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Bulgaria, forced to look for alternative sources of natural gas, after Russia stopped supplies. He receives only 10% of what he needs from Azerbaijan

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Lyudmil Yotsov noted that Bulgargaz’s April 8 price proposal did not include a shutdown of gas supplies by Gazprom-Export. Following the suspension of these deliveries on 26 April, bids were requested from all gas traders in the region, bids were arranged and suppliers selected, but the procurement procedure has not yet been completed. This guarantees that the demand for natural gas for the coming month from domestic consumers and industrial users, heating companies and gas traders will be met.

The EWRC’s April-approved natural gas price also included quantities of pumped gas from the Chiren depot, but pumping operations were halted on April 7 as Bulgargaz anticipated a shutdown of deliveries from Russia. Consequently, the price estimated by the public provider should be adjusted significantly upwards from 177 levs per Megawatt-hour.

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The final price for natural gas delivered in May will be set by the regulator at a closed-door meeting on May 10, EWRC President Stanislav Todorov said. Bulgargaz will send its own price estimates on May 4.

Todorov expects the price of natural gas in Bulgaria to remain at a level comparable to that in Europe, where natural gas is currently traded on the stock exchange for less than 100 euros per Megawatt-hour. The President of the EWRC is of the opinion that prices in Bulgaria will be slightly lower than in Europe in view of the reduction that Bulgargaz benefits from when purchasing large quantities.

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The only long-term supply contract that is still valid now is with Azerbaijan, but according to an annex signed in September 2021, the entire contracted quantity cannot be delivered, and in addition this contract covers only 10% of Bulgaria’s consumption. The remaining 90% will be bought at current European prices, Stanislav Todorov told reporters at the end of the regulatory committee meeting.

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