Bulgaria: Wholesale gas price hike for November approved

, SEE Energy News

A 14.1 % increase of wholesale natural gas price for November, has been approved by Bulgarian Commission for Energy and Water Regulation (KEVR). This is significantly higher than the initial proposal of state-owned wholesale gas supplier Bulgargaz (5.7 % increase).

The price will be increased to 14.42 euros/MWh, excluding VAT and excise duty. In mid-September, KEVR approved 10 % wholesale price hike for October. The agreement with Gazprom prompted the change in determining regulated wholesale gas prices, which is now set on monthly, rather than quarterly basis. In early March, 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.