According to the statement from the Bulgarian Energy and Water Regulatory Commission (KEVR), KEVR approved a natural gas price of 124.34/MWh in February, excluding access and transportation tax, Special Consumption Tax (SCT) and Value Added Tax (VAT). The confirmed price is 31% lower than the January price at 179.33 BGN/MWh.
The price was confirmed after analyzing available data and documents provided by Bulgargaz EAD on February 1, in which the values of individual suppliers were determined and how much they were in the total energy mix. KEVR found that the total amount estimated for the domestic market was supplied by several different sources of supply.
The price mix includes the entire volume of natural gas from Azerbaijan delivered via the Bulgaria-Greece Interconnector Pipeline (IGB) at prices according to the existing long-term contract with Azerbaijan. These quantities meet approximately 30% of the gas consumption in the country and are of key importance in reaching reasonable prices for natural gas.
The statement stated that the main reason for this is the drop in the stock market indices in the global gas markets due to the mild weather and the high occupancy rate of gas tanks in Europe. The reduction in share prices allowed the general supplier to pump gas to the Cerene gas storage facility at much lower prices, improving the price levels for stored volumes. As a result, the price of gas supplied from Sirene, which is a pricing element in the general mix, was reduced, and a reduction in the final price for February was achieved.
“Reducing the price of natural gas by about 30% is a very positive and key factor for users of hot water heating systems, district heating companies, the industrial sector and end users,” said Ivan Ivanov, Chairman of KEVR. “Given the low price set, the committee will not take any action to increase prices. Hot water capacity until the end of the heating season, and prices will remain at current levels.
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