Enea, Poland’s second-largest electricity producer, has expanded the agenda of its extraordinary general meeting at the request of the Minister of State Assets. A new proposed item concerns a resolution on changes to the composition of the supervisory board. The same meeting is also set to decide on spinning off the company’s trading segment.
The state-controlled energy group announced on Monday that it had received a formal request from the Minister of State Assets, who exercises rights attached to shares held by the State Treasury, to add a point to the agenda of the extraordinary general meeting scheduled for 31 July 2026. The new item would involve adopting a resolution on altering the composition of the supervisory board.
According to the updated agenda, shareholders will also vote on a restructuring plan: the separation of the trading segment through a demerger. The assets related to retail electricity and gas sales would be transferred to a newly designated entity, currently called Enea Power & Gas Trading, which after the split would be renamed Enea Sprzedaż.
Restructuring on the table
The proposal is a continuation of a plan first outlined in spring 2025 by Dalida Gepfert, then a member of the management board responsible for corporate affairs. She noted that Enea was the only state-controlled energy group where the parent company also served as the trading arm and retail seller at the same time.
– Enea is the only state-controlled energy group where the parent company is simultaneously the trading company, the seller of energy – said Dalida Gepfert, former management board member for corporate affairs at Enea.
The demerger is designed to proceed without reducing Enea’s share capital. The assets will be transferred in exchange for shares in the increased share capital of Enea Power & Gas Trading. After the separation, the new company will be renamed Enea Sprzedaż.
Market context and implications
The move comes as Poland’s energy sector continues to undergo deep structural changes aimed at increasing efficiency and focusing on core activities. By separating trading from generation and distribution, Enea may be able to streamline operations and attract new investment.
The supervisory board shake-up, initiated by the State Treasury representative, signals that the government wants a tighter grip on corporate governance in key state-owned enterprises. The exact list of proposed candidates for the supervisory board has not yet been disclosed, but the changes are expected to be finalised at the 31 July meeting.
Enea’s shares ended Friday’s session at PLN 19.31, down 2.28% on the day, reflecting some market uncertainty about the restructuring and its impact on the company’s near-term performance.
Źródło: WNP.PL, Fot. Materiały prasowe / Enea
