Polish state-run Polskie Górnictwo Naftowe i Gazownictwo reported a rise in revenue in 2019 as the year saw a clear shift in total gas imports.
The company reported a revenue of 42 billion Polish Zloty ($10.8 billion) showing a 2 percent rise year-on-year. The company’s profit reached 1.37 billion Polish Zloty ($354.4 million).
Commenting on the results, PGNiG’s president Jerzy Kwieciński , said, “in 2019, the total volume of gas we sold increased by approximately 6 percent year on year, despite higher temperatures in the first and fourth quarters of the year. On the other hand, the oversupply of LNG continued to suppress gas prices on global markets. The average annual price of gas traded on the Polish Power Exchange was 35 percent lower compared with the previous year, which had a significant impact on revenue from gas sales.”
He added that in 2019 Polish LNG imports increased by more than 27 percent on the year before.
The Trade and Storage segment’s revenue rose by 5 percent, to PLN 33.25 billion.
The share of natural gas imported from Russia fell from 67 percent to 60 percent, while the share of LNG imports went up from 20 percent to 23 percent.
In 2019, PGNiG received 31 LNG cargoes under long-, medium- and short-term (spot) contracts, which compares to 23 LNG deliveries in 2018.
LNG import volumes rose from 2.71 bcm in 2018 to 3.43 bcm in 2019. In 2019, the number of retail gas customers increased by about 67,000, to 6.95 million. The group’s retail company, PGNiG Obrót Detaliczny, sold 7.59 bcm of natural gas to end-users, approximately 100 mcm more than in 2018.