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Contract reading

What Polenergia legally published, but does not want you to read

Every clause below is published by Polenergia itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: Polenergia Obrót S.A.

executive paysole discretionboard controlcomplaintsconflict of interestcounterparty changedata protectionhidden feeminority shareholdersprice guarantee

Polenergia promises businesses stable prices and security for years. Its contract lets Polenergia end that deal on one month's notice if a change in law hurts its own economics. Leaving early costs a fee set in an annex Polenergia does not publish. For shareholders, the statutes excuse board members from standing aside on deals with the shareholders who appointed them.

Back to Polenergia

Contract risk

Harder than average
5.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
3
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
19
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
29
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
3

How the 19 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical3
Warning10
Notice6

section 15 of 22is where the deepest clause sits, 68% of the way into the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

3 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical14 daysAccount limit. Jump to the clause this comes from.Polenergia can end your fixed price deal earlyCritical11Fee you were not shown. Jump to the clause this comes from.Early exit fee is set in an unpublished annexCritical6In the contract. Jump to the clause this comes from.Recusal does not apply to deals with the shareholders14 daysTime to complain. Jump to the clause this comes from.Billing complaints get 14 days, then an unlimited extension

What the documents say

19 clauses worth knowing about, worst first, each quoted from Polenergia's own files

01

Polenergia promises your business stable prices for years. If a change in Polish or European law hurts Polenergia's own finances, clause 8.11 gives both sides 14 days to renegotiate. If you do not agree, Polenergia can end the contract on one month's notice.

Why this matters

Your fixed price only holds while it suits Polenergia. The trigger is damage to Polenergia's economics, not to yours, and only Polenergia gets the exit. You can be back buying electricity at market prices inside two months.

Exhibit 1CriticalHarder than usual14 days

w razie uchwalenia przez właściwe organy nowego lub zmiany prawa polskiego lub europejskiego lub innych zasad powszechnie obowiązujących w stosunku do Umowy oraz ich wejścia w życie które wywierają negatywny wpływ na sytuację ekonomiczną Sprzedawcy, Strony zobowiązują się do podjęcia w dobrej wierze renegocjacji Umowy przez 14 dni
Clause 8.11 in Ogólne warunki umowy sprzedaży Energii Elektrycznej (OWU_B2B)
Downloaded from the broker's site on Open the reference

What it costsAdd the 14 days of renegotiation to the one month of notice. About six weeks after Polenergia asks to renegotiate, the fixed price deal you signed can be over.

  • Worse together with Exhibit 3Polenergia can end the deal early, and if it instead runs to term you must give notice three months before the fixed price period closes.
02

Lose the contract early through your own fault and Polenergia charges a one off fee. The contract says the amount is worked out under Annex 3. Annex 3 is not on Polenergia's website, and eleven separate grounds can trigger it.

Why this matters

You cannot find out what leaving early costs before you sign. One of the eleven grounds is installing your own generation or an energy store that changes your planned annual use. Polenergia may reduce or waive the fee, and it decides that alone.

Exhibit 2CriticalHarder than usual11

Opłata Jednorazowa – opłata naliczana przez Sprzedawcę w przypadku wypowiedzenia umowy z winy Klienta oraz w innych przypadkach wskazanych w Umowie i jej załącznikach, wyliczana zgodnie z zasadami określonymi w Załączniku nr 3.
Clause 2.1.26 in Ogólne warunki umowy sprzedaży Energii Elektrycznej (OWU_B2B)
Downloaded from the broker's site on Open the reference
  • Limited by Exhibit 1Where Polenergia itself ends the contract after failed renegotiation under clause 8.11, the contract says you do not pay the one off fee.
03

A Polenergia supervisory board member who has a conflict must disclose it and stay out of the vote. Clause 5.8 switches that rule off for deals between the group and its own shareholders. Those are the deals that can move value away from you.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

Two shareholders appoint six of the eight supervisory board seats. A transaction with a shareholder is a reserved matter under clause 5.5.1(h). Clause 5.4.16 then requires an appointee of that same shareholder to vote it through.

Exhibit 9CriticalRarely seen6

Each member of the Supervisory Board shall disclose to the Company and to other Supervisory Board members any conflict of interests they might have with the Company or any other Group Company immediately, but in any case no later than on the next Business Day, upon becoming aware of such conflict and shall refrain from participating in any meetings, discussions and/or voting in relation to such conflicted matter.
Clause 5.8 in Statutes of a Joint Stock Company Polenergia S.A.
Read from the broker's site on Open the reference

Our readingA recusal rule that carves out the counterparty most likely to transact with the company inverts what the rule is for. The exclusion is a single sentence at the end of clause 5.8, and the conflict of interest procedure that staff and the public are pointed to does not repeat it.

