30.2 Companies controlled by the State Treasury

The State Treasury is the dominant shareholder in PGE and as a result, in accordance with IAS 24 Related Party Disclosures, State Treasury companies are regarded as related entities. The PGE Group companies identify in detail transactions with approximately 40 most important companies controlled by the State Treasury. The total value of transactions and balances with the above entities are shown in the table below.

The largest transactions with participation of State Treasury companies concern PSE S.A., PGG S.A., Orlen S.A., PKO Bank Polski S.A., Enea Wytwarzanie S.A., Jastrzębska Spółka Węglowa S.A., PKP PLK S.A., PKP Cargo S.A., WĘGLOKOKS S.A. and Zakłady Azotowe PUŁAWY S.A.

Furthermore, the Group enters into transactions in the energy market via Towarowa Giełda Energii S.A. (Polish Power Exchange). Due to the fact that this entity deals only with the organisation of trading, any purchases and sales made through this entity are not recognised as transactions with a related entity. The data presented above do not include significant transactions with Zarządca Rozliczeń S.A., which include contributions to the Price Difference Payment Fund as well as compensation settled and paid to eligible entities for the introduction of the maximum price, as defined by the Act of 27 October 2022 on emergency measures to limit the level of electricity prices and support for certain consumers in 2023. This information is described in note 32.4 Regulatory changes in the electricity market.