Growth perspectives in 2017

Area	2016 vs. 2017 perspective	Key drivers
Mining	Neutral	(+/-) Coal price stabilisation
		(+) Construction of new roadways
		(+) Assets modernisation
		(+) Constant enhancement of efficiency
Conventional power engineering	Drop	(-) Lower price of energy
		(-) Lower limit of free CO₂
		(-) Higher price of coal
		(-) Lower generation of electricity
		(+) Internal processes optimization
Renewable energy sources	Drop	(-) Durable low level of "green" Proprietary Interests
		(+) Growth in price and volume of “blue” RES Proprietary Interests
		(+) Greater generation of electricity
		(+) Cost optimisation of the RES area
Distribution	Drop	(-) Drop of WACC by 0.042 p.p. to 5.633%
		(-) Model operating expenses compliant with "Operating expenses for Operators of Distribution Systems for 2016-2020" published by ERO
		(+) Asset management optimisation and outsourced services rationalisation
		(+) Works over the improvement of service quality (SAIDI and SAIFI indices reduction)
Trade	Neutral	(-) Greater competition in the area of trade
		(+) Development of sale channels and product range
		(-) Growing erosion of margin on the segment of trade

Strategy