The Polish Power ExchangeWide moat

TGE is to Polish energy what GPW is to Polish equities: the dominant marketplace where the wholesale trade is done. Electricity and natural gas are bought and sold across its spot and forward markets by producers, utilities, large industrial consumers, and traders, and the same liquidity network effect that protects a stock exchange protects this one — participants converge on the venue with the deepest book and the most reliable prices. For the Polish power and gas market, that venue is TGE.

The value of this franchise is that it rides an entirely different, and structurally growing, current from the stock market. Energy is a large, essential, and increasingly market-based part of the economy: as Poland shifts its power mix, integrates with European energy markets, and prices carbon, more of the energy economy is transacted on exchanges rather than through bilateral deals or state fiat. TGE sits at the center of that flow, collecting a toll on the wholesale trade of the electricity and gas that keep the country running — a marketplace whose importance grows with the complexity of the energy transition itself — and one that helped drive group EBITDA up 37,7% in 2025¹.