Bulgarian Commission for Energy and Water Regulation (KEVR) has approved a 13.73 % increase of wholesale natural gas price for May, much lower than its estimate of 35 % price hike. In mid-April, state-owned gas supplier Bulgargaz proposed a 5 % increase, but that was before Russia halted gas supply to Bulgaria on 27 April.
The wholesale price is increased to around 82.8 euros/MWh, excluding VAT and excise duty. Previously, KEVR approved 25 % increase of wholesale natural gas price for April.
Earlier this week, Bulgargaz said that it expects that the wholesale gas price for July will amount to 72.6 euros/MWh, which is 4.4 % lower compared to last month’s June estimate and 0.33 % lower compared to the price approved for April.
In March 2020, Bulgargaz and Gazprom Export have finalized an agreement on 40.3 % reduction of the price at which Russia supplies natural gas to Bulgaria, backdated to 5 August 2019. Bulgaria was the last of eight EU Member States of Eastern Europe to strike a deal on a price cut with Gazprom, in the wake of a settlement reached between the European Commission and the Russian monopolist on an anti-trust investigation.
