Bulgargaz submitted to EWRC an application for approval of the gas price for October in the amount of BGN 57.42/MWh (29.4 euros/MWh), without prices for access, transmission, excise duty and VAT. The proposed price for October is 9.36% lower than the price approved for September, the gas company said in a statement.
On September 1, EWRC set a price of around 32.4 euros/MWh for the current month – about 6% higher than the price of natural gas in August.
A final proposal for the price of natural gas for the month of October 2023 will be submitted to EWRC on October 1, taking into account the quotations of the pricing components as of September 30, 2023.Bulgargaz also reports that BGN 70.20/MWh (35.9 euros/MWh) is the estimated price of natural gas for November 2023, calculated according to the quotations of the gas hub TTF.
It should be noted that the forecasts for the value of the TTF “month ahead” index for November (which is the benchmark for gas prices in Europe) are for a significant increase compared to its value for October.
According to the most recently published data from Argus European Natural Gas on September 9 the levels at which natural gas is traded for November delivery are around 44 – 44.5 EUR/MWh. This represents an increase of more than 30% compared to the levels at which natural gas is traded for delivery in October.
At the same time, however, the difference between the price proposed for approval by Bulgargaz EAD for October and the company’s estimated price for November remains at lower levels.