Bulgaria, KEVR has approved a 9.8 % increase of wholesale natural gas price for December

, SEE Energy News

Bulgarian Commission for Energy and Water Regulation (KEVR) has approved a 9.8 % increase of wholesale natural gas price for December, significantly higher than 3.2 % hike initially proposed by gas supplier Bulgargaz.

The wholesale price is decreased to around 52.3 euros/MWh, excluding VAT and excise duty. Previously, KEVR approved 1.4 % decrease of wholesale natural gas price for November.

KEVR said that the increase is a result of rising prices on international gas hubs in the last few days of November.

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.