  • Worse together with Exhibit 10The shareholders exempted from the recusal rule are the same shareholders who appoint most of the board and hold a veto over the matters that rule would have covered.
04

After your fixed price period ends, Polenergia bills you from its own price list. Clause 8.2 says you then have a one month notice period. Clause 8.4 says three months. Both describe the same situation.

Why this matters

You cannot tell from the contract how much warning you must give to leave. Get it wrong and you stay on a price list the energy regulator does not approve. Miss the separate three month deadline before your fixed term ends and you roll onto it automatically.

Exhibit 3WarningHarder than usual

W przypadku, jeżeli Klient nie zamierza kontynuować Umowy po zakończeniu Indywidualnych warunków cenowych, jest zobowiązany poinformować Sprzedawcę w terminie 3 miesięcy przed datą zakończenia Indywidualnych warunków cenowych.
Clause 8.1 in Ogólne warunki umowy sprzedaży Energii Elektrycznej (OWU_B2B)
Downloaded from the broker's site on Open the reference
Our own capture of polenergia-obrot.pl, taken on Oct 1, 2026The claim, on Benefit tile in the offer section of the Polenergia Obrót home pageVisit this page on the broker's siteDownload the full size image file

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Three months before the fixed price period endsYou must tell Polenergia if you do not want to continue.8.1
End of the fixed price periodPolenergia bills you from its own price list, which the energy regulator does not approve.8.2
While billed on the price listClause 8.2 gives you one month to give notice. Clause 8.4 gives you three.8.4
If Polenergia changes the price listYou may refuse the change and leave on one month's notice.8.4
  • Worse together with Exhibit 1You face an unclear notice period to leave, while Polenergia's own exit route under clause 8.11 is spelled out exactly.
05

Both privacy notices on Polenergia's sales site say your data controller is Polenergia. A row of dots then stands where the company name and tax number belong. The data protection officer is named. The controller is not.

Why this matters

You cannot tell which Polenergia company you are giving your consent to. The group has several, and the one that sells you electricity is in the middle of a merger.

Exhibit 7WarningRarely seen

Administratorem danych osobowych Klienta jest Polenergia ……………….. z siedzibą w Warszawie (adres: ul. Krucza 24/26, 00-526 Warszawa), NIP
Clause 1 in Klauzula informacyjna RODO na potrzeby komunikacji marketingowej na stronie internetowej
Read from the broker's site on Open the reference

Our readingA privacy notice normally names the controller first, because that is the one fact a reader needs before exercising any right in it. Here the template reached the website with that field unfilled, on two separate notices published in September 2026.

The costs Polenergia does not put a number on where you would look

Leaving a Polenergia Obrót contract early triggers a one off fee set in Annex 3, and Polenergia does not publish Annex 3. The monthly handling fee is charged in full even for a part month. On the shareholder side, the remuneration policy caps the bonus at 90% of base pay, then allows total variable pay of four times fixed pay.

In plain words

Remuneration means payments it receives.

Cost disclosure3 clauses flagged

Polenergia's remuneration policy caps the management board bonus at 90% of annual base pay for the president and 80% for the others. A separate clause caps all variable pay against fixed pay at one to four. The difference comes out of profits that would otherwise be yours.

Why this matters

The 90% figure is the one the policy puts in its bonus section. The outer limit sits three items later and allows more than four times as much.

Exhibit 14WarningHarder than usual90%

The proportion between awarded and paid (i) the fixed components of remuneration referred to in items 12, 15 and the fixed elements of supplementary pension schemes referred to in item 30 of this Remuneration Policy, if granted, and (ii) the variable components of remuneration referred to in items 16 and 18 and the variable components of supplementary pension schemes referred to in item 30 of this Remuneration Policy, if granted, shall not exceed a ratio of 1:4 in any financial year.
Clause 20 in Remuneration Policy for Members of Management Board and Supervisory Board at Polenergia SA
Read from the broker's site on Open the reference

Buried at section 78 of 119 in the Remuneration Policy for Members of Management Board and Supervisory Board at Polenergia SA, 66% of the way through.

Set against a regulated standard: ESMA (EU), FCA (UK)

Banks and investment firms inside the EU remuneration rules may not pay variable remuneration above 100% of fixed pay, or 200% where shareholders expressly approve it. Polenergia is an energy company and those rules do not bind it. Its own policy sets the ceiling at four times fixed pay.

