Bulgarian energy regulator approves hike in Feb wholesale gas price

Bulgarian energy regulator approves hike in Feb wholesale gas price

Bulgaria's energy regulator said on Monday that it approved an increase of the wholesale price of natural gas to 30.39 levs ($18.78/15.54 euro) per MWh in February from 26.93 levs per MWh in January.

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

The prices on European gas markets have increased by 45% in the January 1 - January 27 period, the regulator said.

Under changes to Bulgarian energy regulations introduced last year, public gas supplier Bulgargaz is required to set the wholesale gas price monthly instead of quarterly.

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.

Earlier this year, Bulgaria also started receiving natural gas from Azerbaijan via the Trans Adriatic Pipeline (TAP).

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