White Certificates are a guarantee of additional funds for further investments in the company.

Energy Efficiency Certificates is the formal term for White Certificates. They are evidence that a company has taken steps to improve energy efficiency. The larger the planned energy savings, the greater the financing that can be obtained.

Until just a few years ago, White Certificates could be obtained through a competitive bidding process, where those who demonstrated the best energy savings results would win. New regulations have introduced favorable changes – now, all you need to do is submit an application to the Energy Regulatory Office (URE)!

The White Certificates System was initiated to accelerate modernization investments aimed at reducing emissions of pollutants and increasing the energy security of European Union countries.

The Energy Regulatory Office issues White Certificates. They are property rights with a monetary value. Energy companies are obligated to purchase them; otherwise, they will incur high ‘replacement fees.’ This is why White Certificates can be easily sold after obtaining them.

• They provide an average return of 30% on the investment made,
• Their value on the stock market increases by 5% each year,
• They guarantee annual savings worth a minimum of 10 toe (420 GJ / 116 MWh), which in monetary terms is at least 20,100 PLN,
• Due to the requirement of conducting an audit, you will learn about potential energy consumption savings and which technologies are worth implementing,
• Not only companies but also the environment benefit from energy-efficient solutions, and as a result, the image of the company that receives them improves.

The acquisition of Energy Efficiency Certificates is regulated by the Energy Efficiency Act of May 20, 2016 (as amended). This law is the result of the implementation of Directive 2012/27/EU of the European Parliament and of the Council of October 25, 2012. The required Energy Efficiency Audit, essential for applying for White Certificates, is defined by the Minister of Energy’s Regulation of October 5, 2017, regarding the specific scope and method of preparing energy efficiency audits and calculating energy savings.

If your company plans various modernizations and the implementation of new technologies aimed at reducing energy consumption, it can apply for Energy Efficiency Certificates. According to the announcement of the Minister of Energy dated November 23, 2016, regarding the detailed list of measures aimed at improving energy efficiency, Solutions aimed at reducing energy consumption include, among others:

1. Modernization and automation of both technological and production processes (this can involve, for example, replacing industrial machinery and equipment or reconfiguring production lines),
2. Thermomodernization (which includes insulating buildings, modernizing or replacing windows and doors, and upgrading heating, cooling, and ventilation systems),
3. Modernization and replacement of thermal insulation for pipelines, furnaces, and process systems,
4. Modernization of heat exchange stations and district heating networks,
5. Replacement or modernization of lighting,
6. Installation of measurement and control devices,
7. Energy recovery technology (reducing losses associated with energy intake, transmission, and delivery),
8. Implementation of energy management systems to reduce losses.

Any company that, thanks to planned investments, intends to reduce energy consumption by a minimum of 10 toe per year, including:

• electricity,
• natural gas,
• thermal energy,
• other utilities,

can apply for Energy Efficiency Certificates.

The value of White Certificates consistently increases by a specified amount, as regulated by the relevant law, which is 5% of the previous year’s value. Currently, the replacement fee for 1 toe in 2023 is 2010 PLN. In 2024, it will already be 2110 PLN. In order to apply for Energy Efficiency Certificates, you must plan an investment that will result in a minimum savings of 10 toe, which is equivalent to 116.3 MWh of energy. This means that your company can obtain White Certificates worth at least 20,100 PLN!

With the introduction of the Energy Efficiency Act, energy companies – those selling energy – are required to provide 1.5% of so-called ‘white energy’ in every megawatt-hour. They are unable to provide this energy on their own at the required level. However, if they do not supply this energy, they will incur significantly higher costs in the form of a replacement fee, exceeding the value of Energy Efficiency Certificates. Therefore, they are willing to purchase them on the Energy Exchange Market.

The annual demand for White Certificates is currently high, and their price is rising – it is estimated that they are worth approximately 500,000 toe annually. When converted to the value of 1 toe in Polish złotys, it comes out to about 1 billion złotys. And that’s every year!

Thanks to the agreements signed with brokerage houses, after obtaining White Certificates, we handle their sale on the stock exchange on behalf of the Client.

At Energy Trend, we provide comprehensive support: we offer expertise and assistance at every stage of cooperation. After signing the contract, we conduct the mandatory Energy Efficiency Audit, and then we assist the Client in preparing the technical and legal documentation, which we submit to the Energy Regulatory Office along with the audit.

After the investment is completed, we check whether it has been carried out in accordance with the audit’s assumptions. If it has, we report its completion to the Energy Regulatory Office (URE). At this point, the White Certificates are issued, which are sold on the Energy Exchange by the brokerage house working with us. Only after receiving the proceeds from their sale do we settle with the Client.

We represent the Client before the Energy Regulatory Office (URE) and also on the Energy Exchange (TGE). We provide all services in accordance with the formal and legal guidelines set out in the Energy Efficiency Act.

