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Bulgargaz will reapply for a 20% increase in the price of natural gas in September compared to August.
This was made clear in an extraordinary briefing at the Ministry of Energy. The relevant minister, Temenujka Petkova, announced that the inspection of the price of blue fuel has shown that the gas operator has made correct calculations.
“The total effect of applying the new formula to determine the price of natural gas supplied by Gazprom is BGN 324,834,000 on an annual basis,” Energy Minister Temenuzhka Petkova told reporters today, quoted by BTA.
Proposal: A jump of more than 15% in the price of natural gas for September
“The inspection to determine the natural gas price for September shows that the price has been calculated correctly and is BGN 22.46 per megawatt, with no additional fees,” Petkova said.
“The price of natural gas for September will not affect the price of heat,” said Bulgargaz chief executive Nikolay Pavlov.
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Until August 2019, the price of gas was negotiated according to a formula of “100 percent oil indexation”, now the formula reflects the price of natural gas in Europe.
“From May 2020 to the end of August, natural gas prices are at record prices due to reduced consumption. In August, gas prices rose 3.79 BGN per megawatt. The September price of 22.46 BGN per megawatt is lower than the fuel price for April, when it was 25.20 BGN per megawatt, and in practice the new formula and prices work very well, “said Temenuzhka Petkova.
EWRC approved the price of natural gas for August
“If the old formula for determining prices had been kept, in September natural gas would be sold on the domestic market at BGN 32.50 per megawatt without additional fees,” Petkova said.
