Bulgarian state-owned gas supplier Bulgargaz has proposed a higher wholesale natural gas price for August 2024, suggesting a rate of €31.4/MWh. This represents a 5.7% increase from the €30/MWh price approved for July, which was itself a 2.4% decrease from June.
Bulgargaz CEO Veselin Sinabov attributed the proposed price increase to scheduled maintenance of the Trans-Adriatic Pipeline (TAP), which will require drawing gas from the Chiren storage facility to compensate for reduced gas quantities from Azerbaijan.
Ivan Ivanov, Chairman of the Bulgarian Commission for Energy and Water Regulation (KEVR), stated that without the TAP maintenance, the August price would have remained unchanged from July, given that the planned volume of supply from Azerbaijan was consistent and TTF indicators did not influence pricing factors.
Ivanov also noted that the high levels of gas storage in Bulgaria and Europe (81% and 83%, respectively) help stabilize natural gas prices for the coming months.
KEVR will have the final decision on the proposed monthly changes in the wholesale price at which Bulgargaz sells natural gas to end-suppliers and customers connected directly to its transmission network.
