PGNiG signs a new transmission agreement
Polskie Górnictwo Naftowe i Gazownictwo SA signed a PLN 3.5bn transmission agreement with OGP Gaz-System. It was signed following release of the new Transmission Grid Code, whose regulations were adjusted to the liberalised market.
PGNiG SA issues notes for approximately PLN 700m
On December 19th 2012, Polskie Górnictwo Naftowe i Gazownictwo SA issued notes totalling approximately PLN 700m under the Note Issuance Programme of May 22nd 2012.
PGNiG updates its strategy
Polskie Górnictwo Naftowe i Gazownictwo SA has adopted the Short-Term Value Creation Strategy for the PGNiG Group until 2014. Its objective is to prepare the Company for operating in a liberalised gas market. The PGNiG Group wants to maintain its lead in the exploration and production industry, while remaining the primary supplier of natural gas, whose offering also includes heat and electricity. Thanks to its Short-Term Value Creation Strategy, the PGNiG Group will be able to pursue an ambitious investment programme, while servicing its debt. As a result, by 2020 the Company intends to accumulate a net cash surplus of PLN 15bn.
TAURON and PGNiG want to build another gas-fired co-generation unit
On December 19th 2012, Polskie Górnictwo Naftowe i Gazownictwo and TAURON Polska Energia signed a letter of intent concerning construction of a 400 MW gas-fired co-generation unit at TAURON's Łagisza Power Plant. The parties undertook to collaborate in construction and operation of the unit, as well as trading in electricity.
PGNiG to lower gas bills as of next year
The President of the Energy Regulatory Office (URE) has approved PGNiG SA's proposal to lower gas fuel prices, as well as subscription fees for households. The reduction will affect all types of gas sold by PGNiG SA. On average, households' gas bills will go down by 10%. The new tariffs are to come into effect as of January 1st 2013.
Construction of a CCGT unit in Stalowa Wola begins
TAURON Polska Energia and Polskie Górnictwo Naftowe i Gazownictwo have launched the construction of a CHP plant in Stalowa Wola, the largest gas-fired unit of this type in Poland. The foundation stone was officially laid on December 3rd 2012.
PGNiG involved in Twelve Blue Gas projects
Polskie Górnictwo Naftowe i Gazownictwo SA, as the Leader of the Consortium under the name of Polskie Technologie dla Gazu Łupkowego (Polish Technologies for Shale Gas), filed 12 entries for the Blue Gas competition with the National Centre for Research and Development. The projects carry a total budget of approx. PLN 219m. Half of that amount will be covered by subsidies from the National Centre for Research and Development, and the other half - by contributions from industry partners forming the Consortium.
PGNiG and LOTOS expand cooperation
The cooperation between PGNiG and the LOTOS Group in oil and gas exploration is gaining speed. First exploration work will be carried out in four of PGNiG's licence areas situated in the region of Pomerania.
Gas trading losses cited by Moody’s as the key reason behind PGNiG rating downgrade
In connection with Moody's press release of November 20th 2012, on downgrading PGNiG's ratings from Baa1 to Baa2, with a negative outlook, the Management Board of PGNiG SA reports that the Company's liquidity position is secure.
Gas encountered in PGNiG’s well in Opalino
Polskie Górnictwo Naftowe i Gazownictwo S.A. has discovered another gas field in the Wejherowo licence area in Pomerania. Natural gas flow was identified during drilling of the Opalino well, which was aimed at appraising the hydrocarbon resources in gas-bearing Silurian and Ordovician shales and other geological formations. The flare on the well site started burning.