Bulgarian energy regulator approves 20% hike in natgas price for Sept

Bulgarian energy regulator approves 20% hike in natgas price for Sept

Bulgaria's energy regulator said on Wednesday that it approved an increase of the wholesale price of natural gas for the month of September by 20% to 22.46 levs ($13.65/11.48 euro) per MWh proposed by public gas supplier Bulgargaz.

In its decision, the Energy and Water Regulatory Commission (EWRC) took into account the information about the market indices of the European gas hubs as of August 28 and the average euro/dollar exchange rate of the European Central Bank for the month of August, the regulatory body said in a statement.

The wholesale gas price for August approved by the EWRC last month was 18.67 levs per MWh, excluding VAT and excise duty - 2.25% lower than the price valid for July.

Under changes to Bulgarian energy regulations introduced earlier this year Bulgargaz is required to set the wholesale gas price monthly instead of quarterly.

Bulgaria currently imports almost all of the natural gas it needs from Russia. The government has said it intends to diversify half of the country's gas imports by the end of this year.

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