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ECONOMIC AND MARKET IMPACTOur impact on Poland's economic development

We are a strategic company, but also a key client and a business partner for many economic entities, and an important employer. Through its daily activities, PSE has a significant impact on the entire Polish economy and individual industries.
The scale and scope of our operations make our company also a significant payer of contributions, fees and taxes to the national and local governments. These funds go to both the central and local government budgets and are then used for projects and activities to improve the lives of Poles, e.g. investments in infrastructure, education or the safety of citizens.

The input-output model (Leontief model) was used to analyse the economic impact of PSE activities. By using it, the impact of PSE's activities was calculated in three categories:

  • Generated added value
  • 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 due to household revenue growth.

In this year's report, similarly to the previous year, in addition to the impact of operations, the impact of capital expenditures (CAPEX) was calculated. Investment demand is the component of final demand in the economy that provides the momentum for global output. Using Leontief's model, input-output multipliers were calculated to show how an increase in final demand translates into an increase in global output.

 

Added value

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

Global output  is the sum of:

  • revenues from sales of products (goods and services) of own production,
  • change in inventories,
  • manufacturing cost of products for internal purposes,
  • trading margin on goods purchased for resale.

Indirect consumption includes the total of: the value of net materials used, raw materials, fuels, energy, industrial gases, third-party services, business travel expenses and other costs1.

1 For PSE, indirect consumption was calculated from the profit and loss account data by aggregating costs to the level of the industries included in the model. Next, the so-called stranded costs and the funds transferred by PSE to the Settlement Administrator under the RES fee were subtracted, as these costs are not an element of indirect consumption. This approach was also used in the calculations for previous years (2017, 2018 and 2020).

PSEAdded value generated due to the PSE's operating and investment activities

total added value generated in the Polish economy in 2022 thanks to the PSE’s operating and investment activities.

Compared year over year, the added value generated in the economy due to the PSE's operating and investment activities was by 13.5 percent higher.

Added value generated in the economy due to the PSE’s operating and investment activities in the years 2021 and 2022 (in PLN billion)

Added value generated due to the operating activities

  • PLN 12.86 billion  - total added value generated in the Polish economy in 2022 thanks to the PSE operations. This amount is similar (PLN 12.8 billion) to the value of agreements signed by GDDKiA in 2022 for the construction of roads with a total length of 333.4 kilometers2. 
  • PLN 2.6 billion  - direct value added generated by PSE in the power sector (generation and transmission of electricity).
  • In the industries where PSE purchases equipment, materials and services, and in related industries, the company contributed to a total of more than PLN 8.70 billion in added value.
  • 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 added value of PLN 1.56 billion in 2022.

 

 2Data for: https://www.gov.pl/web/gddkia/podsumowanie-2022-roku

Added value generated in the economy due to the PSE's operating activity in 2022 (in PLN billion)

Compared year over year, the added value generated in the economy due to the PSE’s activities was higher by PLN 1.6 billion.

Added value generated in the economy due to the PSE’s operating activity in the years 2021 and 2022 (in PLN billion)

Added value generated in the individual industries due to the PSE's operating activity in 2022 (in PLN thousand)

Value added generated by PSE's investment activities:

  • PLN 709.8 billion  - total added value generated in the Polish economy in 2022 thanks to the PSE investment activity. This is more than three times the entire budget of the Moja Woda [My Water] programme for the years 2020-2024, under which a grant of up to PLN 5,000 can be obtained for the purchase, installation and commissioning of rainwater retention systems3.


3The programme’s budget for the years 2020-2024 is PLN 210.2 million. Data for:  https://mojawoda.info/

Added value generated in the individual industries due to the PSE's investment activity
in 2022 (in PLN thousand)

Remuneration

PSE employs more than 2,800 people, to whom it pays remunerations. Through its activities, it also influences suppliers and other related parties in the economy, thereby generating additional remunerations in the economy.

Remuneration generated due to the PSE's operating and investment activities:

  • PLN 2.352 billion  – total value of remuneration generated in the Polish economy in 2022 due to the PSE’s operating and investment activities.

