Bulgaria utilities regulator raises gas prices by 6.5% for December 2023

Bulgaria’s utilities regulator has approved a 6.5 per cent increase in the regulated gas price in the country for the month of December, setting the new price at 87.5 leva a MWh, excluding transportation costs, excise and value-added tax.

The regulator decided to increase the price for a second consecutive month, as well as the third time in the past four months, citing prices on international gas markets.

The Energy and Water Regulatory Commission (EWRC) said that despite the increase, the price of natural gas in Bulgaria remained below the price of December gas futures 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 31.8 per cent of the monthly consumption – its share drops in winter months as consumption goes up – EWRC said that it remained “a positive factor for Bulgaria.”

The rest of the gas for domestic consumption was secured by state-owned gas company Bulgargaz via two contracts for deliveries of liquefied natural gas (LNG), as well as gas being pumped out of the country’s gas storage facility at Chiren, the regulator said.

(Photo: Marco Caliulo/sxc.hu)

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