An input-output model (Leontief model) was used to analyse the impact of our activities on the economy. With its help, the impact of our activities in three categories was calculated:

• Generated value added
• Remuneration
• Employment

For each of the categories listed, the impact of PSE was shown in three dimensions:

• Direct effect – resulting from PSE’s core business.
• Indirect effect – generated among suppliers and entities from related industries.
• Induced effect – further growth generated by an increase in household income.

In this year’s report, as in the previous three years, in addition to the impact of operations, the impact of capital expenditure (CAPEX) was calculated in addition to the impact of operations. Investment demand is a component of final demand in the economy that provides a boost to global output. Using the Leontief model, input-output multipliers were calculated to show how an increase in final demand translates into an increase in global output.

Next, using the appropriate coefficients for the three categories:

• value added,
• remuneration,
• employment,

the indirect and induced impact of investments for these categories was calculated. The report shows the total impact from investment activities within each category.

Generated value added

Value added is the difference between global output and intermediate consumption.

Global output is the sum of:

• revenue from sales of products (goods and services) of own production
• change in inventories
• manufacturing cost of products for internal purposes (own work capitalised)
• trade margin on goods purchased for resale

Intermediate consumption includes the aggregate of the net value of materials consumed, raw materials, fuels, energy, industrial gases, third-party services, business travel expenses and other costs¹.

¹For PSE, intermediate consumption was calculated from the from the profit and loss account data by aggregating costs to the level of the industries included in the model. Stranded costs and funds transferred by PSE to the Settlement Body in respect of the RES charge were then deducted, as the costs do not represent a component of intermediate consumption. This approach was also applied in the calculations for previous years (2017, 2018, 2020, 2022).

Value added generated through PSE’s operating and investment activities

• PLN 16.942 billion – total value added generated in the Polish economy in 2023 through PSE’s operating and investment activities.

Value added generated through PSE’s operating and investment activities in 2023 (PLN billions)

Compared to 2022 in 2023, the value added generated in the economy through PSE’s operating and investment activities was 25 percent higher.

Value added generated through PSE’s operating and investment activities in 2022 and 2023 (PLN billions)

In 2023, the direct value added was more than PLN 3.8 billion, 48% higher than in 2022. The increase in total value added was 25%.

Value added generated through operating activities: 16,942 mln zł

• PLN 15.84 billion – total value added generated in the Polish economy in 2023 through PSE’s activities. This amount is greater than the budget of the European Funds for Eastern Poland programme for 2021-2027 (PLN 13.4 billion)².
• PLN 3.86 billion – the direct value added generated by PSE in the power sector (electricity production and transmission).
• In the industries where PSE purchases equipment, materials and services, and in related industries, the company contributed to generating a total value added of more than PLN 10.31 bn.
• The remuneration paid to PSE employees as well as the employees of suppliers and subcontractors throughout the supply chain created a demand stimulus and generated an additional induced value added of PLN 1.67 billion in 2023.
  
  

²Data source: O Funduszach Europejskich 2021-2027 - Ministerstwo Funduszy i Polityki Regionalnej (funduszeeuropejskie.gov.pl)

Value added generated in the economy through the activities of PSE in 2023 (PLN billions)

Value added generated in the economy through the activities of PSE in 2023 (PLN billions)

In 2023, the direct value added was more than PLN 3.8 billion, 48% higher than in 2022. The increase in value added from operating activities was 23 percent.

Value added generated in the economy through PSE’s operating activities in 2022 and 2023 (PLN billions)

Value added generated through investment activities

• PLN 1,099 billion – total value added generated in the Polish economy in 2023 through PSE’s investment activities. About 20 km of expressway can be built for this amount³.

³The construction of the Deniski - Haćki S19 road section cost PLN 305.4 million. Data source: Ruszamy z budową kolejnego odcinka S19 w województwie podlaskim - Generalna Dyrekcja Dróg Krajowych i Autostrad- Oddział Białystok - Portal Gov.pl (www.gov.pl)

Value added generated in individual industries through PSE’s activities in 2023

Remuneration generated through PSE’s operating and investment activities:

• PLN 2.667 billion – total value of remuneration generated in the Polish economy in 2023 through to PSE’s operating and investment activities.

