Bulgaria, Government will offer increased compensations to businesses to mitigate the effect of high electricity and natural gas prices

The Bulgarian Government announced that it will offer increased compensations to businesses to mitigate the effect of high electricity and natural gas prices.

The statement from the Government said that it will pay 80 % of the price of electricity above 102.25 euros/MWh, increasing the current compensation threshold of 94.9 euros/MWh. It will also fully compensate businesses for the 13.7 % increase in the wholesale price of natural gas for May, which stands at 82.8 euros/MWh.

Along with these short-term measures, the Government and the employers’ associations also agreed to discuss legislative measures for a more long-term support mechanisms, which will ensure predictability for businesses in the event of continued market instability.

The Government added that Bulgaria will start receiving the entire volume of natural gas agreed with Azerbaijan, namely 1 billion cubic meters, as of 1 July, using any alternative routes if the Greece-Bulgaria interconnector is not yet ready for use by that time.