European Gas Prices Rise Amid Middle East Conflict Concerns
Natural gas prices in Europe increased by 2% during early trading on Monday, as ongoing conflict in the Middle East injected fresh volatility into the market
The price of natural gas may drop by more than 13.6% as of October, according to Ivan Ivanov, Chair of the Commission for Energy and Water Regulation (KEVR).
Ivanov declared Thursday that a price drop exceeding the preliminary estimate of state-owned gas company Bulgariaz of 13.6% would mean that gas rates would have dropped by over 30% in a year.
He made clear that the gas price decrease was expected to result in a decrease in prices of heating and hot water ahead of the heating season.
Ivanov, as cited by the Bulgarian National Radio, refused to specify concrete figures as regards the anticipated price decreases.
European natural gas prices have climbed above €55 per megawatt-hour for the first time in 16 months, driven by colder temperatures across the continent that are increasing demand for heating fuel
Serbian oil and gas company NIS, controlled by Russia’s Gazprom, is considering exiting its operations in Bulgaria and Romania due to ongoing difficulties in both markets
The Russian company Lukoil initiated the process of selling its Bulgarian assets in June last year, Prime Minister Rosen Zhelyazkov announced during a parliamentary hearing
In 2023, 10.6% of the population in the European Union reported being unable to keep their homes adequately warm
The Bulgarian government has announced a program to compensate businesses and non-household electricity subscribers for high energy costs until the end of March
Energy experts and economists have urged the Bulgarian government to consider purchasing the Lukoil refinery in Burgas
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