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PGNiG
Tariff Calculation
PGNiG’s ability to cover costs of its core operat‑
ing activities depends on the prices approved by
the President of URE. While approving tariffs for a
given period, the President of URE considers other
external factors which are beyond PGNiG’s control.
In an attempt to protect weaker customers, while
verifying costs of operating activities the President
of URE may consider certain cost unjustifed. More‑
over, the President of URE does not always accept
the assumptions adopted by PGNiG with respect
to main drivers of cost changes and proft targets
allowing for business risk. As a consequence, the
URE may also refuse to accept tariff prices and
charge rates applied for by PGNiG. Lower tariff
prices and charges might adversely affect PGNiG’s
proftability.
Purchase Price of Imported Gas
Prices of imported gas are determined in the US
dollar or the euro and are based on the prices of
petroleum products. Changes in foreign exchange
rates and prices of petroleum products materi‑
ally affect acquisition cost of imported gas. Even
an accurate forecast of changes of natural gas
prices may be subject to material errors. There is
a risk that despite the legal possibility of adjusting
prices approved for a tariff term, an increase in the
price of imported gas may not be fully passed on
customers or the changes in selling prices may lag
behind the changes in import prices.
Exploration and Prospecting Licences
In recent years, the increase in prices of fuels
on global markets has led directly to increased
interest in exploration activities. There is a risk of
competition from other companies active on the
Polish market seeking exploration and prospect‑
ing licences or planning to acquire access to own
hydrocarbon reserves. At present, competition in
the domestic market is limited.
Risks
Mission
Key Figures
Key Events
Letter from the
President of the
Management
Board
Management
Board
Letter from the
Chairman of the
Supervisory Board Supervisory Board
PGNiG on the Stock
Exchange
Strategy for the
PGNiG Group
until 2015
Exploration
and Production