Bulgaria, Bulgargaz proposes 54 % wholesale gas price increase for August

, SEE Energy News

Bulgarian state-owned gas supplier Bulgargaz has proposed significantly higher wholesale natural gas price to be applied in August 2022.

The statement from the company said that the price for August should be around 146.6 euros/ MWh, which is almost 54 % higher compared to the price approved for July – 95.2 euros/MWh, which was an increase of 31.7 % compared to June.

The price proposed by Bulgargaz takes into consideration additional costs for the transport of Azeri gas via Greece and the capacity tariff of the Trans-Adriatic (TAP) gas pipeline.

Earlier in July, the construction of gas interconnection between Bulgaria and Greece has finally been completed. The interconnector has the capacity of 3 billion cubic meters of gas per year and will enable gas supply from Azerbaijan via TAP and future liquefied natural gas (LNG) terminal in Alexandroupoli in Greece.

The spot-market price of natural gas on the Dutch TTF hub has climbed to new record-high levels above 220 euros/MWh after Russia’s announcement of reduced supplies via the Nord Stream pipeline.

Public supplier Bulgargaz proposes the new wholesale gas price each month, which has to be approved by the energy regulator KEVR.