Bulgaria’s state gas supplier Bulgargaz is preparing to lower its proposed 34% increase in the regulated wholesale gas price for November after obtaining extra withdrawal capacity at the Chiren underground gas storage facility. The company’s initial proposal set the price at €59.08/MWh, excluding network charges, excise duties and VAT. Access to additional gas already in storage could allow it to submit a lower final price despite rising European wholesale prices.
When Bulgargaz prepared its initial proposal, the Dutch TTF benchmark was at €81.6/MWh. European quotations have since risen by around 20%. CEO Georgi Tatarski said the revised Bulgarian price could still be roughly €40/MWh below Dutch exchange levels.
Regulator seeks to cushion consumers
Regulator KEVR is seeking to limit the impact on households and district-heating companies, many of which are already under financial pressure. Its chairman, Plamen Mladenovski, urged Bulgargaz to use available domestic resources to smooth price increases. He said this would avoid immediately passing international market volatility on to consumers.
European wholesale prices account for around 60–70% of Bulgaria’s gas pricing, limiting the scope for domestic regulatory intervention. Additional withdrawals from Chiren can provide temporary relief. They cannot fully shield the market from international prices.
