Bulgaria: Significant Rise in Price of Natural Gas in December

Consumers in Bulgaria are set to face an increase in natural gas prices by approximately 7.5% starting next month. This announcement emerged from the recent public session of the energy regulator, where the proposal put forward by "Bulgargaz" was deliberated. The proposed rate for the blue fuel is expected to be around BGN 87 per megawatt hour, exclusive of taxes and levies.

Chairman of the Energy and Water Regulatory Commission, Ivan Ivanov, highlighted that despite the recent frigid weather gripping Europe, including Bulgaria, natural gas prices have not followed a similar upward trend. Quite the opposite, the daily prices of natural gas have shown a decline on the Dutch gas exchange. This decline is largely attributed to the gas storage facilities across Europe, all of which are currently filled to more than 90% capacity. Even with ongoing withdrawals, such as those by "Bulgargaz" from "Chiren," the storage levels remain above 90%.

This decision to increase natural gas prices comes at a time when Europe's gas storage facilities are well-supplied, reflecting a contrasting trend between the demand for and the cost of natural gas.

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