Bulgaria utilities regulator raises gas prices by 4.5% for August 2024
Bulgaria’s utilities regulator has approved a 4.5 per cent increase in the regulated gas price in the country for the month of August, setting the new price at 60.75 leva a MWh, excluding transportation costs, excise and value-added tax.
The regulator said that the main reason for the increase was the scheduled annual maintenance on Trans-Adriatic Pipeline on August 5-11.
As a result of that work, Bulgaria would receive less gas under its long-term gas contract with Azerbaijan, with August deliveries expected to account for 68.7 per cent of Bulgaria’s domestic consumption, compared to 89.6 per cent in July.
The contract, which is linked to oil prices on international markets, rather than prices on gas hubs, is the main reason Bulgaria has been able to keep gas prices below those on the TTF gas hub in the Netherlands, which serves as the main European price benchmark, since the launch of an inter-connector with Greece in October 2022, which allowed for the start of gas deliveries from Azerbaijan.
Additionally, state-owned gas company Bulgargaz would continue to draw out gas from the country’s Chiren gas storage to cover the rest of domestic consumption in August, EWRC said.
(Photo: Marco Caliulo/sxc.hu)
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