Bulgaria Q4 Wholesale Gas Prices Jump by 14%

Business » ENERGY | September 28, 2018, Friday // 15:42
Bulgaria: Bulgaria Q4 Wholesale Gas Prices Jump by 14%

SOFIA, Sept 28 (Reuters) - Bulgaria will raise wholesale natural gas prices by 13.89 percent from October 1 to reflect higher prices on international markets, the Balkan country’s energy regulator said on Friday.

The State Commission for Energy and Water Regulation said in a statement it had set gas prices at 456.65 levs ($270.59) per 1,000 cubic metres for the fourth quarter of 2018.

Bulgaria gets almost all its natural gas supplies from Russia’s Gazprom under an oil-indexed contract.

 

Regulations require the gas wholesaler, state-owned Bulgargaz, to set the gas price quarterly, based on its contract with Gazprom, and the energy regulator takes the final decision.

Utility prices are a politically sensitive topic in the European Union’s poorest country because they make up a large portion of monthly household expenses. High electricity bills sparked nationwide street protests in 2013 which toppled the government of prime minister Boyko Borissov.

The double-digit hike in gas prices prompted heavy criticism from local employers and industrialists.

Analysts said the increase would hurt gas-dependent Bulgarian industries, weighing on their competitiveness, and translate into higher bills for hot water and heating for households.

 

New hot water and heating prices - expected to increase by up to 9 percent — will be announced next week. ($1 = 1.6876 leva) (Reporting by Angel Krasimirov; Editing by Adrian Croft)

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