The Bulgarian utility regulator decided to reduce the regulated gas price by 11.3% in January as a result of the fall in international quotations. The new price is 57% lower than at the beginning of last year.

The price of gas decreased almost every month during the past year, except for November and December, the BTA press agency notes.

In January 2024, the Energy and Water Regulatory Commission approved an 11.3% reduction in the regulated gas price, setting the new price at BGN 77.6 per MWh, excluding transport costs, excise duty and value added tax.

Compared to January 2023, the price is 57% lower.

The institution argued for the price drop after two months of rising trends in international gas markets, the Sofia Globe reports.

In addition, the long-term contract for the import of gas from Azerbaijan, which is tied to the international oil price and less dependent on gas hub prices, played a key role in lowering prices.

Azerbaijani gas accounts for 40% of the national consumption of our neighbors to the south, the rest of the consumption is provided by the LNG (liquefied natural gas) import contract and the country’s gas storage in Chiren.

In Romania, there is a limit on the price of gas

In Romania, the price of gas for the population was capped at 0.31 lei per kWh (including all taxes) last year, and the authorities decided to maintain this limit until March 2025.

The legislation says that if final prices are lower than the ceiling, the public will pay a lower price.

The National Energy Regulatory Authority (ANRE) has announced that it is tightening controls on the gas market because of suspicions that prices are set incorrectly.