In the 9 months to September 30th 2020, PGNiG’s EBITDA came in at nearly PLN 10.7 billion ($ 2,78 billion).
The results of the PGNiG Group for the first 9 months of 2020 remain strong also if adjusted for the effect of impairment losses on property, plant and equipment and settlement of the overpayment for gas supplies under the Yamal contract following the favourable resolution of the arbitration proceedings against Gazprom. Excluding the effect of these, the PGNiG Group’s EBITDA would be PLN 5.5 billion ($ 1,4 billion), an increase of 32% year on year.
“What is of key importance to the PGNiG Group's financial performance in the coming quarters is the change of the pricing formula under the Yamal contract rather than the return of overpayment for gas supplied under that contract in previous years. Winning the arbitration proceedings has helped PGNiG to significantly improve its trading position by creating a stronger link between the costs of gas purchased east of Poland and gas prices in European markets. It is not the money returned by Gazprom that underlies the strength of our Group,” said Paweł Majewski, President of the PGNiG Management Board.
Currently, the annual gas consumption in Poland is about 19 billion m3. The raw material comes to Poland from Russia, USA, Qatar and Norway. More than 60% of Polish gas imports come from Russia.