Polenergia is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 15The ceiling is four times fixed pay, and part of the bonus inside it can be awarded in a year when Polenergia missed its own financial forecast.

Polenergia charges a fixed monthly handling fee on every metering point in your contract. You pay the whole month even if your contract starts or ends part way through it.

Why this matters

Starting on the 28th costs you a full month of handling fee for three days of supply. The same applies on the way out.

Exhibit 5NoticeStandard wording

Opłata handlowa pobierana jest zawsze w pełnej wysokości niezależnie od dnia miesiąca, w którym nastąpiło zawarcie lub rozwiązanie Umowy.
Clause 2.1.25 in Ogólne warunki umowy sprzedaży Energii Elektrycznej (OWU_B2B)
Downloaded from the broker's site on Open the reference

Part of the management board bonus can be awarded if financial criteria reach at least 90% of the forecast. The same clause also allows it where one non-financial criterion is met instead. The two are alternatives.

Why this matters

Polenergia can miss its own profit forecast and still pay part of the bonus on an ESG target. You fund that from the same profit the forecast was about.

Exhibit 15NoticeHarder than usual90%

a part of the Bonus may be awarded if financial criteria adopted have been met for at least 90% of the Forecast Amount or at least one non-financial criterion will be met (taking into account the ESG Objectives of the Polenergia Group);
Clause 17(c) in Remuneration Policy for Members of Management Board and Supervisory Board at Polenergia SA
Read from the broker's site on Open the reference

Where it sits: section 64 of 119 in the Remuneration Policy for Members of Management Board and Supervisory Board at Polenergia SA, 54% of the way through.

The contract gives two different answers on how to leave

Clause 8.2 gives a Polenergia Obrót customer a one month notice period after the fixed price term ends. Clause 8.4 gives three months for the same situation. For shareholders, the dividend rule sits in a Distribution Policy that Polenergia does not publish.

Getting out, getting paid1 clause flagged

Polenergia's statutes send profit distribution to a Distribution Policy adopted by the management board and approved by the supervisory board. That policy holds the formula for the Minimum Distribution. Polenergia does not publish it, so you cannot read the rule that sets your dividend.

Why this matters

The general meeting only votes on a dividend paid outside that policy. Changing the policy itself is a board matter, so the rule that decides your payout can move without your vote.

Exhibit 13WarningHarder than usual

To the extent permitted by Law, the Group Companies’ profits shall be distributed in line with the Distribution Policy adopted by the Management Board and approved by the Supervisory Board.
Clause 7.1 in Statutes of a Joint Stock Company Polenergia S.A.
Read from the broker's site on Open the reference

Polenergia can leave the deal it sold you as stable

Clause 8.11 lets Polenergia Obrót end a fixed price contract on one month's notice if a change in law damages its own economics. The home page sells that same contract as security for years. For shareholders, the board can issue up to 57,914,184 new shares and exclude pre-emption rights.

Exit conditions1 clause flagged

Polenergia's board can issue new shares and, with supervisory board consent, cut off existing shareholders' pre-emption rights. The priority right that replaces it only reaches holders of at least 0.2% of the share capital. Below that, your stake is simply diluted.

Why this matters

A retail holder will not reach that threshold. A new issue with pre-emption excluded shrinks your stake. You get no right to top it up.

Exhibit 12WarningHarder than usual0.2%

In case of each increase of the Company's share capital within the limits of the Authorised Capital, the Management Board may, in the interests of the Company and with consent of the Supervisory Board in the form of a resolution, exclude shareholders' pre-emptive rights to New Issue Shares in whole or in part.
Clause 4.8 in Statutes of a Joint Stock Company Polenergia S.A.
Read from the broker's site on Open the reference

What it costsPolenergia's share capital is PLN 154,437,826 in shares of PLN 2, so 0.2% is about 154,438 shares. Issuing the full 57,914,184 new shares would take a 1% holding down to about 0.57%.

The clocks that matter most are the ones that can be extended

Polenergia Obrót answers a billing complaint in 14 days, unless it needs to confirm meter readings, and then no limit applies. In the group grievance procedure, a complaint box at an operating project is emptied once a month. Only then does the 30 working day clock start.

Complaint deadlines2 clauses flagged

Polenergia answers a billing complaint within 14 days. The same clause lets Polenergia take longer whenever it needs to confirm meter readings. No outer limit is given.

