19th January 2012
Monday, May 21st, 2012
PGNiG cutting investments on regulator's failure to raise tariffs
Polish gas monopoly PGNiG has brought a halt to all of its new investment projects in response to the Energy Regulatory Agency's (URE) prolonging of the procedure to raise gas tariffs.
Vice president Mirosław Szkałuba said that the lack of a new, higher tariff is hurting the company, Parkiet reported.
In the third quarter of 2011 alone, PGNiG recorded losses of zł.18.6 million, due to the high cost of extracting and importing gas. This is the main reason that the company is determined to see consumer gas prices hiked.
Analysts predict PGNiG will cut the value of its investments by up to zł.1 billion in the upcoming year. The company's stock price fell by 0.3 percent on Wednesday.
From Warsaw Business Journal
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