Poland to reintroduce mandatory energy exchange sales

Poland is preparing to re‑introduce a mandatory exchange‑based sales requirement (so‑called obligo giełdowe) by basis of legislative assumptions of draft law (UD284) to the Energy Law. According to the governmental legislative schedule, the initiative is planned for consideration by the Council of Ministers in Q3 2025. The intention is to improve transparency and liquidity on the Polish Power Exchange (TGE) after the 2022 repeal of the previous obligation. The government indicates that, despite a nominal 100% requirement under the earlier regime, the effective share of exchange‑traded electricity was only around 47.6%, and that in 2023 more than 70% of volumes were contracted within corporate groups. In such circumstances, external buyers had limited access to trade and reliable price discovery was weakened. 

Under the proposal, electricity producers shall sell at least 55% of generated electricity through organised trading venues—primarily TGE or platforms operated by nominated electricity market operators (NEMOs). The obligation would be statutory and backed by sanctions. In the government’s view, higher visible volumes on exchange should provide clearer reference prices and reduce the scope for opaque bilateral dealing, especially intra‑group.

At the same time, the draft keeps a number of exclusions in order to maintain proportionality. In particular, the obligation would not apply to electricity delivered via direct line; electricity from renewable installations with total capacity below 10 MW; electricity from other units up to 50 MW; generation in high‑efficiency cogeneration (average annual efficiency above 52.5%); electricity consumed on site by the producer; volumes necessary for system operators’ statutory duties; electricity produced in a unit connected directly to installations of an end‑user (or to a distribution network operated by that end‑user); and electricity from RES supplied under a contract registered with the Energy Regulatory Office (URE), provided it is not an intra‑group transaction. In practice, these carve‑outs preserve space for small RES, efficient CHP and certain industrial configurations, while still directing a material part of large‑scale generation back to public markets.

Sector commentators generally recognise that a 55% threshold may restore liquidity and strengthen benchmarks on TGE, while leaving room for bilateral contracts (including PPAs) which meet the statutory exemptions. At the same time, there is a reasonable concern that the breadth of exclusions may dilute the effect if monitoring and enforcement are not strong, and that mid‑sized generators will face additional compliance and commercial adjustments.

It is also worth recalling that, during the period when a 100% exchange obligation formally applied, its real execution – according to the President of URE – reached only 47.6%. This shows that a statutory percentage on paper does not, by itself, secure the intended market outcome. Therefore, it will be essential to design the new framework so as to minimise opportunities for circumvention and to pair it with robust monitoring, data disclosure and effective sanctions.

For market participants the practical consequences are already visible. Generators should map their portfolios against the 55% test, verify eligibility for exclusions (in particular small RES, high‑efficiency CHP and registered RES supply contracts), and review trading arrangements, clearing and collateral for exchange execution. Offtakers should revisit sourcing strategies, including the balance between exchange‑indexed procurement and PPAs, and consider change‑in‑law and adjustment clauses in new contracts. Until the implementing provisions and entry‑into‑force dates are confirmed, a cautious approach to long‑term commitments is advisable.

Overall, the proposal goes in the right direction, but its success will depend on practice and most importantly high‑quality data disclosure. We will continue to monitor the legislative process and can support clients with portfolio assessments, exemption analyses and contract amendments related to the new obligation.