Bulgargaz expects the wholesale gas price in Bulgaria for June to be 148.63 levs

Bulgargaz expects the wholesale gas price in Bulgaria for June to be 148.63 levs

Public natural gas supplier Bulgargaz said it expects the wholesale gas price in Bulgaria for June to be 148.63 levs ($82.54/75.99 euro) per MWh - a drop of 0.99% compared to the price for May that the company has proposed to the local energy regulator to consider.

Prices of gas for June delivery on European markets stood at about 103.50 euro per MWh as of April 11, the company said in a statement on Monday.

The price forecast comes after Bulgargaz suggested a 5% price increase, to 150.11 levs per MWh, of the wholesale price for May. The prediction is, however, noticeably lower than the 157.73 levs per MWh, which the gas supplier had forecast for May after taking into account the levels of pricing components in early March.

Bulgargaz added it will submit to the Energy and Water Regulatory Commission (EWRC) a final proposal for the gas price for June delivery on June 1, factoring in the quotations of the pricing components as of May 31.

The wholesale price of gas applicable for April is 142.59 levs per MWh, as a result of a 25% month-on-month increase approved by the EWRC.

The energy regulator cautioned earlier this month that the energy price environment is exceptionally dynamic, with prices at European gas hubs still very much dependent on the course of the Russian war on Ukraine. Future gas prices could also be affected by Russia recently demanding payments for natural gas to be made in rubles.

The EWRC approves changes in the wholesale price at which Bulgargaz sells gas to end-suppliers and customers directly connected to its transmission network at the start of each month, once the gas supplier lodges a formal request for price approval.

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