Why this matters

Meter readings are what most billing disputes are about. The deadline that protects you has an escape hatch built into exactly the cases where you need it.

Exhibit 4WarningHarder than usual14 days

Reklamacje w sprawie rozliczeń Sprzedawca rozpoznaje i udziela odpowiedzi w terminie nie dłuższym niż 14 dni, liczonymi od dnia złożenia. Sprzedawca zastrzega, że w przypadku konieczności potwierdzenia danych pomiarowych, czas realizacji może się wydłużyć.
Clause 16.8 in Ogólne warunki umowy sprzedaży Energii Elektrycznej (OWU_B2B)
Downloaded from the broker's site on Open the reference

Polenergia's grievance procedure lets you drop a complaint in a box at the project. At an operating project that box is emptied once a month. The 30 working day clock to answer only starts once the complaint reaches the department.

Why this matters

Your complaint can sit in a box for weeks before anyone registers it. If you disagree with the answer, the appeal goes back to the head of the same department that decided it. If negotiation then fails, the procedure does let you take the case to a body outside Polenergia.

Exhibit 18WarningHarder than usual30 working days

Boxes for complaints and requests are emptied by Project Managers: ▪ At the development stage – every 14 business days ▪ At the project construction stage – every 2 business days ▪ At the operational stage – once a month.
Clause 4 in Grievance Mechanism
Read from the broker's site on Open the reference

Where it sits: section 16 of 36 in the Grievance Mechanism, 44% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Box emptied at an operating projectPolenergia empties the complaint box once a month.4
Within 1 working dayPolenergia registers the complaint and decides whether it is admissible.4
Within 30 working daysPolenergia answers the complaint.4
AppealThe head of the same department that handled the case reconsiders it with the Compliance Officer.4

The privacy notices do not name the company holding your data

Both GDPR notices on Polenergia's sales site leave a row of dots where the controller's company name and tax number belong. The cookie policy lists Yandex Metrica, registered in Moscow, among the site's analytics tools. Your contract can also be moved to another Polenergia company, though you may refuse and leave.

Who holds your data2 clauses flagged

Polenergia Obrót's cookie policy lists Yandex Metrica among the analytics tools running on its site. The policy gives the provider's address in Moscow. Those cookies build a heat map of where visitors click.

Why this matters

Your browsing on your electricity supplier's site is handed to a company registered in Russia. The policy sets those cookies to last a year.

Exhibit 8WarningRarely seen

Yandex Metrica Yandex N.V (Ulitsa Lva Tolstogo 16, Moskwa, Rosja 119021)
Quoted in Polityka cookies
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 7 of 32 in the Polityka cookies, near the start.

Our readingThe mechanism is ordinary website analytics. What is unusual is where it sits: this policy names a provider registered outside the European Economic Area, in Russia, and the policy itself carries a last update date of 7 February 2022.

Signing the contract gives Polenergia advance consent to hand your contract to another company in the Polenergia group if its ownership changes. Polenergia tells you one month before.

Why this matters

Polenergia Obrót publishes a merger plan dated 30 July 2025 for itself and Polenergia Sprzedaż, so this clause is already in use. You can refuse the transfer and leave with no termination consequences.

Exhibit 6NoticeStandard wording

W przypadku przekształceń własnościowych po stronie Sprzedawcy, Sprzedawca będzie uprawniony do wskazania podmiotu należącego do Grupy Kapitałowej Polenergia S.A., do której należy, który przejmie prawa i obowiązki Sprzedawcy wynikające z Umowy, co Klient przyjmuje do wiadomości i na co wyraża zgodę.
Clause 18.3 in Ogólne warunki umowy sprzedaży Energii Elektrycznej (OWU_B2B)
Downloaded from the broker's site on Open the reference

Two shareholders appoint the board that votes on deals with them

Mansa and Brookfield each appoint up to three of Polenergia S.A.'s eight supervisory board members, and each holds a veto over reserved matters at 20%. Clause 5.8 switches off the recusal duty for dealings with those same shareholders. An individual board member cannot even request information without a board resolution.

Who decides4 clauses flagged

Mansa and Brookfield each have a personal right to appoint up to three of the eight supervisory board members. On reserved matters, nothing passes without a yes from an appointee of each shareholder holding at least 20%. Your vote at the general meeting does not reach those seats.

Why this matters

Reserved matters include the budget, the choice of auditor, management board pay and any deal with a shareholder. If either large shareholder says no, the general meeting cannot overrule it.

