June 2 (SeeNews) - Bulgaria's Energy and Water Regulatory Commission (EWRC) said that it has approved an increase in the wholesale price of natural gas for the month of June, to 45.27 levs ($28.19/23.15 euro) per MWh.
The price applicable in May was 37.71 levs per MWh.
In its decision, the regulator took into account information about the market indices of the European gas hubs and the average euro/dollar exchange rate of the European Central Bank, it said in a statement on Monday.
The increase in the wholesale gas price in June is higher than expected. Last month, public gas supplier Bulgargaz proposed to the EWRC to approve a wholesale gas price of 42.54 levs per MWh, to be valid in the month of June.
According to the regulator's statement, the approved hike reflects the continuing growth in prices on the international gas markets. In the period between April 30 and May 26, the quotations of oil products and prices on the European gas markets went up 22%, EWRC quoted Nikolay Pavlov, executive director at Bulgargaz as saying during an open meeting between the state-owned company and the regulator last month.
At the time, Pavlov said that due to repair works on the Turk Stream gas pipeline on Turkey's territory in June, Bulgargaz has negotiated with other natural gas suppliers the purchase of the necessary gas quantities at spot prices, which leads to a slight increase in the price proposed for approval by the public supplier. Furthermore, due to an extension of the deadline for the launch of the gas interconnector between Greece and Bulgaria, the quantities of Azeri gas delivered to Bulgaria are lower compared to the capacity of the gas link, which also affects the price mix.
Bulgarian energy regulations require Bulgargaz to set the gas price monthly. 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.
(1 euro = 1.95583 levs)
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