Regulator cool on PGNiG gas price hike bid

Energy Trade

Polish gas monopoly PGNiG has filed for an increase in gas prices that the local energy market regulator believes is unjustified.

“We confirm that PGNiG filed for a hike in gas prices yesterday evening,” said Agnieszka Glosniewska, the watchdog's spokeswoman. She gave no further details

Daily Dziennik reported that PGNiG had filed for a 30% hike, citing rising gas import prices, but that the watchdog said there was no reason to allow the change in tariffs.

“Since we approved the current tariffs this spring, according to the regulator there has been no occurrence that would justify another gas price increase,” regulatory head Mariusz Swora told Dziennik.

PGNiG has been losing money on the natural gas it imports, mainly from Russia, as its prices track rising oil prices. Imports account for two thirds of PGNiG gas sales.

PGNiG reported a worse-than-expected 14% drop in second-quarter net profit on Wednesday. (Reuters)

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