Bulgaria, KEVR has approved a 17.6 % decrease of wholesale natural gas price for February

, SEE Energy News

Bulgarian Commission for Energy and Water Regulation (KEVR) has approved a 17.6 % decrease of wholesale natural gas price for February, slightly higher than 14.3 % cut initially proposed by gas supplier Bulgargaz.

The wholesale price is increased to around 56.2 euros/MWh, excluding VAT and excise duty. Previously, KEVR approved 30.4 % increase of
wholesale natural gas price for January. In its decision, KEVR took into account the prices on European gas hubs valid for 31 January, as well as the average euro/dollar exchange rate of the European Central Bank for January.

In March 2020, Bulgargaz and Gazprom Export have finalized an agreement on 40.3 % reduction of the price at which Russia supplies natural gas to Bulgaria, backdated to 5 August 2019. Bulgaria was the last of eight EU Member States of Eastern Europe to strike a deal on a price cut with Gazprom, in the wake of a settlement reached between the European Commission and the Russian monopolist on an anti-trust investigation.