Bulgaria utilities regulator cuts gas prices by 8% for July 2023

Bulgaria’s utilities regulator has approved an eight per cent decrease in the regulated gas price in the country for the month of July, setting the new price at 60.58 leva a MWh, excluding transportation costs, excise and value-added tax.

The Energy and Water Regulatory Commission (EWRC) decision to reduce the price for a sixth consecutive month puts the regulated gas price at its lowest since August 2021, when it was 57.6 leva a MWh.

EWRC said that it approved a lower price despite an increase in prices on the TTF gas hub in June, which serves as the main European price benchmark, because the bulk of domestic consumption was natural gas from Azerbaijan.

The regulator said that Bulgaria’s contract with Azerbaijan was linked to oil prices rather than the TTF gas hub, allowing EWRC to cut the regulated gas price. Additionally, state-owned gas company Bulgargaz purchased a liquefied natural gas cargo at a low price in June, EWRC said.

(Photo: Marco Caliulo/sxc.hu)

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