loss per share (vs zł2.04 profit in 1Q 2022) First quarter 2023 results: zł7.39 loss per share (down from zł2.04 profit in 1Q 2022). Revenue: zł1.15b (up 20% from 1Q 2022). Net loss: zł375.8m (down 463% from profit in 1Q 2022). Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 4.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 02
ZE PAK SA, Annual General Meeting, Jun 26, 2023 ZE PAK SA, Annual General Meeting, Jun 26, 2023, at 16:00 Central Europe Standard Time. Breakeven Date Change • Jan 01
Forecast breakeven date pushed back to 2023 The 2 analysts covering Zespól Elektrowni Patnów-Adamów-Konin previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of zł124.5m in 2023. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: zł2.54 (vs zł1.70 in 3Q 2021) Third quarter 2022 results: EPS: zł2.54 (up from zł1.70 in 3Q 2021). Revenue: zł1.14b (up 94% from 3Q 2021). Net income: zł129.1m (up 50% from 3Q 2021). Profit margin: 11% (down from 15% in 3Q 2021). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 43% per year. Price Target Changed • Nov 19
Price target increased to zł26.75 Up from zł20.00, the current price target is an average from 2 analysts. New target price is 29% above last closing price of zł20.75. Stock is up 16% over the past year. The company is forecast to post earnings per share of zł4.96 next year compared to a net loss per share of zł6.24 last year. Price Target Changed • Nov 16
Price target decreased to zł20.00 Down from zł25.65, the current price target is an average from 2 analysts. New target price is 11% below last closing price of zł22.50. Stock is up 21% over the past year. The company is forecast to post earnings per share of zł4.30 next year compared to a net loss per share of zł6.24 last year. Price Target Changed • Nov 04
Price target decreased to zł20.00 Down from zł25.65, the current price target is an average from 2 analysts. New target price is 23% below last closing price of zł25.90. Stock is up 38% over the past year. The company is forecast to post earnings per share of zł4.30 next year compared to a net loss per share of zł6.24 last year. Reported Earnings • Oct 02
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł960.1m (up 88% from 2Q 2021). Net income: zł49.1m (up 75% from 2Q 2021). Profit margin: 5.1% (down from 5.5% in 2Q 2021). Revenue is forecast to grow 18% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Breakeven Date Change • Oct 01
Forecast breakeven date pushed back to 2023 The 2 analysts covering Zespól Elektrowni Patnów-Adamów-Konin previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 93% to 2022. The company is expected to make a profit of zł412.0m in 2023. Average annual earnings growth of 64% is required to achieve expected profit on schedule. Price Target Changed • Jun 21
Price target increased to zł25.65 Up from zł19.50, the current price target is an average from 2 analysts. New target price is 19% above last closing price of zł21.55. Stock is up 124% over the past year. The company is forecast to post earnings per share of zł0.70 next year compared to a net loss per share of zł6.24 last year. Duyuru • Jun 07
Zespól Elektrowni Patnów-Adamów-Konin S.A., Annual General Meeting, Jun 30, 2022 Zespól Elektrowni Patnów-Adamów-Konin S.A., Annual General Meeting, Jun 30, 2022, at 10:00 Central European Standard Time. Reported Earnings • May 04
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: zł6.24 loss per share (down from zł4.38 loss in FY 2020). Revenue: zł2.45b (up 21% from FY 2020). Net loss: zł317.0m (loss widened 43% from FY 2020). Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) missed analyst estimates by 119%. Over the next year, revenue is forecast to grow 6.9%, compared to a 1.1% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 34% per year and the company’s share price has also increased by 34% per year. Price Target Changed • Apr 27
Price target increased to zł21.15 Up from zł17.90, the current price target is an average from 2 analysts. New target price is 32% above last closing price of zł16.00. Stock is up 52% over the past year. The company is forecast to post earnings per share of zł2.60 next year compared to a net loss per share of zł4.38 last year. Duyuru • Apr 15
ZE PAK Provides Earnings Guidance for the Year 2021 ZE PAK provided earnings guidance for the year 2021. For the period, the company expects to post PLN 309 million group net loss in 2021 after taking PLN 550 million hit to group net result from assets impairments. Major Estimate Revision • Mar 16
