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    HIGHLIGHTS: PGNiG natgas on output, Baltic Pipe, LNG imports, inventories, dividend et al.


    May 19, 2022 - Bednarczyk Filip

     

      NATGAS OUTPUT OUTLOOK: PGNiG could further raise its 2022 natgas output forecast for Norwegian assets beyond current target of 3.0 bcm - COO Perkowski.

      BALTIC PIPE UTILIZATION: "I currently see no need for maximum use of Baltic Pipe capacity booked by PGNiG" - COO Perkowski.

      LNG IMPORTS: PGNiG is maximizing LNG imports, having doubled its efforts in that area since the outbreak of the war in Ukraine and "I think that this trend will be much more visible in the coming quarters" - CFO Waclawski. PGNiG expects 7 gas tanker deliveries in May, with 17 such deliveries carried out YTD, i.e. to May 19 - COO Perkowski & earnings presentation.

      NATGAS INVENTORIES: Poland can still fill its gas storage facilities beyond current 90% as only 2% free space is required for safe functioning of transmission network - COO Perkowski. "We will soon have gas storage facilities filled nearly to the allowed levels" - CFO Waclawski.

      DIVIDEND: Management proposed to forgo dividend from 2021 earnings despite very good results for the period due to difficult situation on the European natgas market - CFO Waclawski. "We aren't recommending a dividend [payout] in order to retain a safety buffer and be able to react in the case of sharp growth of prices on European markets."

      STATE AID: PGNiG currently sees no need to reach for state aid available under Poland's natgas storage support scheme and "as long as we don't have to use that aid we won't use it" - CFO Waclawski.

      PGNiG's Q1 results presentations have been attached to this dispatch.

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