The constant PFSA’s supervision over the activity of the Exchange confirms a superior level of trading security and high standards in mitigating the risk of undesirable impacts of market participants, in particular abuse and manipulation.

Thanks to the experience in implementing modern solutions and its adequate IT infrastructure, in 2005 TGE was entrusted with the task of creating and maintaining the Certificate of Origin Register for electricity generated in RES, and in 2007 also for cogeneration. Simultaneously with the Registers, the Property Rights Market was launched, enabling trading in property rights resulting from the certificates of origin.

In 2008, TGE initiated the Electricity Commodity Forward Instruments Market, which is currently the largest electricity market in terms of trading volumes. Transactions on the CFIM may be concluded for physical delivery of electricity over a longer time horizon, allowing sellers and large consumers to forecast prices and optimise their selling/purchasing costs.

Two years later, in 2010, thanks to the increasing dynamics of trading on TGE and sufficient liquidity, a direct current connection between Poland and Sweden (SwePol Link) was established through the market coupling mechanism.

At the end of 2012 TGE launched the Commodity Forward Instruments Market and the Day-Ahead Market for natural gas, and in 2014 expanded its offer to include the Intraday Market for natural gas. This marked the beginning of the operation and development of the gas exchange in Poland.

In the following years further events took place, which were of key importance both from the point of view of TGE and market participants interested in the development of and access to increasingly sophisticated products related to the rapid evolution of energy markets, resulting also from their advancing regulation:

