Bulgaria, KEVR has approved a 60 % increase of wholesale natural gas price for August

, SEE Energy News

Bulgarian Commission for Energy and Water Regulation (KEVR) has approved a 60 % increase of wholesale natural gas price for August, the same as proposed by the state-owned gas supplier Bulgargaz.

The wholesale price is increased to around 152.3 euros/MWh, excluding VAT and excise duty. Previously, KEVR approved 31.7 % increase of wholesale natural gas price for July.

KEVR said that the natural gas price for August is set after a detailed analysis of the data and documents provided. The price takes into account the quantity contracted with Azerbaijan for the period between 1 July and 30 September. Bulgargaz has also contracted supply of liquefied natural gas and with two natural gas traders in the region based on the lowest price criterion. The secured quantities will cover the commitments of Bulgargaz to final natural-gas suppliers, heating companies, and industrial customers.

The Commission said that the strong increase of the price for August was due to Russia’s military aggression in Ukraine. As Russian gas supplies have been dramatically reduced or discontinued and energy deliveries are ever more insecure, a number of countries in Europe are forced to conclude short-term contracts, which pushes international index prices up.