Bulgaria: Wholesale gas price increase for April approved

Increase of 16 % of wholesale natural gas price for April, was approved by Bulgarian Commission for Energy and Water Regulation (KEVR), just slightly lower than the proposal of gas supplier Bulgargaz.

The wholesale price for April is increased to around 16.98 euros/MWh, excluding VAT and excise duty. KEVR said that it took into account information about the market indices of the European gas hubs and the average euro/dollar exchange rate, when deciding on the price increase.

The price for April was approved after a three-week delay, because in late March, the Ministry of Energy launched аn іnѕресtіоn оf Вulgаrgаz’ѕ асtіvіtу fоr 2020, іnсludіng thе rеаlіzеd rеvеnuеѕ аnd rероrtеd ехреnѕеѕ, аѕ wеll аѕ thеіr іmрасt оn thе рrісе оf nаturаl gаѕ оffеrеd bу thе рublіс ѕuррlіеr fоr Арrіl thіѕ уеаr. However, the inspection found no irregularities.

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. The agreement with Gazprom prompted the change in determining regulated wholesale gas prices, which is now set on monthly, rather than quarterly basis.

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