Exhibit 10WarningHarder than usual20%

in the case of an Authorised Shareholder holding at least 22.80% of the Shares, shall have a personal right (uprawnienie osobiste) to appoint three members of the Supervisory Board;
Clause 5.4.2(a)(i) in Statutes of a Joint Stock Company Polenergia S.A.
Read from the broker's site on Open the reference
  • Worse together with Exhibit 11The same board that two shareholders control is the body that must pass a resolution before any single member can ask the company for information.

To get information out of Polenergia, the supervisory board must pass a resolution naming the person asked, the information wanted and the deadline. An individual member only gets that right if the board delegates it by a further resolution. The two independent members cannot go and look on your behalf.

Why this matters

Independent directors are your main protection on a board that two shareholders control. Under these by-laws they cannot gather evidence on their own initiative.

Exhibit 11WarningHarder than usual

In order to exercise the right to request the information referred to in section 5 or 6 above, the Supervisory Board adopts a resolution that includes:
Clause 8.7 in By-Laws of the Supervisory Board of Polenergia SA
Read from the broker's site on Open the reference

Buried at section 15 of 22 in the By-Laws of the Supervisory Board of Polenergia SA, 68% of the way through.

Grant Thornton assessed Polenergia's 2022 remuneration report for whether it contains every element the law requires. Its report says the work did not cover whether the amounts in it are correct or reliable. The figures you read there carry no assurance.

Why this matters

Seeing an auditor's name beside a pay report suggests the numbers were checked. Here the auditor says in the same document that they were not.

Exhibit 16NoticeStandard wording

Celem naszych prac nie była ocena wystarczalności informacji umieszczonych w sprawozdaniu o wynagrodzeniach pod kątem celu przygotowania sprawozdania o wynagrodzeniach ani ocena poprawności i rzetelności informacji w nim zawartych, w szczególności co do ujawnionych kwot
Quoted in Sprawozdanie o wynagrodzeniach za 2022 rok wraz z raportem biegłego rewidenta
Read from the broker's site on Open the reference

Polenergia's conflict of interest procedure gives a worked example. A salesperson on a bonus for signing 30 customers presents only part of the offer. Polenergia names that as a conflict of interest in its own compliance document.

Why this matters

The risk is named, but the remedy is internal: staff report it to a manager or to the compliance team. Nothing in the procedure gives you a right to be told it happened on your contract.

Exhibit 17NoticeStandard wording

You get a bonus for persuading 30 customers to sign a contract, so you present customers with not all the information on the offer so as not to discourage them from entering into a contract.
Clause XII in Procedure for Managing Conflicts of Interest within the Polenergia Group
Read from the broker's site on Open the reference

Where it sits: section 32 of 62 in the Procedure for Managing Conflicts of Interest within the Polenergia Group, 52% of the way through.

An energy group supervised by the energy regulator, not a broker

Polenergia Obrót S.A. holds an electricity trading licence from the President of the Energy Regulatory Office, and Polenergia S.A. is listed in Warsaw. Neither is an investment firm. Polenergia's own governance statement says it has no separate internal audit function.

What this company is1 clause flagged

Polenergia S.A. is a Warsaw listed energy group. Polenergia Obrót S.A. holds an electricity trading licence from the President of the Energy Regulatory Office. Neither company is an investment firm, so none of this is money you trade. Polenergia's own governance statement says it has no separate internal audit function.

Why this matters

Your protection comes from Polish energy law and the Energy Regulatory Office, not from any investor compensation scheme. Inside the company, control work sits with an internal control and risk department rather than a dedicated internal audit team.

Exhibit 19NoticeStandard wording

Polenergia Obrót S.A. (dalej: „Sprzedawca”) jest przedsiębiorstwem energetycznym, posiadającym na mocy decyzji Prezesa Urzędu Regulacji Energetyki (dalej: „Prezes URE”), koncesję na obrót Energią Elektryczną (OEE) oraz jest Sprzedawcą Energii Elektrycznej w rozumieniu Umowy
Clause 1.2 in Ogólne warunki umowy sprzedaży Energii Elektrycznej (OWU_B2B)
Downloaded from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The home page guarantees stable prices for years, while clause 8.11 lets Polenergia end the contract on one month's notice when a change in law hurts its own economics.

Said in public, in Polish

Twojej firmie gwarantujemy stabilne ceny i bezpieczeństwo na lata.

Word for word in English: We guarantee your company stable prices and security for years.

