Bulgaria’s utilities regulator has approved a 31.7 per cent increase in gas prices in the country for the month of July, setting the new price at 186.17 leva a MWh, excluding transportation costs, excise and value-added tax.
The Energy and Water Regulatory Commission (EWRC) said that the price hike was the result of global shortages caused by heightened demand and scarce supply, caused by the Russian invasion of Ukraine.
Russia’s “much reduced or halted” deliveries and increased uncertainty resulted in countries signing short-term contracts, which skewed prices upwards on global gas markets, the regulator said.
“Regardless of the increase, the price of gas in Bulgaria remains significantly lower than on European gas markets,” EWRC said.
“Even at the new price level, Bulgarian household consumers, industrial customers and central heating companies will pay nearly half the price compared to current prices on international markets,” the regulator statement said.
EWRC re-iterated its earlier recommendation to state-owned gas company Bulgargaz that it should do its utmost to secure long-term contracts with at least three alternative suppliers.
(Photo: Marco Caliulo/sxc.hu)
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