Remuneration generated through PSE’s operating and investment activities in 2023 (PLN millions)

Remuneration generated in the economy through PSE’s operating and investment activities in 2022 and 2023 (PLN millions)

In 2023, net income resulting from PSE’s direct operations increased by 6 percent and total income by 13 percent.

Remuneration generated through PSE’s operating activities

• PLN 2.482 billion – total value of remuneration generated in the Polish economy in 2023 through to PSE’s activities. That is roughly how much the Medical Fund earmarked in 2023 to subsidise cancer hospitals⁴.
• More than PLN 341 million in net remuneration at PSE in 2023.
• Owing to purchases from our suppliers and links across the economy between different industries, suppliers and sub-suppliers were able to pay their employees remuneration of more than PLN 1.785 billion.
• The national economy saw a further increase in remuneration driven by growth in household income and consumption. These is induced generated remuneration. Its total amount in 2023 was more than PLN 355.5 million.

⁴The pool of funds to be transferred to hospitals under the competition is PLN 2.5 billion. Data source: 2,5 mld zł dla szpitali onkologicznych - Ministerstwo Zdrowia - Portal Gov.pl (www.gov.pl)

Multiplier effect: 7.28

Every single zloty (PLN) spent on net remuneration at PSE generates almost PLN 6.3 in wages generated across the entire economy.

Remuneration generated in the economy through PSE’s operating activities in 2023 (PLN millions)

Compared to 2022, in 2023 remuneration generated in the economy through PSE’s activities was 252 million higher. A similar amount was earmarked by the Ministry of Climate and Environment for the synchronisation and full digitisation of the surface water quality monitoring system⁵.

⁵Data source: 250 mln zł na synchronizację i pełną cyfryzację systemu monitorowania jakości wód powierzchniowych - Odra - Portal Gov.pl (www.gov.pl)

Remuneration generated in the economy through PSE’s operating activities in 2022 and 2023 (PLN millions)

Remuneration generated in individual industries through PSE’s operating activities in 2023 (PLN millions)

Remuneration generated through PSE’s investment activities

• PLN 185.7 m – total value of remuneration generated in the Polish economy in 2023 through PSE’s investment activities.

Remuneration generated in individual industries through PSE’s investment activities in 2023 (PLN millions)

Number of jobs maintained through to PSE’s operating and investment activities:

• 51,378 jobs - the total number of jobs maintained in the Polish economy in 2023 through PSE’s operating and investment activities.

Jobs maintained in the economy in 2023 through PSE’s activities (number of jobs)

Compared to 2022, in 2023 the number of jobs maintained in the economy through PSE’s operating and investment activities was 9 percent higher.

Jobs maintained in the economy through PSE’s operating and investment activities in 2022 and 2023 (number of jobs)

Number of jobs maintained through PSE’s operating activities:

• 47,969 jobs – the total number of jobs maintained in the Polish economy in 2023 through PSE’s activities. This number is comparable to the number of unemployed people registered with the Pomeranian Labour Office at the end of March 2023⁶.
• In 2023, the average number of employees at PSE was 2,937.
• Through daily operations, investment projects and other tasks where PSE works with many companies in various industries, 36,162 jobs are maintained in those industries.
• The induced effect of PSE’s activities is 8,870 jobs across the economy.

Multiplier effect: 16.33

1 job at equals more than 15 additional jobs created in the overall economy.

⁶The number of unemployed people registered with the Pomeranian Labour Office at the end of March 2023 was 45,573. Data source: Rynek pracy, edukacja, kompetencje (kwiecień 2023) (parp.gov.pl)

Jobs maintained in the economy in 2023 through PSE’s activities (number of jobs)

Compared to 2022, in 2023 the number of jobs maintained in the economy through PSE’s activities was higher by 3,111. This is almost half the number of people in unemployment in the Tarnów region as at the end of 2024⁷.

