BEH CEO: Gas Prices for End Consumers to Go down by 10%

The CEO of the Bulgarian Energy Holding, BEH, Mihail Andonov, reminds consumers to pay their bills regularly and on time, otherwise the achieved gas price discount would "melt" in a year and a half . Photo by BGNES

The price of natural gas in Bulgaria will go down by over 20% after the latest contract with Russian energy giant Gazprom, says the CEO of the Bulgarian Energy Holding, BEH, Mihail Andonov.

Speaking Saturday for Darik Radio, Andonov noted the price reduction would be in the vicinity of 22% - 23% under the new contract, but this would not be the reduction for the end consumer.

The contract with Gazprom for natural gas supplies was signed Thursday in the presence of Gazprom CEO, Alexey Miller.

"Bulgargaz sold gas at a price below the cost it was purchasing it for, but it is regulated by the State Commission for Energy and Water Regulation, DKEVR. I expect the price for end consumers to go down by 10%, which will also affect the prices of electricity and heating," said the BEH CEO.

Earlier Saturday, Bulgargaz Head, Dimitar Gogov, announced the reduction for end consumers will be about 6% - 7%, but Andonov noted Gogov was protecting the interests of his company and reiterated the country has an energy watchdog.

He was firm consumers must pay their bills regularly and on time, otherwise the achieved discount would "melt" in a year and a half.

Regarding the contract for the Russian gas pipeline project, also signed Thursday, Andonov stated the long negotiations ended with Bulgarian interests being 100% protected.