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Bulgaria: Decrease in wholesale gas price for December approved by KEVR

26.Jan 2021.

A 3 % decrease of wholesale natural gas price for December was approved by Bulgarian Commission for Energy and Water Regulation (KEVR).

This is slightly higher than the initial proposal of state-owned wholesale gas supplier Bulgargaz (2.4 % decrease). The price will be decreased to around 14.1 euros/MWh, excluding VAT and excise duty. In late October, KEVR approved 14.1 % wholesale price hike for October. The agreement with Gazprom prompted the change in determining regulated wholesale gas prices, which is now set on monthly, rather than quarterly basis. In early March, 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.