The Petroleum and Natural Gas Regulatory Board (PNGRB)Sector Update

The Petroleum and Natural Gas Regulatory Board (PNGRB) has announced regulations for City Gas Distribution (CGD) networks. Gujarat Gas and Indraprastha Gas are CGD players. The cap on the returns (RoCE) is expected to hamper the performance of these companies. Although, there is a cap on RoCE, the companies are free to charge gas marketing margins to their customers. Gujarat Gas, which procures gas at market rates, is well placed in the CGD space and we believe the regulations will not impact its performance severely. We believe that the Regulations will adversely impact Indraprastha Gas as it is currently procuring gas at APM prices and enjoys higher RoCE. Read More

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