Bulgaria’s energy regulator announced on Friday that it has approved an increase in the wholesale price of natural gas for April to 142.59 levs (72.9 euros) per MWh, from 113.73 levs (581 euros) per MWh in March. However, that is significantly less than 179.36 levs (91.7 euros) per MWh, as much as the public supplier Bulgargaz asked for about two weeks ago.
The increase is a consequence of record high prices of natural gas on European commodity exchanges as a result of the current war in Ukraine and the threat of Russia to cut off gas supplies, which causes energy uncertainty, the Energy and Water Regulatory Commission said.
The regulator added that he used all available quantities of gas from the Bulgarian Chiren storage facility to reduce the April gas price. His decision was formed on the basis of the provisions of the agreement between Bulgargaz and Russian Gazprom, as well as the company that exports gas from Azerbaijan.
The energy regulator also noted that the situation remains extremely dynamic, with gas prices at gas hubs still largely dependent on the course of the military conflict between Russia and Ukraine. Other recent developments will also affect future gas prices – namely, Russia decided on Friday to demand payment for natural gas in rubles, while Austria and Germany have activated plans for urgent gas delivery.