Russian state-owned gas company Gazprom will most likely agree to a change in the way gas-import prices are calculated for German power utility RWE, Rzeczpospolita reported. The change is expected to be favorable for the German firm, with analysts seeing this as a positive sign for Polish gas monopolist PGNiG.

PGNiG has, along with multinational energy companies E.ON and GDF Suez, been seeking lower prices for the gas it imports from Gazprom. It has even initiated arbitration proceedings against the Russian company in a bid to secure cheaper gas.

The change to RWE's contract will reportedly involve the use of a new formula to calculate the price of the company's gas imports. The current formula ties the price of natural gas with the price of oil, whose value fluctuates significantly.

Gazprom, which in 2010 sold gas to European companies at an average price of $306 per 1,000 cubic meters, is currently demanding $400. It has announced that the price per 1,000 cubic meters may reach $500 in December of this year, Rzeczpospolita wrote.

Poland A.M.