1. The client obtains them on their own, which means they must sign an agreement with a brokerage house and apply for membership in the TGE (Towarowa Giełda Energii) Certificate of Origin Register. Completing all the formalities can take several months. Then, the brokerage house sells White Certificates on their behalf and settles with them.
2. The client authorizes us to sell Energy Efficiency Certificates on their behalf. The entire process proceeds without their direct involvement and is much faster than choosing the first path. Importantly, thanks to our agreement with the brokerage house, they pay a significantly lower commission. After selling the White Certificates, we settle with the client, and we receive our compensation.

We recommend the second path because it takes the burden off the client – all formalities are handled by us, and it is a more favorable solution in terms of time savings.

1. Signing the contract
2. Local vision
3. Gathering the necessary documentation
4. Energy Efficiency Audit
5. Submitting an application for the allocation of White Certificates to the President of the Energy Regulatory Office (URE)
6. Investment stage
7. Verification of the investment’s execution in accordance with the audit assumptions
8. If the value of the investment exceeded 100 toe – post-execution audit
9. Submission of a notification to URE about the completion of the investment (within 45 days)
10. Issuing White Certificates (approximately 45 days)
11. Selling White Certificates on TGE (within 3 months)
12. Settlement

The application for the White Certificates must include:

• • Energy Efficiency Audit,
  • Authorization for Energy Trend to submit an application to URE,
  • A copy of the entry in the Register of Entrepreneurs (KRS) or the Central Register and Information on Economic Activity (CEIDG),
  • Proof of payment of the tax fee in the amount of 17 PLN,

• Comprehensive service: representation before URE and on the TGE exchange, expert advice at every stage of cooperation, Energy Efficiency Audit included in the price;
• Guarantee of selling White Certificates in 2023 on the TGE at a level not less than 1653 PLN/toe;
• High insurance coverage of 1,000,000 PLN for civil liability, allowing us to cover unforeseen damages at our expense;
• Payment for success, meaning settlement with us occurs only after obtaining and selling White Certificates;
• We have years of experience, and hundreds of Energy Efficiency Audits and other similar projects we’ve conducted have been positively verified by URE;
• Our auditors are members of the Association of Energy Auditors and the Association of Energy Certifiers and Auditors.

1. What do White Certificates provide?

They confirm the amount of energy saved as a result of the conducted modernization and are property rights that can be sold on the Energy Exchange. As a result, they provide a financial bonus for investments.

2. Are White Certificates a form of public assistance?

Yes, based on the application, the Energy Regulatory Office grants them to companies that, as a result of planned investments, demonstrate energy savings of at least 10 toe annually.

3. Who buys White Certificates?

Companies involved in the sale of electrical energy. There is currently a high demand for Energy Efficiency Certificates in the market.

4. How to sell White Certificates?

You should enter into a cooperation agreement with a brokerage firm and establish an account in the Register of Certificates of Origin at TGE. The second, faster option is to entrust the sale of Energy Efficiency Certificates to Energy Trend, which will save you a lot of time in completing all necessary formalities.

5. White Certificate – what is its price in 2023 and 2024?

1 toe is currently worth 2010 Polish zlotys according to the substitute fee. In 2024, it will be 2110 Polish zlotys. The current price on the exchange is available at https://tge.pl/prawa-majatkowe-rpm/

The sessions on the exchange take place on Tuesdays and Thursdays.

6. How long does it practically take to receive White Certificates?

Currently, it takes from 2 months to 12 months, counting from the date of submitting the application. It’s important to remember that certificates can only be sold after the completion of the investment.

7. When can URE reject the application?

URE may reject the application when the audit was conducted incorrectly, the application was formulated incorrectly, the investment was not carried out, or it was executed not in accordance with the audit’s assumptions.

8. What are the consequences for a company if URE rejects the application?

A prohibition on submitting an application for the issuance of Energy Efficiency Certificates for a period of 5 years from the date when the modernization should have been completed. However, in most cases, it ends with the rejection of the application.

9. Can I obtain other grants for the same investment besides White Certificates?

No, if your company has already received a grant for thermal modernization or other investment aid where the total public support, including the allocation of White Certificates, exceeds the amount designated for that project. In other situations, we recommend contacting specialists from Energy Trend.

10. Where can I check the status of my application?

Currently, there is no way to check the status of the application. Once the White Certificates are issued, the information will be published on the bip.ure.gov.pl website. In case of formal issues, the Office will contact the person designated in the application by phone or in writing.

11. How to account for White Certificates?

White Certificates are a form of government grant, so according to International Accounting Standard 20, they are classified as grants related to assets. They should be recognized in liabilities as deferred income and recognized based on the amortization of the expenditures to which they relate.