Bulgargaz proposes 6.67% cut in May wholesale gas price

Bulgargaz proposes 6.67% cut in May wholesale gas price

Bulgarian public gas supplier Bulgargaz said on Friday that it has proposed a 6.67% decrease in the wholesale price of natural gas to be valid in May.
According to the proposal, the price will fall by 1.68 levs ($0.94/0.86 euro) to 23.52 levs per MWh, excluding VAT and excise duty, Bulgargaz said in a statement.
Last month, Bulgargaz negotiated a 40.3% cut in the price of Russian natural gas imports based on an agreement between the European Commission and the Russian company. Bulgargaz and Russia’s Gazprom changed the pricing formula, setting as its main component the price on the regional markets instead of that of petroleum derivatives.
Bulgarian energy regulations were recently changed and now require Bulgargaz to set the gas price monthly instead of quarterly.
The Energy and Water Regulatory Commission (EWRC) has the final say on the proposed changes in the wholesale price, at which the state-owned company sells natural gas to end-suppliers and customers directly connected to its transmission network.
Bulgaria currently imports almost all of the natural gas it needs from Russia. The country intends to diversify half of its imports by the end of this year.

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