Bulgargaz seeks 34% gas price rise for November to 59.08 euros per MWh
The state supplier asked regulator KEVR for a record monthly increase, citing higher prices on European gas exchanges, where the benchmark TTF contract trades above 86 euros.
Symbolic image · Photo: Lisafern / Wikimedia Commons, CC0 (cropped and resized)
Bulgaria’s state gas supplier Bulgargaz has asked the Energy and Water Regulatory Commission, KEVR, to approve a natural gas price of 59.08 euros per megawatt hour for November. The regulator approved 44.09 euros for October, so the proposal amounts to an increase of about 34%, a record according to energy news site 3e-news. The price excludes access and transmission fees, excise duty and VAT.
Bulgargaz says its price is about 30% below European market levels. Argus data from Oct. 9 put November contracts at 81.65 euros on the Dutch TTF hub, 82.62 euros in Germany and 83.32 euros in Austria, while day-ahead gas on the Balkan Gas Hub cost 68.88 euros. On Oct. 13, TTF rose to 87.38 euros before easing to 86.74 euros. The company said the proposal reflects contract terms for gas from Azerbaijan and liquefied natural gas delivered via the Alexandroupolis terminal in Greece.
In October, KEVR advised Bulgargaz to exclude supplies from Turkey from its calculation to avoid a steep price increase and warned it would make the correction itself otherwise. The November filing again includes the Turkish volumes, 3e-news reported. It is not yet clear when the regulator will decide.