The Bulgarian Commission for Energy and Water Regulation approved a 36% increase in natural gas price for November. That is 11% higher than the increase initially proposed by gas supplier Bulgargaz.
The wholesale price will amount to 42 euros/MWh in November, excluding VAT and excise duty.
Previously, KEVR approved a 4.6% decrease in wholesale natural gas prices for October.
KEVR said that the reasons for the price increase were the significant rise in the November month ahead price index on the European TTF gas hub, the higher volumes required for the upcoming heating season as well and the negative impact of military conflicts in Ukraine and the Middle East on gas market prices. Despite the unfavourable factors affecting the pricing of natural gas, the approved price is over 10% lower than that on the European gas markets for November.
All contracted quantities of gas will be delivered from Azerbaijan via the Greece-Bulgaria interconnector, which will cover 36% of the country’s energy consumption. Bulgargaz has also signed contracts with three traders from the region for the delivery of liquefied natural gas.