 

Remuneration generated in the economy due to the PSE's activities in 2022 (in PLN thousand)

Compared year over year, the remuneration generated in the economy due to the PSE's operating and investment activities was by 28 percent higher.

 

Remuneration generated due to the PSE's operating activities

  • PLN 2.230 billion  – total value of remunerations generated in the Polish economy in 2022 thanks to the PSE activity. This is approximately the amount with which the City of Warsaw subsidised in 2022 the purchase of transport services, standing at, on average, PLN 1,000 per capita4.
  • More than 321.1 million in net remuneration at PSE in 2022.
  • Thanks to purchases from suppliers and links across the economy between the individual branches, suppliers and sub-suppliers were able to pay their employees remuneration of over PLN 1.595 billion.
  • The national economy saw further remuneration growth driven by increases in income and household consumption. These are induced generated wages. Their value in 2022 amounted to over PLN 314.1 million.


4It was assumed that the City of Warsaw’s subsidies for public transport are the total budget allocated for the purchase of transport services (more than PLN 2.9 billion) less ticket revenues (PLN 776 million). Data based on:  https://www.ztm.waw.pl/informacje-prasowe/2023/07/17/warszawa-doplaca-najwiecej-do-transportu-publicznego/

Remunerations generated in the individual industries due to the PSE’s operating activity in 2022 (in PLN thousand)

Compared year over year, remunerations generated in the economy due to the PSE’s activity were higher by PLN 536,194 thousand. This amount could cover the construction of more than 6 km of tramway line in Warsaw5.

5The cost of building a 1 km of tramway line from Wilanów to Śródmieście was adopted as a reference cost. Data based on:  https://warszawa19115.pl/web/guest/-/tramwaj-do-wilanowa

 

Remunerations generated in the economy due to the PSE’s operating activity in the years 2021 and 2022 (in PLN thousand)

Remunerations generated in the individual industries due to the PSE’s operating activity in 2022 (in PLN thousand)

Remuneration generated due to the PSE's investment activities:

  • PLN 121.9 million – total value of remunerations generated in the Polish economy in 2022 thanks to the PSE investment activity.

 

Remunerations generated in the individual industries due to the PSE’s investment activity in 2022 (in PLN thousand)

Employment

Employment is a significant area of both economic and social impact. PSE, through its activities, not only creates and maintains jobs within its organization, but also impacts employment at suppliers and related entities throughout the economy.

Number of jobs maintained due to the PSE's operating and investment activities:

  • 47,119 jobs  – the total number of jobs maintained in the Polish economy in 2022 due to the PSE's operating and investment activities.

 

Jobs maintained in the economy through PSE's activity in 2022 (number of jobs)

Compared year over year, the number of jobs maintained in the economy due to the PSE's operating and investment activities was by 19 percent higher.

 

Jobs maintained in the economy due to the PSE’s operating and investment activities in the years 2021 and 2022 (number of jobs)

Number of jobs maintained due to the PSE's operating activities:

  • 44,858 jobs – the total number of jobs maintained in the Polish economy in 2022 due to the PSE’s activity. This is more than twice the number of all people employed in voivodship and district labour offices in Poland6.
  • In 2022, the average number of employees at PSE was 2,825.
  • Through daily operations, projects and other tasks where PSE cooperates with many companies in various industries, we maintain 34,006 jobs in the individual industries.
  • The induced effect of the PSE’s activities is 8,026 jobs in the overall economy.


6 The total number of employees in 2022 is 20,585. Data based on:  https://www.gov.pl/attachment/dc7b8ac4-6e32-4342-bd7e-40d83bf26861

Jobs maintained in the economy through PSE's activity in 2022 (number of jobs)

Compared year over year, the number of jobs maintained in the economy due to the PSE's activities was higher by 8,176. This is three times the number of people affected by unemployment in the Piaseczno district7.

