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Bulgargaz predicts natgas price of 137.68 euro/MWh for Oct

Bulgargaz predicts natgas price of 137.68 euro/MWh for Oct Government/All rights reserved.

SOFIA (Bulgaria), August 11 (SeeNews) - Public natural gas supplier Bulgargaz on Thursday forecast a wholesale natural gas price of 269.29 levs ($142.36/137.68 euro) per MWh in Bulgaria for October - a rise of 44.6% compared to the most recent price approved by the local utilities regulator.

The price forecast was made based on projections for the price-forming components as of Thursday, assuming that the Greece-Bulgaria gas interconnector will be commissioned by October 1, Bulgargaz said in a statement.

The wholesale gas price applicable for July was approved by the energy regulator in the amount of 186.17 levs per MWh, slightly reduced from 186.47 levs requested earlier by Bulgargaz. Last week, Bulgargaz submitted for approval by the Energy and Water Regulatory Commission (EWRC) its proposal to set the gas price applicable for August at 297.89 levs per MWh, or 60% higher than in July.

Prices of natural gas for October delivery stood at around 209 euro per MWh on European spot markets as of Wednesday, Bulgargaz added in its statement.

Bulgargaz will submit its final request for the price applicable for October on October 1, taking into account the values of the price-forming components as of September 30.

The EWRC has the final say on the proposed monthly changes in the wholesale price, at which state-owned Bulgargaz sells natural gas to end-suppliers and customers directly connected to its transmission network.

ICGB, the project company developing the Greece-Bulgaria gas link, announced earlier on Thursday that all main construction activities for the implementation of the interconnector have been completed. ICGB has submitted to the Bulgarian ministry of regional development a proposal to establish the phasing of the project, with the aim of speeding up the receipt of administrative approvals necessary for the facility's commissioning at the earliest possible date.

(1 euro = 1.95583 levs)