Bulgaria utilities regulator raises gas prices by 18.6% for September 2022

Bulgaria’s utilities regulator has approved an 18.6 per cent increase in gas prices in the country for the month of September, setting the new price at 353.21 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 continued global shortages caused by the Russian invasion of Ukraine, but also the stronger US dollar.

Once again, EWRC said that even with the latest increase, the price of gas in Bulgaria was “competitive” compared to the September futures for gas deliveries on European markets, which were around 232 euro a MWh or 453 leva a MWh.

That difference in price was owed to the deliveries of Azeri gas, which were linked to oil prices for the previous six months rather than current gas prices on European markets.

The new CEO of Bulgaria’s state-owned gas company Bulgargaz, Denitsa Zlateva, who was appointed by the country’s caretaker cabinet in August, said on August 30 that with the launch of the interconnector pipeline to Greece, the company will be able to receive the full amount of gas under the contract with Azerbaijan, which is one billion cubic metres a year.

Additionally, Bulgargaz plans to bid in the tenders for regasification slots at the Revithoussa liquefied natural gas (LNG) terminal in Greece for 2023, which could also guarantee future LNG deliveries to Bulgaria, Zlateva was quoted as saying in the EWRC statement.

(Photo: Marco Caliulo/sxc.hu)

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