Bulgaria's State Gas Supplier Wants Almost 30% Price Hike

Bulgaria's state-owned gas supplier Bulgargaz has demanded that natural gas prices in the country go up by almost 27% as of April 1, 2012.

If Bulgaria's State Commission for Energy and Water Regulation (DKEVR) approves Bulgargaz's proposal, natural gas prices in Bulgaria will go up by BGN 166, reaching almost BGN 790 per 1 000 cubic meters.

According to Bulgargaz, a subsidiary of the Bulgarian Energy Holding (BEH), a number of factors – including the USD/BGN exchange rates and the prices of alternative fuels on Mediterranean exchanges – have been taken into account when coming up with the new price proposal.

The need to refuel Bulgargaz's storage facilities depleted over the winter with fresh supplies is also said to have been a factor in coming up with the new natural gas prices.