⁷The number of people in unemployment at the end of August 2024 was 6,137. Data source: tarnow.praca.gov.pl

Jobs maintained in the economy through PSE’s activities in 2022 and 2023 (number of jobs)

Jobs maintained in individual industries through PSE’s activities in 2023 (number of jobs)

The number of jobs maintained through PSE’s investment activities:

• 3,409 jobs – the total number of jobs maintained in the Polish economy in 2023 through PSE’s investment activities.

Jobs maintained in individual industries through PSE’s investment activities in 2023 (number of jobs)

• PLN 1.385 billion – the total amount of taxes, charges and social security contributions paid by PSE to the central government budget, local government budgets and the Social Security Fund in 2023. This amount is slightly lower than the budget of the Cyber Secure Local Government project, aimed at local governments for cybersecurity activities⁸.
• The total amount of taxes, charges and contributions was PLN 26.392 million lower than in 2022. A similar amount (PLN 25 million) will be paid to the most successful communes involved in the Clean Air programme in 2024⁹.
• PLN 452.121 m – the total amount of payments for income taxes (PIT and CIT) in 2023.

⁸The budget for the Cyber Secure Local Government project is PLN 1.5 billion. Data source: 1,5 mld zł dla samorządów na cyberbezpieczeństwo - Baza wiedzy - Portal Gov.pl (www.gov.pl)
⁹Data source: Kolejne usprawnienia w „Czystym Powietrzu” – NFOŚiGW wspiera samorządy - Program „Czyste Powietrze”

Breakdown of taxes, charges and contributions paid by PSE in 2023 (in %)

It is the breakdown of all taxes paid by PSE to central government. The central budget receives 71 percent of the total amount of taxes and local budgets receive 29 percent¹⁰.
Compared to 2023, taxes paid in 2022 to the central budget were PLN 67.5 million lower, and those paid to local budgets were PLN 41 million higher.
Almost 71 % of taxes, charges and contributions paid by PSE in 2023 were contributions to the central budget. They were paid for the following taxes:

¹⁰The calculation takes into account the allocation of CIT and PIT revenues between the central budget and local government budgets.

Breakdown of taxes, charges and contributions paid by PSE to the central budget in 2023 (in %)

The remaining 29 percent represents contributions paid to local budgets, broken down as follows:

Breakdown of taxes, charges and contributions paid by PSE to local government budgets in 2023 (in %)

The largest local tax beneficiaries

As for voivodeships, more than 98.8% of local taxes paid in 2023 went to the Mazowieckie Voivodeship budget. In total, more than PLN 56.42 million went to voivodeship budgets in respect of taxes paid by PSE. This was PLN 21.69 million more than in 2022. This is half the amount that the Ministry of Development and Technology has allocated to subsidise the construction of 70 flats in Lodz¹¹.

In 2023, PSE paid more than PLN 14.5 million into district budgets. Almost 95% of this amount went to the Piaseczno district.

¹¹The Ministry of Development and Technology has provided 85 percent support for the construction of a residential building. Data source: Blisko 30 mln zł na budowę 70 mieszkań w Łodzi - Ministerstwo Rozwoju i Technologii - Portal Gov.pl (www.gov.pl)

The total payments made by PSE to the budgets of the 6 largest tax beneficiaries at the district level (in %)

In 2023, PSE paid more than PLN 375.9 million in taxes to commune budgets. A slightly higher amount (PLN 400 million) is the budget for the My Wind Power Plant programme for 2024-2029¹².

The largest part of the amount, almost 16 percent, went to the budget of the Konstancin-Jeziorna commune.

¹²Data source: 400 mln zł na nowy program „Moja Elektrownia Wiatrowa” - Ministerstwo Klimatu i Środowiska - Portal Gov.pl (www.gov.pl)

The total payments made by PSE to the budgets of the 6 largest tax beneficiaries at the commune level (in %)