Bulgaria's Gas Supplier Offers 17.61% Price Hike in Q1 2012

Bulgaria's Gas Supplier Offers 17.61% Price Hike in Q1 2012

Natural gas in Bulgaria should cost BGN 699.05 per 1000 cubic meters, VAT excluded, in Q1 2012, or 17.61% over the Q4 2011, according to preliminary estimates of Bulgargaz.

Bulgargaz, which is the sole public supplier of natural gas for the territory of Bulgaria, is mandated to announce prices a month before the submission of their quarterly price requests with the State Commission for Energy and Water Regulation (DKEVR).

In 2011, all quarterly tariffs approved by the energy watchdog were lower than Bulgargaz' proposals and it managed to downsize natural gas rates by a total of 14.49%.

According to the gas monopoly, this fact, combined with the high cost of alternative fuels, is the main reason for the newly released gas price forecast.

Another factor to take into account, according to Bulgargaz, is the 3.65% increase in the USD/BGN exchange rate.

Apart from that, Bulgargaz warns that the 3.65% increase in the USD/BGN exchange rate

The final proposal of Bulgargaz EAD for gas prices in Q1 2012 will be announced on December 09 2011, when it will be officially submitted with DKEVR.

Bulgargaz requested a 13.86% increase in gas rates for Q4 2011 but the energy watchdog slashed the increase to 6.67%./Source: Sofia News Agency/

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