The Polish concern ORLEN announced a possible threefold increase in gas prices in 2022

The company also predicts that Brent oil will cost no more than $115 per barrel. In addition, electricity prices will rise 2.6 times. ORLEN cites unprecedented prices for gas and coal due to the exacerbated geopolitical crisis and the high cost of quotas for harmful emissions as the reason for the increase.

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The concern notes that the situation on the gas market has worsened due to “Russia’s policy and restrictions on the supply of raw materials from the east through the Nord Stream [pipeline].” Further complicating the situation could be “[Russia’s] desire to limit gas consumption in EU countries.”

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Since April 27, Poland’s state oil and gas company PGNiG has not received Russian gas due to non-payment of fuel in rubles, according to a new requirement. In addition, the country voluntarily refused to supply coal from Russia – in April, Polish President Andrzej Duda signed the corresponding law.

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The country has been repeatedly warned about the negative consequences of this measure. For example, at the end of July, former Polish Economy Minister Janusz Steinhoff said that due to a ban on Russian coal, the country was threatened with failures in heating houses next winter.