Bulgaria, The price of gas in December increases by 18% after two months of decline, SEE Energy News
In Europe, gas prices are rising on the stock exchanges, and Bulgaria has already started withdrawing from the Chiren storage
The Bulgarian energy regulator confirmed the price of natural gas for December – 146.09 BGN (about 75 EUR) per MWh, which is 18% more than in November.
This is the first increase in gas prices since September, bringing the price back to the level seen at the beginning of the summer. This means that the December tariff is far from the highest this year. However, there is a high probability that in January and February prices will rise again as a result of higher consumption.
The reason for the price increase in December is mostly the overall rise of the stock market indices in the last few weeks – they reached minimum values in October and November but have now started to rise again. Even if the national gas supplier Bulgargaz had been successful in the tenders it organized, prices would still be high.
The data show that the withdrawal of gas from the storage in Chiren has already started. The gas stored there was paid for over 200 euros per MWh during the summer months. Therefore, the December increase in the bill is explained precisely by the quantities from the Chiren warehouse.
Stock markets are heating up
The most important stock index of the European market, TTF, shows that the low gas prices of October will remain in the past. In just a few weeks, a multiple increase has been recorded – from 20-30 euros per MWh to 130 euros per MWh in recent days.
The reason for this is mainly higher consumption due to the cold weather and the increase in the price of liquefied gas in Europe. Another factor could be the announced cap on the price of natural gas in the EU. Although the threshold is set at 275 euros per MWh, which is much higher than the current values, the fear that certain suppliers could leave the European market certainly plays a role in the stock market.