Bulgaria’s utilities regulator has approved a seven per cent cut in the regulated gas price in the country for the month of May, setting the new price at 54.7 leva a MWh, excluding transportation costs, excise and value-added tax.

The regulator did not give a reason for the price reduction, which follows a small increase in April, but said that it took into account the price trends on international gas markets.

The Energy and Water Regulatory Commission (EWRC) said that the long-term gas contract with Azerbaijan, which is linked to oil prices on international markets, rather than prices on gas hubs, played a role in “achieving beneficial prices.”

Azeri gas was projected to account for 76.6 per cent of Bulgaria’s domestic consumption in May.

The rest of the gas for domestic consumption was secured by state-owned gas company Bulgargaz via a liquefied natural gas (LNG) delivery contract, the regulator said.

(Photo: Marco Caliulo/sxc.hu)

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