PGNiG will have debts of PLN 2.7bn. All because of expensive gas

As it was written in the report, the Supervisory Board consented to the conclusion three new overdraft agreements “Additional Agreements”, increasing the possibility of obtaining short-term financing up to 9 months from the date of conclusion of the agreements by a total amount of PLN 2.7 billion.

In the opinion of the management board, PGNiG will allow it remain flexible in running your day-to-day business Of the PGNiG Group in times of persistently high fuel prices gas on energy exchanges, including on Towarowa Giełda Energii in Poland, Title Transfer Facility in the Netherlands and Trading Hub Europe in Germany, on which gas fuel prices consistently exceed the level of EUR 70 per megawatt hour in the fourth quarter of 2021.

“The environment of high gas prices is affecting increased demand for cash by the PGNiG Group companies resulting from temporarily increased levels of receivables and regulated liabilities for gas purchases, a high level of gas reserves in underground gas storage facilities and a higher value of necessary security deposits for stock exchange and financial transactions related to gas fuel trading “- the company informs.