EIB: Rising energy prices have ‘significantly’ cut purchasing power of three out of four Bulgarians in past 12 months

Rising prices for gas, vehicle fuel, heating oil or electricity have “significantly” reduced the purchasing power of nearly three in four Bulgarians (74 per cent) over the past 12 months, the European Investment Bank (EIB) said on November 5, citing the findings of Ipsos bva poll.

This is well above the EU average of 60 per cent, and is one of the highest shares in the EU, including 23 per cent who report a “very significant” impact, compared with an EU average of 20 per cent.

To make ends meet as prices rose, 50 per cent of Bulgarians polled say they have cut everyday spending on food or health (EU: 38 per cent), one of the highest shares in the EU, while 26 per cent have turned down the heating.

For some, rising energy prices went beyond cutting back: 20 per cent say they went into debt, asked for financial help or delayed paying an energy bill (EU: 16 per cent).

On the road, more than half of Bulgarians (56 per cent) say rising prices have changed how they use their car: 26 per cent have cut journeys for basic needs such as shopping, medical appointments or administrative errands; 24 per cent have given up a weekend away, a holiday or a visit to family and friends; 16 per cent now drive more slowly to save fuel; and 19 per cent have replaced individual car journeys with carpooling, public transport or cycling.

Seven in 10 Bulgarians (69 per cent) say the energy transition is urgent for their country.

Asked what they expect the energy transition to bring, with several possible answers, 77 per cent mention steadier or lower prices, 74 per cent less dependence on imported oil and gas and 66 per cent slower climate change.

In every EU member state, a majority expect it to slow climate change, from 58 per cent in Estonia to 87 per cent in Hungary. , the survey comes as rising energy prices have significantly cut the purchasing power of nearly three-quarters of Bulgarians.

All three expected benefits of the energy transition are cited by a majority, but their ranking has changed since 2022.

Four years ago, slowing climate change was the most-cited benefit in Bulgaria and in 18 other member states, reducing imported oil and gas in eight and steadier or lower prices in none. Today, steadier or lower prices come first in Bulgaria and in seven other member states, reduced dependence in 16 and climate in three. 

“Bulgarian households have felt the energy squeeze more than most and their message is clear: energy transition needs to deliver more affordable energy as well as greater independence,” EIB vice-president Marek Mora said.

“We are already providing advisory support or technical assistance to projects that contribute to climate action. Alongside this, we need to keep financing investments through local banks and other partners to help Bulgaria produce clean energy at home and strengthen the networks that deliver it where it is needed,” Mora said.

Asked what would happen if the EU moved too slowly on its energy transition, Bulgarians put their bills first: 75 per cent see a long-term rise in energy prices and the cost of living as a risk, just ahead of the 73 per cent who mention greater dependence on imported oil and gas.

The upside is pride: more than six in 10 Bulgarians (63 per cent) say they would feel prouder to be European if the EU became energy-independent (EU: 62 per cent). 

To make the transition happen, 87 per cent of Bulgarians want low-carbon energy prioritised (EU: 87 per cent). Solar comes first (45 per cent), closely followed by nuclear energy (42 per cent; EU: 28 per cent), one of the highest shares in the EU, while wind energy trails (23 per cent). 

Asked which approach the EU should prioritise for its energy transition, 46 per cent of Bulgarians would rather build a competitive European clean-technology industry, even if that takes longer; 41 per cent would roll out clean technologies faster, using imported equipment. Building in Europe is the preferred approach in all 27 nember states. 

Bulgarians want this done together, not alone: 80 per cent want their country to co-operate more closely with others (EU: 68 per cent), one of the highest shares in the EU, while 14 per cent think it should largely rely on itself (EU: 23 per cent).

Sixty-five per cent would rather see EU countries pool their resources to finance the investments (EU: 59 per cent), compared with 24 per cent who would prefer each country to finance them on its own (EU: 31 per cent).

In all 27 member states, Europeans prefer to pool resources, and the 41-point margin in Bulgaria is wider than across the EU (28 points).

The eighth Climate Survey, published today by the EIB, was done by Ipsos bva among 23 000 people across all 27 EU member states.

(Photo: John Mason/ freeimages.com)