The Bulgarian Commission for Energy and Water Regulation (KEVR) has approved a nearly 8% increase in the wholesale price of natural gas for November 2024, bringing it to approximately 35.1 euros/MWh, excluding VAT and excise duties. This increase is slightly higher than the proposal made by the public gas supplier, Bulgargaz. In October, KEVR had approved a more modest 2.9% rise in the wholesale gas price.
According to the regulator’s statement, about 48% of Bulgaria’s natural gas needs in November will be met by supplies from Azerbaijan, delivered via the Greece-Bulgaria interconnector. Additionally, Bulgargaz has secured a liquefied natural gas (LNG) contract, and the supply mix will also include gas from the Chiren underground storage facility.
The price increase for November is partly attributed to the seasonal rise in gas consumption for heating, which has reduced the relative share of Azerbaijani gas in the supply mix, contributing to the overall higher price.
