Bulgaria: Bulgargaz Seeks Nearly 4% Gas Price Hike for February
Bulgargaz has submitted a proposal to the Energy and Water Regulatory Commission (EWRC) for a nearly 4 percent increase in natural gas prices starting February.
Bulgargaz CEO: Bulgaria Won't Suffer Natural Gas Shortage
- Tweet
Send to Kindle
Dimitar Gogov, CEO of state-owned gas supplier Bulgargaz, has refuted allegations that Bulgaria should be bracing for a gas supply shortage in Q1, 2013. Photo by BGNES
Dimitar Gogov, CEO of state-owned gas supplier Bulgargaz, has assured that Bulgaria will not face a gas supply shortage in 2013.
In a Tuesday interview Gogov refuted an earlier statement by Alexander Petrov, head of a department at Bulgargaz, who hinted at a potential scarcity of natural gas in the first quarter of 2013.
Gogov made clear that around 380 – 400 million cubic meters of natural gas from the Chiren underground gas storage were used in one season lasting from October to March or April of the following year.
"We decided this year that we would not exceed the volume for two reasons. One is the lack of fresh money to buy larger quantities of gas. The second reason, which is more important, is that we are fighting for better terms of the new gas supply contract. If this contract is signed, there is no economic logic to justify injecting more gas at one of the most expensive rates. This would only place an extra burden during the following pricing periods," Gogov explained.
The CEO of Bulgargaz made clear that the idea was to deplete reserves of expensive gas at the Chiren UGS by April 1, 2013 so as to be able to inject better-priced natural gas after that.
Gogov reiterated his optimistic forecast that the state-owned gas firm would succeed to negotiate better terms of the next gas supply contract with Russia.
He specified that the contract would be signed directly between Bulgargaz and Gazprom Export.
Gogov noted that Sofia heating utility, Toplofikatsiya Sofia, was the biggest debtor of Bulgargaz with around BGN 128 M in current liabilities.
He informed that the debts of all heating utilities to Bulgargaz amounted to slightly over BGN 150 M.
Gogov said that Bulgargaz had taken a bank loan of BGN 60 M, adding that it was the first loan for the company after the separation of Bulgartransgaz into two entities, natural gas supplier Bulgargaz and natural gas transmission utility Bulgartransgaz.
He announced that Bulgargaz' debts came in at around BGN 200 M.
The CEO of the state-owned gas supplier admitted that the company was in a tough financial condition and would seek additional financing and agreements with suppliers for deferring payments.
Related Articles:
Bulgaria: Bulgargaz Proposes Lower Natural Gas Price for January
Bulgargaz has submitted a proposal for the price of natural gas in January, setting it at 60.93 BGN per MWh, which equals 31.15 EUR per MWh, excluding charges for access, transmission, excise duties, and VAT.
European Commission Urges Bulgaria to Speed Up Expansion of Chiren Gas Storage
The European Commission has urged Bulgaria to move faster on expanding the capacity of the Chiren gas storage facility
Bulgaria's PM Warns: Botas Deal Threatens Bulgargaz and National Energy Stability
Prime Minister Rosen Zhelyazkov described the contract with the Turkish state energy company Botas as a significant problem for Bulgaria’s energy sector, highlighting its long-term financial impact on Bulgargaz
Critical Energy Talks Underway as U.S. Financiers Propose Major Investment in Bulgaria’s Gas Hub
Two American financiers, one of whom has ties to former U.S. President Donald Trump’s campaign, have initiated talks with Bulgarian officials over a potential investment in Chiren
Bulgaria’s Bulgargaz Sees Profit Growth as Sales Rise and Losses Shrink
In the first quarter of 2025, the state-owned company Bulgargaz reported a significant reduction in financial losses linked to its contract with the Turkish gas firm Botas and, notably, posted a profit from natural gas sales
Bulgaria's Outgoing Energy Minister Calls Lukoil Derogation a “Victory for Economic Stability”
Outgoing Bulgarian Energy Minister Zhecho Stankov described the extension of the general license for Lukoil subsidiaries in Bulgaria until August 13 as more than a bureaucratic formality, calling it a key measure of economic stability for the country.
United Kingdom Prolongs Lukoil License for Operations in Bulgaria
The United Kingdom has decided to extend the validity of the general license covering Lukoil’s subsidiaries operating in Bulgaria, the Ministry of Energy announced.
Bulgaria’s Black Sea Gas Hunt: Han Asparuh Well Comes Up Dry, Next Drill Planned
The initial drilling effort in the Han Asparuh block (offshore oil and gas exploration area) of the Bulgarian Black Sea, named Vineh-1, did not uncover significant natural gas reserves, according to Offshore-energy
Bulgaria Launches Sweeping Inspections of Energy Companies Over Rising Electricity Bills
Starting today, the Ministry of Energy and the Energy Regulatory Commission (EKVR) are conducting extraordinary inspections of electricity distribution companies and end suppliers,
Bulgaria’s Fuel Market Stable, but Gray Sector and Export Ban Raise Concerns
In Bulgaria, fuel prices remain largely unchanged, with the international oil market continuing to respond to tensions between the United States and Iran.
EU Renewable Energy Use Grows, While Bulgaria Sees Significant Decline
Bulgaria is among the EU countries that experienced a notable drop in the use of renewable energy for heating and cooling in 2024, with the share declining by 1.9 percentage points compared to the previous year.
