The Bulgarian Commission for Energy and Water Regulation (KEVR) has approved a 4.5% increase in the wholesale natural gas price for August 2024, slightly lower than the 5.7% proposed by the public supplier Bulgargaz. The new wholesale price will be approximately 31 euros/MWh, excluding VAT and excise duty. This follows a 2.43% decrease in the wholesale natural gas price for July, which KEVR had previously approved.
The adjustment to the price increase is due to updated data from Bulgargaz, which showed reduced natural gas requests from customers on both the regulated and free markets. Consequently, Bulgargaz incorporated lower quantities from the Chiren extraction facility into the pricing mix than initially planned.
Bulgargaz CEO Veselin Sinabov previously cited the scheduled maintenance of the Trans-Adriatic Pipeline (TAP) as the main reason for the price increase. This maintenance will necessitate drawing gas from the Chiren storage facility to compensate for reduced gas supplies from Azerbaijan.
