Bulgargaz proposes hike of wholesale gas price in Feb, plans further increase in Mar

Bulgargaz proposes hike of wholesale gas price in Feb, plans further increase in Mar

Bulgarian public gas supplier Bulgargaz said that it has proposed to the energy regulator to approve a wholesale gas price of 28.92 levs ($17.98/14.79 euro) per MWh, to be valid in February.

The price applicable in January is 26.93 levs per MWh.

The proposal takes into consideration the 16% increase in gas prices on the European markets in the December 31, 2020 - January 8, 2021 period, the company said in a statement on Monday.

Bulgargaz will update its price proposal for the second month of the year on February 1.

Bulgargaz is also planning to subsequently propose a further increase in the price valid in March, to 30.22 levs per MWh. The final price proposal for the month of March will be submitted within next month.

Bulgarian energy regulations were changed last year, requiring 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.

In March 2020, Bulgargaz negotiated a 40.3% cut in the price of Russian natural gas imports based on an agreement between the European Commission and Russia's Gazprom. Bulgargaz and Gazprom changed the pricing formula for Russian gas imports, setting as its main component the price on the regional markets instead of the price of petroleum derivatives.

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