• 2014 – TGE launched the Exchange Information Platform which is a source of data on the electricity system in Poland for market participants and stakeholders.
• 2014 – TGE launched the Guarantees of Origin Register (GOR).
• 2015 – TGE obtained the NEMO status on the electricity spot market. The nomination entitles TGE to operate a common market-coupling mechanism for the European day-ahead and intraday electricity markets with respect to the Polish pricing area.
• 2015 – TGE provided a platform for reporting transactional data via the RRM, in accor-dance with the REMIT.
• 2017 – TGE made new trading applications of the Nasdaq company - X-Stream Trading and SAPRI available to the exchange members. These advanced systems enable the world-class support of the markets operated by TGE.
• 2017 – TGE started operating as a full-rights PCR coordinating exchange and operator on the European Multi Regional Coupling (MRC) market.
• 2018 – TGE expanded its offering with low-methane (Lw) natural gas.
• 2019 – TGE introduced trading in CO2 emission allowances on the Financial Instruments Market.
• 2019 – TGE introduced trading in guarantees of origin for electricity generated in high-efficiency cogeneration sources in the Guarantees of Origin Register.
• 2019 – TGE launched a cross-border SIDC Intraday Market based on the XBID model.
• 2019 – TGE retained its status as a NEMO for the next 4 years.
• 2020 – March – TGE, in consortium with the Warsaw Stock Exchange S.A. and IRGiT S.A., laun-ched the pilot of the Agricultural and Food Commodities Market.
• 2020 – May – going live of the Organised Traiding Facility (OTF)
• 2021 – 17 June – the go-live of Interim Coupling as a part of SDAC and the resulting extension of cross-border electricity trading on TGE onto new connections, i.e. with Germany, the Czech Republic and Slovakia (in addition to the existing ones, i.e. Sweden and Lithuania).
• 2021 – 23 June – TGE, Hellenic Energy Exchange Group and Romanian Commodities Exchange (Bursa Romana de Marfuri) signed in Athens a Memorandum of Understanding (MoU).
• 2021 – 21 July – the Energy Community Secretariat, energy exchanges (including TGE) as well as trading service providers and transmission system operators signed a Memorandum of Understanding about trans-regional cooperation on the development of an integrated South-Eastern and Eastern European gas (SEEGAS) market.
• 2021 – August – TGE was repeatedly honoured with the title of Best Sustainable Commodities Exchange Central Europe by CFI.co.
• 2021 – 4 October – the first meeting of the TGE’s Working Group for RES Exchange Market Development.
• 2021 – 14 October – TGE among the signatories of the Sectoral Agreement for the Development of the Hydrogen Economy in Poland.
• 2021 – 23 November – TGE becomes a party to the Cooperation Agreement for the Development of the Biogas and Biomethane Sector.
• 2022 – 8 June – Flow-Based Market Coupling goes live in the Core region enabling the optimisation of the European Day-Ahead Market for electricity in 13 countries.
• 2022 – July – the Management Board of TGE approves “The Code of Good Practice for Members of Towarowa Giełda Energii S.A. with regard to the prevention of market abuse and the preservation of the integrity and transparency of trading”.
• 2022 – July – TGE named the Best Sustainable Commodities Exchange (Central Europe) by CFI.co magazine for the third consecutive time.
• 2022 – September – TGE introduces two new monthly indices for the RES sector (TGeONSHOREm and TGePVm) based on standardised profiles of electricity production from onshore wind and photovoltaic sources in Poland.
• 2022 – 29 November – the fourth wave of SIDC integration goes live enabling intraday electricity trading in 25 participating countries.
• 2022 – 20 December – TGE celebrates the 10th anniversary of the Gas Exchange Market.
• 2023 – 5 January – conclusion of the first transaction on the Property Rights Forward Market (PRFM).
• 2023 – 1 April – operational implementation of the reverse charge VAT mechanism by IRGiT.
• 2023 – 5 April – TGE and the Moldovan state-owned company Energocom S.A. signed a Memorandum of Understanding in Chisinau.
• 2023 – June – implementation of two new instruments on the electricity forward market: lowPeak (10-hour pre-evening peak) and highPeak (5-hour evening peak).
• 2023 – July – TGE honoured for the fourth consecutive by Capital Finance International (CFI.co) magazine, this time with the title Best Commodities Exchange ESG Strategy Europe.
• 2023 – 6 September – TGE, IRGiT and the Ukrainian Energy Exchange (UEEX) signed a Memorandum of Understanding in Warsaw.
• 2023 – 25 September – TGE was awarded the title of an Innovator in the Energy category in the 2023 Innovators competition of the WPROST magazine.
• 2023 – 1 October – changes in the Management Board of IRGiT: Łukasz Goliszewski became the new President of the Management Board, Piotr Listwoń was appointed new Vice President of the Management Board.
• 2023 – 11 October – changes in the Management Board of TGE: Jarosław Ziębiec appointed Vice President of the Management Board for Business Development. 
• 2024 – June – TGE becomes a member of the European Renewable Gas Registry, a European association of local renewable gas registries.
• 2024 – 13 June – two new product groups added to the offering: 15-min instruments in continuous trading on the IDM and hourly instruments traded in Intraday Auctions (IDA) on the SIDC.
• 2024 – 29 June – TGE’s Management Board for a new term, composed of: Piotr Listwoń (President), Mariusz Buraczyński (VP Operations), Jarosław Ziębiec (VP Business Development) takes up office.
• 2024 – October – TGE recognised by CFI.co magazine for the fifth consecutive year and named the Best Commodities Exchange ESG Strategy Europe for the second time.
• 2024 – 3 November – TGE celebrates 10th anniversary of the Guarantees of Origin Register.
• 2024 – 7 December – TGE starts celebrating its 25th anniversary.
• 2025 – 1 January – Grzegorz Żarski takes over as President of the Management Board of InfoEngine.
• 2025 – 29 March – TGE awarded the prestigious title of Energy Transformation Leader.
• 2025 – 30 June – 25th anniversary of the Day-Ahead Market.
• 2025 – 1 July – Tomasz Wieczorek joins the IRGiT Management Board as Vice President.
• 2025 – 9 September – culmination of the celebrations of the 25th anniversary of TGE and the 15th anniversary of IRGiT.
• 2025 – 16 September – TGE introduces revised rules for setting daily clearing prices.
• 2025 – 30 September – successful implementation of 15-minute Market Time Unit (MTU) in SDAC.
• 2026 – 26 January – TGE, TAURON Dystrybucja and PSE signed an agreement to cooperate on developing a trading platform for flexibility services.
• 2026 – 13 May – Mariusz Buraczyński takes over as President of the Management Board of InfoEngine.

