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With temperatures standing well below zero, Polish gas monopoly PGNiG may be losing up to zł.10 million per day as gas consumption goes up, an unnamed person close to the company told daily Rzeczpospolita.

The Energy Regulatory Agency (URE) has so far refused to approve PGNiG's requested gas tariff hike, and the firm is currently selling gas for less than the purchasing price. Poland's state-controlled gas monopoly imports most of the gas it uses from Russia.

PGNiG vice president Miroslaw Szkaluba has already stated that it will be virtually impossible for the company to avoid a significant loss in the first quarter.

"PGNiG certainly will end the first quarter of this year with a loss," Marcin Palenik, analyst at Millennium DM, told the daily. Whether it is a huge loss will depend on the temperature and the value of the dollar, he added.

Poland A.M.