Bulgarian state-owned gas supplier Bulgargaz has proposed significantly higher wholesale natural gas price to be applied in July 2022.
The statement from the company said that the price for June should be around 95.3 euros/MWh, which is almost 32 % higher compared to the price approved for June – 72.3 euros/MWh, which was a decrease of 13 % compared to May.
Bulgargaz CEO Ludmil Yotsov said that the company secured natural gas supply for July, and largely for August as well.
In March 2020, Bulgargaz and Gazprom Export have finalized an agreement on 40.3 % reduction of the price at which Russia supplies natural gas to Bulgaria, backdated to 5 August 2019. Bulgaria was the last of eight EU Member States of Eastern Europe to strike a deal on a price cut with Gazprom, in the wake of a settlement reached between the European Commission and the Russian monopolist on an anti-trust investigation.
The agreement with Gazprom prompted the change in determining regulated wholesale gas prices, which is now set on monthly, rather than quarterly basis.
However, in late April 2022, Gazprom halted gas supply to Bulgaria, citing the country’s refusal to pay for supplied gas in rubles as the reason.
