site.btaNat Gas Price Up by 36% in November M/M, Regulator Decides

The Energy and Water Regulatory Commission (EWRC) has set the natural gas price for November at BGN 82.12 per megawatt-hour (MWh), excluding access, transmission, excise and VAT prices, the energy regulator said on Wednesday. This is an appreciation by 36% from October 2023.

The EWRC underscores that despite the unfavourable pricing factors, the regulated price for November in Bulgaria is by over 10% lower than on the European gas markets.

The regulator confirmed the price after an analysis of the updated data submitted by Bulgargaz on Wednesday that form the natural gas price for November. The EWRC takes into account quotations on international gas markets and the exchange rate up to and including October 31.

The regulator has established that the total estimated quantity for the domestic market is provided by four different supply sources. The price mix for November includes the entire contracted quantity of Azeri natural gas supplied via the Bulgaria-Greece interconnector (IGB), under the existing long-term contract with Azerbaijan. These volumes cover 35.64% of consumption for the month and are key to achieving favourable gas prices.

At Wednesday's open sitting, EWRC head Ivan Ivanov explained that despite the fact that in winter months the gas supplied by Azerbaijan decreases in terms of relative share in the total quantities, it remains a favourable factor for Bulgaria, because its price is not linked to the prices on international gas markets. As a result, the natural gas price for Bulgarian consumers remains significantly lower than in the other European countries.