The Bulgarian Commission for Energy and Water Regulation (KEVR) has approved a 1.9% increase in the wholesale natural gas price for September 2024, contrary to the 2% cut initially proposed by the public supplier Bulgargaz earlier in August. The new wholesale price is set at approximately 31.6 euros/MWh, excluding VAT and excise duty. This follows a previous 4.5% increase for August.
The price adjustment considers the full amount of natural gas from Azerbaijan, to be supplied in September via the Greece-Bulgaria interconnection under a long-term agreement. Azeri gas is expected to cover 78.68% of Bulgaria’s gas consumption for the month, playing a crucial role in securing a favorable price. Additionally, the underground gas storage facility at Chiren will contribute to the supply.
The final price approved by KEVR is higher than Bulgargaz’s initial proposal due to increased demand from clients on both regulated and free markets in Bulgaria, who requested additional supplies as the originally proposed price was more favorable than international market levels. This surge in demand led to a higher total amount of natural gas required, which in turn pushed the price up.