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from zł2.31b to zł2.06b. EPS estimate increased from zł2.20 to zł2.60 per share. Net income forecast to shrink 109% next year vs 8.6% growth forecast for Electric Utilities industry in Poland . Consensus price target up from zł17.90 to zł21.15. Share price was steady at zł17.30 over the past week. Price Target Changed • Mar 15
Price target increased to zł21.15 Up from zł18.10, the current price target is an average from 2 analysts. New target price is 21% above last closing price of zł17.45. Stock is up 69% over the past year. The company is forecast to post earnings per share of zł2.20 next year compared to a net loss per share of zł4.38 last year. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 22% share price decline to zł11.95, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł8.30 per share. Reported Earnings • Nov 28
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: EPS: zł1.70 (up from zł0.20 in 3Q 2020). Revenue: zł618.4m (up 21% from 3Q 2020). Net income: zł86.2m (up zł76.1m from 3Q 2020). Profit margin: 14% (up from 2.0% in 3Q 2020). Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 7.8% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 28% per year. Reported Earnings • Sep 26
Second quarter 2021 earnings released: EPS zł0.55 (vs zł4.86 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: zł523.3m (up 12% from 2Q 2020). Net income: zł28.0m (up zł275.2m from 2Q 2020). Profit margin: 5.3% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Price Target Changed • Sep 10
Price target increased to zł18.10 Up from zł10.20, the current price target is an average from 2 analysts. New target price is 11% below last closing price of zł20.30. Stock is up 105% over the past year. Is New 90 Day High Low • Mar 12
New 90-day high: zł9.82 The company is up 3.0% from its price of zł9.54 on 11 December 2020. The Polish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Electric Utilities industry, which is also up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł53.64 per share. Duyuru • Mar 04
ZE PAK Appoints Katarzyna Sobierajska as Deputy CEO ZE PAK appointed Katarzyna Sobierajska as deputy CEO. Is New 90 Day High Low • Dec 21
New 90-day low: zł9.28 The company is down 4.0% from its price of zł9.70 on 22 September 2020. The Polish market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 22% over the same period. Analyst Estimate Surprise Post Earnings • Nov 27
Revenue and earnings miss expectations Revenue missed analyst estimates by 11%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is expected to shrink by 13% compared to a 3.5% decline forecast for the Electric Utilities industry in Poland. Reported Earnings • Nov 27
Third quarter 2020 earnings released: EPS zł0.20 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł554.7m (down 26% from 3Q 2019). Net income: zł10.1m (down 71% from 3Q 2019). Profit margin: 1.8% (down from 4.6% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 91% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 11
Price target raised to zł10.20 Up from zł6.10, the current price target is provided by 1 analyst. The new target price is close to the current share price of zł9.98. As of last close, the stock is up 48% over the past year. Duyuru • Sep 02
Zespól Elektrowni Patnów-Adamów-Konin S.A. to Report First Half, 2020 Results on Sep 30, 2020 Zespól Elektrowni Patnów-Adamów-Konin S.A. announced that they will report first half, 2020 results on Sep 30, 2020 Duyuru • Aug 12
ZE PAK Power to Sack Up to 209 Employees Under Group Layoffs ZE PAK announced that it is planning to fire up to 209 employees under group layoffs. The layoffs will encompass up to 80 employees in the Konin lignite mine and up to 129 employees in the mining unit PAK Gornictwo. Duyuru • Aug 08
ZE PAK Power to Close Down Adamow Lignite Mine ZE PAK will close down its Adamow lignite mine after the facility wraps up output activity as of end-2020. The current and expected situation on the energy market do not generate impulses for maintaining the current potential in the mining segment. ZE PAK cited falling energy consumption, ever smaller difference between the energy prices and CO2 emission prices, dynamically growing energy imports and growing competitiveness of gas-fueled and renewable energy sources, among others, as reasons behind declining efficiency of the mine.