Ostrołęka C: Energa’s and Enea’s Board Members’ Fiduciary Duties to the Companies and Shareholders

ClientEarth asserts that Enea and Energa's pursuit of the Ostrołęka C coal plant violates board members' duties of due diligence. The briefing highlights significant financial risks from a reported financing structure that increases equity contributions, potential penalties from the December 2018 capacity market auction due to construction delays, and a changing economic landscape marked by rising carbon prices and Polish government goals to reduce coal reliance.

• The reported financing structure for Ostrołęka C significantly increases financial risk for Enea, Energa, and their shareholders, potentially requiring equity contributions of approximately PLN 1.6 billion each if credit financing is limited to 30% of the total PLN 6 billion investment.
• Fitch Ratings warned Enea that an equity contribution exceeding PLN 1 billion for the Ostrołęka C project would be negative for its credit profile and could result in a negative rating action.

APA

ClientEarth (2018). Ostrołęka C: Energa’s and Enea’s Board Members’ Fiduciary Duties to the Companies and Shareholders. https://www.clientearth.org/media/c2lldnjv/ostroleka-c-eneas-and-energas-board-members-fiduciary-duties-to-the-companies-and-shareholders-ce-en.pdf

Chicago

ClientEarth. Ostrołęka C: Energa’s and Enea’s Board Members’ Fiduciary Duties to the Companies and Shareholders. 2018. https://www.clientearth.org/media/c2lldnjv/ostroleka-c-eneas-and-energas-board-members-fiduciary-duties-to-the-companies-and-shareholders-ce-en.pdf.

Wikipedia

{{cite report |author=ClientEarth |title=Ostrołęka C: Energa’s and Enea’s Board Members’ Fiduciary Duties to the Companies and Shareholders |date=19 December 2018 |url=https://www.clientearth.org/media/c2lldnjv/ostroleka-c-eneas-and-energas-board-members-fiduciary-duties-to-the-companies-and-shareholders-ce-en.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{clientearth2018ostroka, author = {{ClientEarth}}, title = {{Ostrołęka C: Energa’s and Enea’s Board Members’ Fiduciary Duties to the Companies and Shareholders}}, institution = {ClientEarth}, year = {2018}, month = dec, url = {https://www.clientearth.org/media/c2lldnjv/ostroleka-c-eneas-and-energas-board-members-fiduciary-duties-to-the-companies-and-shareholders-ce-en.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }