Bulgaria’s utilities regulator has approved a 35.9 per cent increase in the regulated gas price in the country for the month of November, setting the new price at 82.12 leva a MWh, excluding transportation costs, excise and value-added tax.
The gas price for November is the highest approved by EWRC since April, when the regulator set it at 98.16 leva a MWh.
The Energy and Water Regulatory Commission (EWRC) said that the price hike was due to rising prices on international gas markets, but noted that the gas price in Bulgaria was still 10 per cent lower than current prices for November deliveries on European gas hubs.
EWRC said that it was able to keep the price in Bulgaria lower due to the long-term gas contract with Azerbaijan, which is linked to oil prices on international markets, rather than prices on gas hubs.
Although Azeri gas accounted for only 35.6 per cent of the monthly consumption – its share drops in winter months as consumption goes up – EWRC said that it was “a positive factor for Bulgaria.”
The rest of the gas for domestic consumption was secured by state-owned gas company Bulgargaz via three contracts for deliveries of liquefied natural gas (LNG), the regulator said.
(Photo: Marco Caliulo/sxc.hu)
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