7 The number of people affected by unemployment in the Piaseczno district is 2,736. Data for https://piaseczno.praca.gov.pl/statystyki-bezrobocia/?p_p_id=101_INSTANCE_7alPqs2lnyJx&p_p_lifecycle=0&p_p_state=normal&p_p_mode=view&p_p_col_id=column-1&p_p_col_count=1&p_r_p_564233524_resetCur=true&_101_INSTANCE_7alPqs2lnyJx_navCategoryId=17248359)



Jobs maintained in the individual industries due to the PSE's activity in years 2021 and 2022 (number of jobs)

 

Jobs maintained in the individual industries due to the PSE's activity in 2022 (number of jobs)

Number of jobs maintained through PSE's investment activities:

  • 2,261 jobs  – the total number of jobs maintained in the Polish economy in 2022 due to the PSE's investment activity.


Jobs maintained in specific industries due to PSE's investment activities in 2022 (number of jobs)

Taxes and charges

Conducting business activity, including selling products and services or hiring employees, results in the need to pay certain taxes and premiums to the state, which are then passed on to citizens in the form of projects, social programmes, health care services, education and much more.

  • PLN 1.412 billion  - total amount of taxes, fees and social security premiums paid to the state budget, budgets of local government authorities and the Social Security Fund in 2022 by PSE. .This is the amount higher than the budget for the fifth edition of the My Electricity photovoltaic microinstallation subsidy programme8.
  • The total amount of taxes, fees and premiums was PLN 331.163 million  higher than in 2021. 2021. A similar amount (PLN 320 million) was paid under the “old coal stove” replacement program in June 2023 to 13,700 applicants9.
  • PLN 303.177 million  – the sum of payments for income taxes (PIT and CIT) in 2022.

     



8The programme’s budget is PLN 1.355 billion. Data for: https://mojprad.gov.pl
9Data for:  https://czystepowietrze.gov.pl/wymiana-kopciuchow-w-programie-czyste-powietrze-statystyki



Breakdown of taxes, fees and premiums paid by PSE in 2022 (in %)

This is the breakdown of all taxes paid by PSE to the state. The central budget receives 71 percent of the total amount of taxes, while local budgets receive 29 percent.10.

Compared to 2021, the taxes paid in 2022 to the central budget were higher by PLN 299.6 million, and the taxes paid to local budgets in total were higher by  PLN 31.5 million.

Nearly 71 percent  of the taxes, fees, and premiums paid by PSE in 2022 are those paid to the central budget. These were paid for the following taxes:

 

Breakdown of taxes, fees and premiums paid by PSE to the central budget in 2022 (in %)

The remaining 29 percent  are premiums paid to local budgets, broken down as follows:

 

Breakdown of taxes, fees and premiums paid by PSE to local government units budgets in 2022 (in %)

The largest local tax beneficiaries

As for the voivodships, more than 99.9 percent of local taxes paid in 2022 reached the budget of the Mazowieckie Voivodship. In total, more than PLN 34.73 million reached the voivodship budgets from the taxes paid by PSE. This is 1.54 million less than in 2021. This amount would allow to maintain the city bike system in Warsaw for two seasons11.

Almost PLN 11.7 million was paid into county budgets by PSE in 2022.

10 The calculation takes into account the breakdown of CIT and PIT inflows between the central and local government budgets.
11 The cost of maintaining the system was adopted to be PLN 17.4 million per year, based on: https://zdm.waw.pl/aktualnosci/veturilo-2023-2028-przetarg-rozstrzygniety/




The total payments made by PSE to the budgets of the 6 largest tax beneficiaries at the county level (PLN thousand) (eventually, it will be shown in %)

In 2022, PSE paid almost 359.3 million  in taxes to commune budgets. A similar amount (PLN 350 million) has been allocated in Kraków for the repair and reconstruction of roads, sidewalks or bicycle paths as part of the Support Programme for the Preparation of the Third European Games12.

12 Based on: https://www.gov.pl/web/infrastruktura/350-mln-zlotych-na-inwestycje-w-ramach-programu-wsparcia-przygotowan-iii-igrzysk-europejskich

 

Own indicator Largest tax beneficiaries at the commune level (it will be shown in %)

Impact ratio

Stable operation of the national power system

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