Bulgaria's Energy Commission Confirmed the Rise of Natural Gas Prices by 60%

Business » ENERGY | August 12, 2022, Friday // 14:20
Bulgaria: Bulgaria's Energy Commission Confirmed the Rise of Natural Gas Prices by 60% @rawpixel

The Commission for Energy and Water Regulation (EWRC) approved the price of natural gas for the month of August, starting from August 1, 2022, in the amount of BGN 297.89 (EUR 152.53) per megawatt hour, excluding access, transmission, excise and VAT prices.

At this price, "Bulgargaz" will sell natural gas to final suppliers and to persons who have been issued a license for the production and transmission of thermal energy.

The energy regulator assures that the necessary quantities of natural gas for August are provided by "Bulgargaz" and with a signed contract for the supply of liquefied natural gas (LNG).

The main reason for the high price growth for August is the increased price of natural gas as a result of Russia's aggression in Ukraine. In the conditions of greatly reduced or suspended supplies of natural gas from Russia and increasing uncertainty, many countries on the continent are also entering into short-term contracts. These factors lead to debalancing of the gas market and to higher quotations of the international indices, EWRC states.

From there, they emphasize that regardless of the increase, the data show that the price of natural gas in Bulgaria remains lower than the prices of the European gas exchanges - at the largest gas hub TTF, they marked a new historic growth and reached over 212 euros/MWh. The main reason for the lower price in our country is the favorable price conditions under the gas supply contract from Azerbaijan. Part of the delivered quantities are at a significantly lower price and are not tied to the prices of the international exchanges, but to the oil prices for 6 months ago.

The Commission confirms the already expressed opinion that it is extremely important for Bulgargaz to make maximum efforts in the coming months to guarantee security of supply and stability of prices for Bulgarian households and commercial consumers.

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