Polish president signs bill preventing sharp gas price hikes

World

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An act enabling natural gas prices to be increased within three years instead of a sharp hike in 2022 has been signed by Polish President Andrzej Duda, his office announced on Wednesday.

The new regulation is an amendment to the Energy Law and was approved by the Polish Parliament on December 2.

"At the same time, it will allow energy companies to recover their costs of gas supplies," Duda's office wrote in a press release, reported Poland's first English-language channel TVP World.

Under the new law, energy companies in Poland will be able to include in their tariffs for 2022 only partial costs of gas supplies to households. As compensation for their losses, they will be able to add the rest of the costs to their tariffs within three years after January 1, 2022.

The gas price on the European spot market (EEX Exchange) has exceeded EUR 96 per 1 MWh, while in May the price hovered around EUR 25.

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