PGNiG was fined PLN 60m for abusing its dominant market share, the country’s antitrust regulator said yesterday. PGNiG limited competition in the Mazowieckie region by declining to sell gas to NowyGaz, the watchdog said. PGNiG may appeal the decision.
The fact that PGNiG was fined is clearly negative, albeit the size of the penalty is negligible – 1.7% of our 2012F EBITDA forecast. Hence, we see the news as neutral to the investment case.