PGNiG wants the Energy Regulatory Office (URE) to approve a rise in gas tariffs for wholesale receivers by 10.2 percent, PGNiG's told the press yesterday. The URE has until 17 August to reply to PGNiG's motion. If the change were accepted, it would be applicable from 1 September to 31 December this year. If the proposed tariff is not approved, the company will be deprived of 5-6% higher revenue, and the operating margin will fall even more, director of PGNiG's tariff office told on a press conference on Monday.
Our view: The motion of PGNiG to claim a revision of URE's decision made in June, was well known on the market. The measure of it was not mentioned officially, however, press were speculated on a 10%+ claim. The hawkish comments on the potential P&L impact of a denial could drive the negative sentiment on the stock today. It could become more obvious for many how sensitive PGNiG is on political decisions.