May 2026
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Largest Utilities Public Companies in Poland
Benchmark revenue and EBITDA valuation multiples for public comps like
Grupa PGE, TAURON, Enea S.A., Energa and Polenergia.
 | Polska Grupa Energetyczna SA is a Polish electric utility company of which the Polish State Treasury is the majority shareholder. The vast majority of Polska Grupa's revenue comes, collectively, from its conventional generation business, which mines coal and controls power plant operations; its distribution business, which distributes electricity throughout Poland; and its supply business, which purchases and sells electricity and heat. Polska Grupa controls a portfolio of lignite, coal, gas, biomass, hydro, and wind power plants. most of the company's power production is derived from its lignite-fired and coal-fired facilities. Almost all of Polska Grupa's revenue comes from the Polish market, and it is one of the largest energy producers in the country. | $3 | -7% | $6B | $9B | 0.5x | 2.4x | ||
| TAURON Polska Energia SA is a Polish joint stock company that operates and has ownership stakes in the energy industry in Eastern and Northern Europe. TAURON Polska Energia is, cumulatively, involved in the production, distribution, and sale of energy and fuel inputs. The company segments its operations into Mining, Generation, Distribution, and Sales. In its Generation division, TAURON Polska Energia operates a portfolio of biomass, coal, gas, and hydro power plants mainly in Poland. Majority of its total energy production comes from its conventional, thermal facilities. The company generates the majority of its revenue from the sale of electricity and heat out of its Sales unit. | $3 | +13% | $5B | $8B | 0.8x | 3.9x | ||
| Enea SA is a Polish energy group involved in the production, transmission, and sale of electricity to homes and businesses. Enea segments its operations into Mining, Generation, Distribution, and Trading. Enea supplies coal as raw material to generate electricity and heat to distribute and trade to customers. Collectively, Enea generates a sizable amount of Poland’s total energy production. The majority of the company's revenue is derived from the sale of electricity produced by coal- and gas-fired facilities. The distribution of electricity to business customers and households also represents a significant revenue stream. Enea primarily serves individual consumers, small- and medium-sized companies, and large industrial plants in Poland. | $6 | +8% | $3B | $4B | 0.5x | 2.6x | ||
| Energa SA is a Polish electric utility company of which the State Treasury of Poland is the majority shareholder. Energa SA is involved in the distribution, generation, and sale of electrical energy. The company segments its activities into Electricity Distribution, Generation, and Sales units. The Distribution division operates an electricity transmission system in Northern and Central Poland, where it is the sole distributor. Energa's Generation business controls a portfolio of coal, hydro, biomass, and wind power plants throughout the country. Coal-fired facilities account for a majority of the company's energy production. The majority of Energa's earnings are derived from the business of distributing electricity. | $5 | +59% | $2B | $6B | 1.0x | 5.8x | ||
| Polenergia SA together with its subsidiaries is involved in generating, distributing, and transmitting electricity in Poland. It produces energy from conventional and renewable sources, such as wind, gas, coal, and biomass. The company distributes electricity to industrial plants, shopping centers, and housing developments in various regions of Poland. | $14 | -13% | $1B | $2B | 1.4x | 18.4x | ||
| Kogeneracja SA through its subsidiaries is engaged in the production of electricity and heating. The products and services of the company include District heating, New-generation network heat, Electricity, and Energy Services. Its production plants include Elektrocieplownia Wroclaw, Elektrocieplownia Czechnica and Elektrocieplownia Zawidawie. | $21 | +38% | $320M | $427M | 0.6x | 2.6x | ||
| Ze Pak SA is a holding company that engages in energy production, transmission, and distribution. It produces electricity from conventional sources and combustion and co-combustion of biomass, extracts lignite, and also provides construction and renovation services. The group has four operating segments:Â The Generation segment covers the production of electricity both from conventional sources (including cogeneration) and from biomass by combustion and co-combustion of biomass. The Mining Segment covers the extraction of lignite. The Renovation Segment performs services within the scope of construction and renovation services. The Sales Segment performs services for the sale of electricity. The majority of the revenue is from the Generation segment. | $5 | -36% | $256M | $418M | 1.1x | (16.1x) | ||
| Columbus Energy SA is a Poland based company involved in providing energy efficiency services. Its products include photovoltaic systems, that convert solar radiation into electricity. | $1 | -52% | $68M | $92M | 1.0x | 11.4x | ||
| Przedsiebiorstwo Komunalne AQUA SA conducts water and sewage operations in Bielsko-Biala and neighboring communes. Its business activities include the recognition, treatment and distribution of water and the collection, treatment and discharge of sewage. services offered by the company include the supply of drinking water; sewerage; swimming pool; collection and testing of surface, underground, treated and sewage and sewage sludge samples; geodetic services; waste disposal services and liquid waste; disposal of emulsions and other wastes; and specialized services in the field of water supply and sewage network diagnostics. The services offered by Aqua are used by households, housing cooperatives, public institutions as well as industrial and service plants. | $3 | -8% | $44M | $37M | 0.7x | 2.8x | ||
| Raen SA is a renewable energy company. The company focuses on the acquisition, financing, and development of solar projects, as well as wind and biogas projects. | $1 | -- | $40M | $39M | - | - | ||
| MDI Energia SA is a Poland based company engaged in the renewable energy business in Poland and internationally. It is involved in the wind farm and biogas power plant projects, as well as the photovoltaic installation activities. The company also manages residential multifamily housing projects in Poland. | $1 | +88% | $26M | $21M | 0.3x | 16.3x | ||
| ECB SA is engaged in the production of heat and electricity. The company's heat and electricity is the main source of heating, hot water and process heat for the region of Basin Dabrowski. | $6 | -27% | $19M | $16M | 0.6x | 0.1x | ||
| Wodkan Przedsiebiorstwo Wodociagow i Kanalizacji SA is engaged in the production and supply of drinking water, collection and treatment of sewage, investment activity, construction of water-sewage equipment, laboratory tests of water and sewage. | $2 | -5% | $10M | $12M | 0.8x | 3.7x | ||
| Tesgas SA offers transmission and distribution of natural gas, construction and renovation of gas networks, gas stations & boiler rooms and facilities associated with the extraction of natural gas and crude oil. | $0 | -25% | $6M | $6M | 0.3x | 4.1x | ||
| BRAS SA is engaged in the energy sector. The company focuses its activities on the trade and distribution of electricity and power generation from renewable sources and the production of bio-components. It also provides consulting services. | $0 | +16% | $6M | $7M | 6.2x | 11.6x | ||
| OZE Capital SA formerly CSY SA is engaged in the vehicles and machinery markets. It offers a range of parts and components for spare parts market; Parts for final users and after market; and Metal machining service. | $0 | +8% | $4M | $2M | 0.9x | 6.1x | ||
| Zeneris Projekty SA is engaged in designing and implementing renewable energy investments. The company focuses on Photovoltaics and Hydropower sectors. | $1 | -32% | $1M | $857K | 0.3x | 8.1x | ||
| Median | $3 | -6% | $44M | $39M | 0.7x | 4.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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