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Bulgaria: Natural gas prices rise 5.59% in 2024 amid global and domestic market dynamics

In 2024, natural gas prices in Bulgaria saw a 5.59% year-on-year increase on the regulated market, rising from 39.6 euros/MWh in January 2024 to 41.8 euros/MWh in January 2025. This price trend, outlined by the Commission for Energy and Water Regulation (KEVR), reflects the complexities of the natural gas market, which is influenced by both international and domestic factors.

At the start of 2024, the price of natural gas stood at 39.6 euros/MWh. The lowest price of the year, 27.9 euros/MWh, occurred in May 2024 due to reduced seasonal demand and favorable international liquefied natural gas (LNG) market conditions. Over the summer, prices saw a moderate increase, reaching a peak of 31 euros/MWh in August, and continued to rise throughout the latter half of the year. By December, prices had reached 38.7 euros/MWh and climbed further to 41.8 euros/MWh in January 2025.

KEVR attributed the fluctuations in natural gas prices to a combination of global market trends, geopolitical developments, and Bulgaria’s efforts to secure stable, competitive pricing through long-term contracts. The country’s agreement with Azerbaijan, for example, provided stability, while diversification initiatives, including LNG imports and the use of the Chiren gas storage facility, helped increase supply flexibility and shielded Bulgaria from the impact of international price volatility.

It’s important to note that KEVR’s price adjustments do not account for additional costs such as access fees, transmission, excise duties, and VAT. The fluctuations underscore the intricate relationship between global market trends, geopolitical issues, and local conditions that drive natural gas prices in Bulgaria.

Meanwhile, on Europe’s largest natural gas market, TTF, prices rose by 33.82%, from 37.08 euros/MWh on January 8, 2024, to 49.62 euros/MWh on January 5, 2025. The lowest price during the year was recorded on February 23, 2024, at 29.13 euros/MWh, while the highest reached 50.27 euros/MWh on January 2, 2025. Additionally, the Balkan Gas Hub saw natural gas prices in the day-ahead segment rise by 58.39%.

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