Although PGNiG reported no disturbances in gas supplies from Russia last in the middle of last week, on Sunday it reported that there was a reduction in pressure at one of the gas pipelines, resulting in an overall 7% fall in import volume. As extreme cold weather drove gas usage of households to historic highs, PGNiG decided to reduce natural gas supplies to industrial users this week. The news is unfavorable for PGNiG as lower gas sales might lower its 1Q profits. At the moment we believe it is too early to amend earnings forecasts on this speculation, but we consider the news as slightly negative for the company in the short run. Additionally, a small part of PGNiG's natural gas import is purchased on spot prices, and the price of natural gas on the spot market was up significantly in the past few weeks. Among listed stocks, Pulawy (not covered) and PKN (Buy) might also be affected by the decision as fertilizer producers are the major industrial consumers of natural gas. PKN reports that it has already decided to suspend fertilizer production at its subsidiary Anwil, but also says that its key fuel refining business, which also require some natural gas, would not suffer.