Bulgaria utilities regulator cuts gas prices by 2.4% for July 2024

Bulgaria’s utilities regulator has approved a 2.4 per cent decrease in the regulated gas price in the country for the month of July, setting the new price at 58.1 leva a MWh, excluding transportation costs, excise and value-added tax.

The regulator said that it was able to set a lower price despite “a significant increase” in prices on the TTF gas hub in the Netherlands, which serves as the main European price benchmark, in the past month.

The Energy and Water Regulatory Commission (EWRC) said that this was primarily due to the long-term gas contract with Azerbaijan, which is linked to oil prices on international markets, rather than prices on gas hubs, because it was projected to account for 89.6 per cent of Bulgaria’s domestic consumption in July.

Additionally, state-owned gas company Bulgargaz was drawing out gas from the country’s Chiren gas storage, which allowed the regulator to effectively disregard the recent upward price movement on the TTF gas hub, EWRC said.

(Photo: Marco Caliulo/sxc.hu)

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