Poland wins with Gazprom

Nord Stream and Opal pipeline (Samuel Bailey, CC BY)

Latvian banking sector with aggregate profit of EUR440.1m (Jan-Nov 2016)

Bulgargaz projects loss of EUR17.4m in Q1’2017

Poland

Gazprom supplies to Germany will not be increased until Poland’s state-owned gas firm PGNiG’s suit against a European Commission decision to lift a cap is considered, PGNiG has said in its press release. PGNiG is the leader of the Polish natural gas market.

On October, Brussels lifted a cap on Gazprom’s use of the Opal pipeline, the land branch of the Nord Stream which connects Russia and Germany, bypassing Poland. The EC’s decision allowed Gazprom to access 80-90 per cent of the capacity from January 1st, 2017, compared with half now.

PGNiG questioned this decision and requested its suspension because it didn’t comply with EU’s regulations.

Natural Gas World quotes PGNiG CEO Piotr Woźniak saying: “Gazprom, by using faits accomplis, is striving for complete dominance on the German, and subsequently central European, gas markets, as well as the termination of gas transit through Ukraine.” Woźniak added that CEE is looking to the EC for protection from any violation by Gazprom of competition law and the third energy package regulations.

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Latvia

During the first 11 months of 2016, the Latvian banking sector generated the aggregate profit of EUR440.1m. It’s up 12 per cent compared with the same period of 2015.

According to the data released by the Bulgarian banking regulator, Finance and Capital Market Commission, all 16 Latvian banks and three of the seven branches of foreign banks in Latvia made profit in January-November 2016. Their aggregate share in the assets of the Latvian banking sector is 97.5 per cent.

Such profits were possible thanks to a one-off event – the acquisition of shares of Visa Europe by the U.S. company Visa Inc., and to the growing value of U.S. dollar.

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Bulgaria

Bulgarian state-owned Bulgargaz projects it will lose BGN34m (EUR17.4m) in Q1’2017 if the Energy and Water Regulatory Commission (KEVR) confirms the decision of a lower increase prices of natural gas from January 1st, Novinite.com informs after the head of directorate Licensing Activity.

Bulgargaz demanded a 13.53 per cent increase in the price of gas. KEVR did not recognise the estimates of the company and decided the price increase should be slightly less than 5 per cent as of the beginning of 2017.

According to the Bulgargaz the price of gas for end consumers will be lower than the delivery price starting from January 2017.

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What’s up in indexes

BUX (of Budapest) – was o 0.73 per cent, increasing from 31638.81 index points Friday, December 23rd to 31868.58 index points Tuesday, December 27th. From year-end it’s up 33.23 per cent.

BET (of Bucharest Stock Exchange) increased from 7017.52 index points Friday, December 23rd to 7025.89 index points Tuesday, December 27th. So it’s up 0.18 per cent. From year-end it’s up 0.34 per cent.

PX (of Prague) increased from 916.75 index points Friday, December 23rd to 920.35 index points Tuesday, December 27th. So it’s up 0.39 per cent. From year-end it dropped by 3.76 per cent.

WIG20 (of Warsaw) was up 0.16 per cent – increasing from 1933.60 index points Friday, December 23rd to 1936.72 index points Tuesday, December 27th. From year-end it’s up 4.17 per cent.

OMXT (of Tallinn) increased from 1071.14 index points Friday, December 23rd to 1071.65 index points Tuesday, December 27th. So it’s up 0.05 per cent. From year-end it’s up 19.21 per cent.

OMXR (of Riga) was up 0.38 per cent Friday to Wednesday, and up 23.76 per cent from year-end. It increased from 732.77 index points Friday, December 23rd to 735.56 index points Tuesday, December 27th.

OMXV (of Vilnius) was up 0.47 per cent Friday to Tuesday, and up 14.25 per cent from year-end. It increased from 555.24 Friday, December 23rd to 557.84 index points Tuesday, December 27th.

SAX (of Bratislava) increased from 318.04 index points Friday, December 23rd to 318.57 index points Tuesday, December 27th. So it’s up 0.17 per cent. From year-end it’s up 8.97 per cent.

SOFIX (of Sofia) was up 0.52 per cent Friday to Tuesday, and up 26.56 per cent from year-end. It increased from 580.31 index points Friday, December 23rd to 583.31 index points Tuesday, December 27th.

UX (of Kyiv) decreased from 791.94 index points Monday, December 26th to 787.27 index points Tuesday, December 27th. So it dropped by 0.59 per cent d/d. From year-end it’s up 14.79 per cent.

CROBEX (of Zagreb) increased from 1991.43 index points Friday, December 23rd to 1998.11 index points Tuesday, December 27th. So it’s up 0.34 per cent. From year-end it’s up 22.28 per cent.

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