Bulgaria’s state-owned gas supplier, Bulgargaz, has proposed a higher wholesale natural gas price for December 2024, raising its earlier proposed increase of 7.61% from mid-November. The updated proposal suggests a price of €38.8 per MWh, reflecting a 10.64% rise from the previously approved price of €35.1 per MWh for November. This follows an 8% increase compared to October.
Bulgargaz CEO Veselin Sinabov explained that the higher price is attributed to the growth of the TTF (Title Transfer Facility) index, a benchmark for European gas prices, as well as increased supply requirements. Despite the rise, Sinabov emphasized that the proposed price remains competitive, as it is about €5 lower than the TTF pricing index.
The company also noted that for December’s gas supply, it will rely on a mix of natural gas sourced from Azerbaijan under a long-term contract, liquefied natural gas (LNG) purchased at auctions, and reserves from the Chiren underground gas storage facility.
The final price for December will be determined by Bulgaria’s Energy and Water Regulatory Commission (KEVR) and is expected to be approved on the first day of the month after an updated proposal from Bulgargaz. A public discussion will take place at the end of November to ensure alignment with the current market situation before the official approval.
