Bulgaria, Bulgargaz said that it expects that the wholesale gas price for July will amount to 72.6 euros/MWh

State-owned natural gas supplier Bulgargaz said that it expects that the wholesale gas price for July will amount to 72.6 euros/MWh, which is 4.4 % lower compared to last month’s June estimate and 0.33 % lower compared to the price approved for April.

The forecast for June of 76 euros/MWh was made before Russia’s Gazprom cut off gas deliveries to Bulgaria in late April, citing the country’s refusal to the Russian side’s unilateral demand for payment of the commodity in rubles.

By comparison, the July futures price on the European gas markets on May 11 was 95.6 euros/ MWh. A final natural price gas proposal for July will be submitted to the Commission for Energy and Water Regulation (KEVR) for endorsement on 1 July, taking into account the quotations of the price-forming components as of 30 June.

KEVR was supposed to approve a natural gas price for May at a closed-door meeting on 10 May, but it has been postponed because the Energy Ministry has started an investigation into natural gas pricing for May, which will be completed on 12 May.