site.btaSupplier Proposes 7.5% Increase of Natural Gas Price in December

The latest estimates by Bulgargaz show that the price of natural gas in Bulgaria in December should be 7.5% higher than in November, the state-owned supplier's Trade Director Vesselin Sinabov said on Wednesday during an open-door meeting of the Energy and Water Regulatory Commission (EWRC).

An earlier Bulgargaz proposal, made on November 14, was to raise the price of natural gas by 7.9% in December. This would put next month's price at BGN 88.61 per KW/h, exclusive of access, transmission, excise duty and VAT costs. The November price is BGN 82.12 per KW/h.

The EWRC is expected to make the final decision on the December gas price at a closed-door meeting on December 1.

EWRC Chair Ivan Ivanov noted that the Netherlands' TTF daily futures rate has gone down, but this can create false expectations, because Bulgargaz' calculations are based on the monthly quotes.

According to Ivanov, European gas prices are not rising despite the cold weather, because gas storage facilities across Europe are full and small amounts are being pumped out. Bulgargaz, too, is beginning to use small amounts of gas from the Chiren storage facility. Furthermore, a number of countries are seeking - and finding - alternative supply routes.