Bulgaria, KEVR has approved a 22.7 % increase of wholesale natural gas price for January 2023

Bulgarian Commission for Energy and Water Regulation (KEVR) has approved a 22.7 % increase of wholesale natural gas price for January 2023, significantly lower than 40 % rise proposed by the state-owned gas supplier Bulgargaz earlier in December.

The wholesale price is increased to around 91.5 euros/MWh, excluding VAT and excise duty. Previously, KEVR approved 19 % increase of wholesale natural gas price for December.

KEVR said that the approved price is much lower than the 118 euros/MWh for deliveries in January, which is the price quoted on the European gas markets.

The regulator also left unchanged the January prices of heat and electricity for district heating companies, business and household consumers.

Bulgarian caretaker Minister of Energy Rossen Hristov said earlier that the price of natural gas needs to be increased to take account of the expensive gas injected in the Chiren gas storage facility during the summer.