Legal and regulatory changes in Poland and the European Union have had a significant impact on the development of TGE.

National law

The two following amendments to the Energy Law, regarding the so-called exchange trade obligation played a key role in the development of TGE.

The Energy Law amendment of 2010 introduced an obligation to sell a certain amount of electricity through the exchange. For generators covered by the program of state aid due to the termination of long–term energy contracts (LTC), the obligation covered 100 per cent of generated electricity, and for the remaining generators – 15 per cent. It was to ensure the transparency of state aid settlements but at the same time became a stimulus for liberalisation of electricity prices. The Capacity Market Act of 2017 obligated energy companies to sell at least 30% of electricity through the exchange. In 2018 the lawmakers increased this level to 100%.

The positive experience from the implementation of the obligation on the electricity market encouraged the lawmakers to apply a similar mechanism to create a competitive natural gas market. In 2013, the obligation to sell high-methane natural gas through the exchange was introduced at the level of 30%, increasing to 40% in 2014 and to 55% as of 2015.
Not only did the above legal solutions build the foundation for a competitive wholesale market in Poland, but they also have provided a pricing benchmark for these commodities in the region.

The Act of 1 March 2018 amending the Act on Trading in Financial Instruments and certain other acts, including the Act on Commodity Exchanges, should be also mentioned. This amendment implements the legal solutions of MIFID II into the national legal system. With regard to the operation of TGE, the amendment introduced significant changes to align the subject of trading to the revised definition of a financial instrument and, among other things, allows TGE, as a company operating a regulated market, to operate an Organised Trading Facility (OTF). 

Crucial for the functioning of TGE are also:

• The Act on Renewable Energy Sources and the Act on Energy Efficiency, which have been shaping the development of market of property rights arising respectively from the certificates of origin and energy efficiency certificates.

• Act on Trading in Financial Instruments.

EU law

The market model for electricity and natural gas introduced by the EU regulations, then implemented into the national law, allowed the emergence and development of the wholesale market and thus it laid the foundation for the business of TGE. The regulations of the EU law (so-called 1st, 2nd and 3rd liberalisation packages) provided for the accounting, legal and functional unbundling of the key business areas in the energy industry (generation, transmission, distribution, trading, storage, liquefaction and regasification).

Legal solutions were introduced to ensure the elimination of cross–subsidies between these areas of activity within affiliated companies. Strict supervision rules regarding the operation of distribution and transmission system operators strengthened the competition in other areas of the market. Additionally, the certification of transmission system operators ensured the autonomy of these entities within corporate groups and independence from entities outside the European Union. Legal solutions were introduced to promote awareness among the electricity and natural gas consumers who have the opportunity to choose their suppliers and who have been offered competitive terms of access to the infrastructure required to deliver these commodities. The customers are supported by legal solutions that provide them with a wide range of rights on the energy market. The position of the national regulatory authorities has been strengthened (in Poland – the President of the Energy Regulatory Office), whose role is to make sure that the interests of energy companies and energy consumers are properly balanced. Additionally, solutions that build a transparent wholesale market have been introduced. Further regulatory measures at the European Union level, such as network codes, result in the even deeper integration of the internal energy market and its increased transparency.

The adoption of the above mentioned solutions and their implementation into national legal systems allowed for the rapid development of the wholesale energy markets, understood as trade of electricity and natural gas between trading companies or sales to large industrial final customers. Further EU legal acts which affect the functioning of energy exchanges and TGE include specifically the regulations seeking to ensure maximum transparency of wholesale energy markets, namely REMIT and MiFID II.

