Question · Q1 2026
Curt Juskiewicz asked about the accounting treatment of the National Recovery Plan loan, its impact on the net debt to EBITDA ratio, the required capacity for the pump storage project to be profitable, and management's outlook on the PV market and in-house development competitiveness.
Answer
Management explained that a major portion of the National Recovery Plan loan would be treated as prepayments and accruals, not directly impacting net debt, though the exact ratio depends on interest rates. They noted the pump storage project's capacity is estimated between 3-3.5 GWh, with profitability dependent on geological tests and future long-duration energy storage support schemes. Regarding the PV market, they acknowledged an oversupply and declining project prices but emphasized TAURON's competitive advantages in in-house development, preferential financing, and strong social dialogue.