Bulgargaz Insists on 13 Percent Rise in Natural Gas Price, Warns of Repair Works along Turk Stream Pipeline
In the application submitted to the Energy and Water Regulatory Commission (KEVR) on May 11, Bulgargaz requested a 13 percent increase in the price of natural gas, compared to prices in May, or BGN 42.54. (excluding access fees, transmission, excise duty and VAT costs). This became clear during today's discussion on the price of blue fuel in KEVR.
We would like to remind that for the current month of May the price was increased by 13.6 per cent to BGN 37.71/MWh (excluding prices for access, transmission, excise duty and VAT) or in nominal terms the increase in the price of blue fuel will be BGN 4.83 for MWh.
Bulgargaz's initial forecast, announced in April, was for the price of natural gas in June of BGN 35.74. (excluding access, transmission, excise duty and VAT costs).
"I would like to note that prices on European gas markets continue to rise compared to those of previous months, due to low levels of stocks in gas storage facilities, the lower pumping pressure compared to previous years. Gas prices on European markets have risen by more than 22 percent in the period since April 30.
This increase in gas prices is likely to be quoted in the corrected application that Bulgargaz will submit on June 1", said Bulgargaz CEO Nikolay Pavlov during the discussion.
He also warned about the upcoming repair works on the Turk Stream pipeline in June, and informed about the negotiations taking place with Gazprom to carry out deliveries via the alternative route of Trans-Balkan stream.
"The repair works of the Turkish Stream pipeline for the period 22 - 29 June are pending. This means that the repair works will lead to a disruption of supplies for a period of 7 days for Greece, North Macedonia, Serbia, Turkey, Romania and Bulgaria, which respectively will lead to a shortage of natural gas on these markets", said Nikolay Pavlov. He assured that Bulgargaz makes every effort to ensure natural gas supplies for this period.
"Negotiations have been ongoing with Russia’s Gazprom for more than a month. The deliveries of natural gas for this 7-day period of the repair works to be carried out via an alternative route through Ukraine and Romania, during which the deliveries to Bulgaria were carried out by the end of 2019", Pavlov pointed out and reminded that this route was used to provide supplies during the repair works of Turk Stream pipeline in 2020.
"The repair works along the Turk Stream will be carried out on the territory of Turkey", said Pavlov in response to a question from the President of KEVR Ivan Ivanov, who reminded that Gazprom is obliged to carry out their deliveries under contract.
The closed-doors KEVR meeting, at which a decision on the price of natural gas for the next month will be decided, will take place on 1 June 2021.
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