Bulgaria has increased its regulated wholesale natural gas price by 5.5% for September. The regulator set the September wholesale level at €41.60/MWh, excluding VAT and excise duty. The adjustment follows a 4.5% rise in August, linked to stronger international gas prices.
After the latest change, the Bulgarian regulated price remains almost €25/MWh below major European hub quotations. This keeps domestic consumers protected from the latest increases in TTF and regional gas markets.
Regulated pricing and the size of the hub discount
The regulator’s discount is tied to Bulgaria’s diversified supply portfolio. Public supplier Bulgargaz continues to receive lower-priced pipeline gas under Bulgaria’s long-term supply agreement with Azerbaijan. The pipeline volumes are supplemented by LNG purchased through competitive tenders.
This supply mix has limited the pass-through from sharply higher European wholesale prices to Bulgaria’s regulated level. The differential could become more significant for Bulgarian industrial consumers and gas-fired generators if TTF stays around €70/MWh.
Fuel-cost position versus neighbouring hub-indexed markets
The current pricing structure also leaves Bulgaria with a relatively stronger fuel-cost position than neighbouring markets more directly exposed to hub-indexed imports. That comparison is driven by the gap between Bulgaria’s regulated wholesale price and benchmark European hub levels.
