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Gazprom increases gas supplies to Bulgaria at reduced prices

Source : 112 Ukraine

The price at which the country receives Russian gas is about twice lower than the European average
12:15, 3 November 2021

Open source

Russia's state-owned Gazprom has increased gas transportation to Bulgaria at a price below the European market, the Russian Embassy in Bulgaria has reported on Facebook.

"At the request of the Bulgarian leadership, Gazprom has increased the volume of daily gas supplies in excess of the current agreement at more favorable prices for Bulgaria. As a result, instead of the expected price increase to 119.87 levs per MWh (US $70.98) in November, the price of gas in Bulgaria fell to 93.19 levs ($55.18)," the statement reads.

The price at which the country receives Russian gas is about twice lower than the European average. The Russian embassy does not rule out that the cost of natural gas will change taking into account its binding to oil in the system of long-term contracts.

Last year, Bulgaria switched to a new system for calculating gas prices linked to the European gas market. The European Commission also insisted on this.

As it was reported earlier, gas prices on EU and UK markets have reached a new record with $1,100 per 1,000 cubic meters.

The price of November futures on the TTF hub in the Netherlands was 161.5 euros per 1 MWh (ICE prices are in euros per 1 MWh) or $1,969.2 per 1,000 cubic meters. A little later, the price dropped to $145.9 per MWh, or to $1,778 per 1,000 cubic meters.

On October 11, the rate of gas pumping in Europe's underground gas storage facilities (UGSF) has fallen to a minimal index since May.

The European Commission adopted a Communication on Energy Prices, to tackle the exceptional rise in global energy prices, which is projected to last through the winter.

Related: Gazprom reduces gas transit to Europe via Ukraine since November

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