Bulgaria's Energy Watchdog Head Predicts 10-15% Drop of Gas Prices

The head of the Bulgarian State Commission for Energy and Water Regulation, Angel Semerdzhiev, has expressed his expectation that there will be 10-15% decrease of the natural gas price in the fall. Photo by BGNES

The head of the Bulgarian State Commission for Energy and Water Regulation (DKEVR) has announced that the price for natural gas may drop by 10-15% from October.

“My expectation come from the stabilization of the international oil prices, which affect the price of the natural gas. The price of the resource, bought in USD, will also decrease. All the factors, together with the opportunities for local production, should affect the price of natural gas with at least 10-15%,” DKEVR head, Angel Semerdzhiev, said Tuesday.

According to him, the natural gas that the UK-based company Melrose could extract from the three new deposits, discovered in Bulgaria, will also affect on a smaller scale the natural gas price.

“The exact amount of natural gas, extracted from the new deposits, is not known yet. All the opportunities for decreasing the gas price will be openly discussed,” he said.

Semerdzhiev has also stated that no specific data from the negotiations with Russia has been received in DKEVR. However, he has expressed his hope that in September there will be a possibility for decreasing the natural gas price for the last trimester.

The DKEVR head has also stated that the own production would be the best option for Bulgaria to keep the gas prices stable, even in times of crisis or abrupt changes in the international gas prices.

“The efforts for achieving own extraction are in the right direction because the prices would always be cheaper than the price at which the gas enters Bulgaria from Russia,” Semerdzhiev said, pointing out that the lower prices will affect the consumers all over the country.

The natural gas price in Bulgaria went up by 24,63% from July 1due to the increase of the oil price and the USD on the international markets.

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