Pursuant to Article 4.3 of the Act of 9 June 2016 on the Principles of Shaping the Wages of Managers of Certain Undertakings (hereinafter the Act), the draft resolution on the principles of shaping the wages of members of company governing bodies may provide for their fixed part to be different from that determined on the basis of customary parameters (revenues, employment, assets, etc.), provided that this is justified by exceptional circumstances related to the company or the market on which it operates, in particular if the company:
1) Pursues a programme of consolidation of companies in its capital group leading to a significant change in the structure of its assets or revenues;
2) Implements an investment programme significantly exceeding the value of its fixed assets;
3) Implements a restructuring programme with a time horizon of at least 3 years, leading to a significant change in the structure of the company's assets or revenues;
4) Has its registered address outside the Republic of Poland or the rules of its activity are set out in an international agreement binding on the Republic of Poland;
5) Has been in operation for less than a year;
6) Was established for the purpose of implementing a project, in particular one subsidized with contributions from the budget of the European Union or non-reimbursable aid from the Member States of the European Free Trade Agreement (EFTA) or from other non-reimbursable foreign sources.
In the case of CCGT Ostrołęka Sp. z o.o. (hereinafter the Company), there were premises indicated in Article 4.3.4 of the Act justifying the determination of a different amount of the fixed part of remuneration earned by members of the company's management board, as described in the following business justification.
The Company was established to construct and operate a new power unit with a capacity of approximately 780 MWe in Ostrołęka (hereinafter the Project). The Project will consist of one unit constructed in gas-steam technology (CCGT) with a gross electrical output of approximately 780 MW, made up of one gas turbine and one condensing turbine using wet cooling.
The construction of the CCGT unit is planned on a site previously allocated for the construction of a coal-fired unit, making maximum use of the construction infrastructure completed for the coal project.
The design assumption for the new CCGT unit is to use the concluded power contract for the coal unit as part of the amendment to the Power Market Act. An amendment to the connection agreement with the power grid operator (PSE) is also foreseen.
The CCGT will be located in Mazowsze Province, within the town of Ostrołęka. The high-methane natural gas unit will be designed and constructed as a single-shaft unit: with one gas turbine, recovery boiler, condensing steam turbine set and wet fan cooling tower.
The CCGT unit will be designed with the possibility of future construction of a CO2 capture station (CCS).
The Project’s target will consist of a newly built and fully operational gas-steam unit (CCGT).