Opening headline on the Polenergia Obrót home page, above the offer request button

In the contract · clause 8.11

Jeżeli Strony nie dojdą do porozumienia Sprzedawca ma prawo do wypowiedzenia Umowy z 1 miesięcznym okresem wypowiedzenia ze skutkiem na koniec miesiąca kalendarzowego.

02

The home page sells fixed prices as easier budgeting, while the contract rolls you onto Polenergia's own price list unless you give notice three months before the fixed period ends.

Said in public, in Polish

Stałe ceny energii Większa kontrola kosztów i łatwiejsze planowanie budżetu

Word for word in English: Fixed energy prices. Greater cost control and easier budget planning.

Benefit tile in the offer section of the Polenergia Obrót home page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of polenergia-obrot.pl

In the contract · clause 8.1

W przypadku, jeżeli Klient nie zamierza kontynuować Umowy po zakończeniu Indywidualnych warunków cenowych, jest zobowiązany poinformować Sprzedawcę w terminie 3 miesięcy przed datą zakończenia Indywidualnych warunków cenowych.

03

The published conflict procedure tells board members to stand aside, while the statutes exempt the one category of deal where the appointing shareholder sits on the other side.

Said in public, in English

The Managing Person, in accordance with the Best Practice for Listed Companies, shall inform the Management Board or the Supervisory Board, as appropriate, of any Conflict(s) of Interest that has arisen or may arise and shall not take part in the consideration of a matter in which a Conflict(s) of Interest may arise in relation to him or her.

Section IX of the Procedure for Managing Conflicts of Interest, published on polenergia.pl

In the contract · clause 5.8

The above shall not apply with respect to Group Company's dealings with any of the shareholders and their respective Affiliates.

The documents this reading is based on

29 files, all published by Polenergia. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Polenergia publishes.

How this reading was done

Every clause above was read out of a document Polenergia publishes itself

This reading was published on .

Documents
15 of 29downloaded from the broker's site, and 15 read in full
Pages opened
80pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
EN vs PLthe language it advertises in, against the language it contracts in
Position measured
6clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

Polenergia Obrót S.A.

Two different companies sit behind the one name. Polenergia S.A., seat in Warsaw at ul. Krucza 24/26, KRS 0000026545, is the parent listed on the Warsaw Stock Exchange, and its statutes govern everything in this report that concerns shareholders. Polenergia Obrót S.A. is the licensed electricity seller and the company a customer actually contracts with: its general terms name it as the Sprzedawca and state that it holds an electricity trading licence granted by the President of the Energy Regulatory Office. The retail address on record, polenergia-sprzedaz.pl, now sends visitors to polenergia-obrot.pl, and Polenergia Obrót publishes a merger plan dated 30 July 2025 for Polenergia Obrót S.A. and Polenergia Sprzedaż sp. z o.o. A second address on record, polenergia-pv.pl, now sends visitors to a site under a different brand, so we treated nothing there as Polenergia's.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

The contract points you at the regulator rather than away from it. Clause 16.10 sends disputes to the President of the Energy Regulatory Office where they fall within that office's competence, not only to the courts. Clause 18.3 lets you refuse a transfer of your contract to another Polenergia company and leave with no termination consequences. Clause 4.1 accepts responsibility for failing customer service quality standards instead of excluding it, and the contract sets no cap on Polenergia's liability. Polenergia also publishes its fuel mix every year up to 2025. Its conflict of interest procedure, anti-corruption procedure and code of ethics are all public, in Polish and English, which is more than most energy suppliers put in the open.

We read the business electricity contract in part, not end to end. We read its definitions, the liability clause, the whole termination and amendment section, the complaints clause and the final provisions. We did not read the sections on metering, settlement, supply suspension, rebates, reserve sales or security. Annex 3 sets the early termination fee and the consumption limit that triggers it. Polenergia does not publish Annex 3, so we could not read it, and neither can you before you sign. Five files we could not open at all: the 2019 price list, the 2015 tariff, the 2023 remuneration policy, the resolution adopting it, and the code of conduct for business partners. We read only parts of the anti-corruption procedure, the diversity policy, the biodiversity strategy and the corporate governance statement, because those files are hard to read. We found no published general terms for household customers: the document library lists general terms under a heading for business clients only. One address on record, polenergia-pv.pl, now sends visitors to a site under a different brand, so we treated nothing there as Polenergia's.

How to check any of this yourself

Every quote above links to the Polenergia file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Polenergia publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Polenergia on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 1, 2026.

If you represent Polenergia and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Polenergia. Whether its licence is real and current is a separate check on the broker profile.

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