Natural gas prices

Petroleum Pipeline Corporation (BOTAŞ) has announced that natural gas prices for households and industrial users have been kept unchanged for December.

There will be no change in the price of natural gas used in electricity generation as well, the company added.

Consumers in Bulgaria are set to face an increase in natural gas prices by approximately 7.5% starting next month. This announcement emerged from the recent public session of the energy regulator, where the proposal put forward by "Bulgargaz" was deliberated. The proposed rate for the blue fuel is expected to be around BGN 87 per megawatt hour, exclusive of taxes and levies.

As Bulgaria braces for the onset of the heating season, the cost of natural gas is skyrocketing, with Bulgargaz EAD announcing a substantial 36% price hike. The company's proposed price for November 2023 stands at BGN 82.12/MWh, excluding excise duty and VAT, marking a significant financial burden for consumers.

The price of gas for consumers in Serbia will be frozen until May 2024 at the level that will apply from November 1 this year, the Belgrade newspaper "Danas" reports today.

In case of sudden changes in the market, the government will cover the difference for manufacturers and importers from the national budget.

All the leading business media outlets reported yesterday that the price of natural gas in Europe has sharply risen by 40 percent, which is a sign that a chasm of energy uncertainty and insecurity could once again open beneath the old continent.

Greece's economy is particularly vulnerable to fluctuations in international energy prices due to its high dependence on fossil fuels, and despite the support provided to industry and low-income households, could be severely affected by prices, the European Commission noted this week.

Mary B. Warlick (M), Deputy Executive Director International Energy Agency, and Ivan Krastev (R), Permanent Fellow at the IWM, at a panel discussion at the "Time to Decide Europe Summit", in Vienna, Austria, on 16 May 2023. Photo: ERSTE Foundation

The European Union opened a scheme this week for companies to jointly buy gas, aiming to secure supplies ahead of winter and avoid a repeat of last year's record-high energy prices.

Natural gas prices for household consumers dropped 23% in February, according to a report by HEPI (Household Energy Price Index for Europe) released on Wednesday.

The European Union has drafted plans to nudge countries towards using more long-term, fixed-price electricity contracts, as part of a reform of Europe's power market designed to shield consumers from price spikes.