Bulgaria’s energy regulator has approved a 10.5% rise in the country’s regulated gas price for December 2024, bringing the new price to 75.89 leva per MWh, excluding transportation, excise, and VAT.
This marks the fifth price increase in as many months. Despite the hike, the Energy and Water Regulatory Commission (EWRC) pointed out that the November price remained about 10 leva per MWh below the reference price of the TTF gas hub in the Netherlands, the main European pricing benchmark.
The EWRC explained that the recent price increase is due to several factors, including a cold weather snap, the suspension of gas deliveries from Russia’s Gazprom to Austria’s OMV, and the addition of Gazprombank to the EU sanctions list.
Bulgaria’s lower gas prices, compared to the TTF benchmark, were largely attributed to the country’s long-term gas contract with Azerbaijan. This supply will cover about 39.1% of Bulgaria’s domestic gas needs for December.
In addition to Azerbaijani gas, the state-owned gas company, Bulgargaz, has arranged for one liquefied natural gas (LNG) delivery in December and will also draw from Bulgaria’s Chiren gas storage, according to the EWRC.
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