Bulgargaz planning to propose 0.71% cut in Q1 2020 wholesale gas price

According to the draft proposal, the price will fall by 0.32 levs to 44.53 levs ($25.10/22.77 euro) per MWh, excluding VAT and excise duty, Bulgargaz said in a statement on Monday.

Bulgarian energy regulations require Bulgargaz to set the gas price quarterly, taking into account global oil prices and the lev/dollar exchange rate.

The Energy and Water Regulatory Commission (EWRC) has the final say on the proposed changes in the wholesale price, at which the state-owned company sells natural gas to end-suppliers and customers directly connected to its transmission network.

Bulgaria currently imports almost all of the natural gas it needs from Russia via a pipeline crossing Ukraine, Moldova and Romania.

(1 euro = 1.95583 levs)