Apart from the CACM Regulation, other EU legislation concerning the operation of commodity exchanges, TGE among them, includes specifically the solutions aimed at ensuring maximum transparency of wholesale energy markets, i.e. REMIT and MiFID II (implemented in the national legal system by the above-mentioned amendment to the Act on Trading in Financial Instruments), as well as Regulation 1031/2010 applicable to the auctions of emission allowances.

Accordingly, TGE, together with the entire GPW Group, not only focuses on shaping its business in a sustainable way, but also significantly contributes to the promotion of responsible behaviour by, among others, educating market participants and promoting value-based attitudes.

The “GPW Group ESG Strategy 2025” implemented in the GPW Group sets out the sustainability aspirations and goals for the years 2022-2025 for all companies of the Group, including TGE.

The GPW Group ESG Strategy sets out directions for actions based on three pillars: 

• E – Environment,
• S – Social,
• G – Governance.

For more information see: 

GPW Group ESG Strategy 2025 (pdf)

Sustainable operations of the GPW Group

E: ENVIRONMENTAL PILLAR

The GPW Group Climate Policy adopted in 2021 sets out the principal directions for the efforts of the Group, including TGE, to prevent adverse climate impacts, and defines the approach to managing environmental issues and responsibility in this area.

For more information see the GPW Group environmental pillar:

Environmental impact

S: SOCIAL PILLAR

In shaping the organisational culture, TGE and the entire GPW Group build on commitment, values and effective internal communication, as well as investment in the continuous development of employees’ competences. In parallel, the Exchange focuses on educational tasks, promotion and information related to the commodity market.

The specific policies adopted as part of the social pillar include: 

• Anti-harassment policy, 
• Diversity policy for employees,
• Diversity policy for the Management Board and Supervisory Board.

For more information see the GPW Group social pillar: 

Responsible employer

Education

G: GOVERNANCE

One of the objectives of TGE, as well as the entire GPW Group, is to ensure high standards of corporate governance and communication. Management systems, rules and regulations that support sustainable development and shape cooperation with external parties based on transparent guidelines are therefore continuously improved. 

In pursuit of the objectives of this pillar, TGE adopted: 

• Code of Ethics,
• Anti-corruption policy,
• Procedure for reporting breaches in TGE,
• Procedure and regulations for accepting and considering complaints related to the activities of TGE.

For more information see the GPW Group corporate governance pillar:

Governance / Risk

The Polish Financial Supervision Authority has decided that the Principles should be adopted by the supervised institutions, thus becoming an important part of their strategic corporate policy and should guide the development of appropriate rules of conduct for the supervised institutions. In December 2014, the Supervisory Board and the Management Board of TGE adopted a joint statement on the adoption of the Principles by TGE as a supervised institution, except for those provisions which are not applicable to the Company due to their incongruity with the business profile of the Company.

By resolution of the Ordinary General Meeting of Shareholders of TGE of 29 June 2015, the shareholders of TGE confirmed their intent to comply with the Principles. In view of the above and pursuant to the requirements of the Principles, TGE is obliged to conduct an annual review of their application by the Company. The findings of this review are subject to approval by the Company’s authorities.

The 2026 review of the application of the Principles in 2025 confirmed that all the Principles were applied by the Company except for:

• two Principles (Items 9.1 and 9.6 of the CGP) which do not apply to the Company as the Company has one Shareholder holding 100% of shares,
• one Principle (Item 51.2 of the CGP) which is not relevant to the scale of the Company’s operations,
• the seven Principles set forth in Items 53 - 57 of the CGP which are not relevant to the Company's scope of business. 

The following are the declarations of TGE authorities and documents related to the Principles:

1) Corporate Governance Rules of the Polish Financial Supervision Authority
2) Organisational structure
3) Rules for handling complaints concerning TGE’s activity
4) Resolution No. 8 of the Ordinary General Meeting of Shareholders of TGE of 29 June 2015 on the adoption of the Corporate Governance Principles
5) Statement of the Supervisory Board of TGE on the application of the Corporate Governance Principles in 2025