Bulgarian Gas Prices and Regional Energy Diversification in Early 2024

No time to read?
Get a summary

The Bulgarian Energy and Water Regulatory Commission announced that the price of natural gas in April stood at 98.16 leva per 1 MWh, which is roughly 49.8 euros. This marks an 8% decrease from the March price, where gas cost 106.74 leva per 1 MWh, about 53.37 euros. The commission’s update was reported by TASS, citing the official statement from the regulatory body.

Included in the April calculation is Azerbaijan gas, which contributes to the overall cost of the gas mixture supplied through the Bulgaria-Greece interconnector. This arrangement follows the country’s current long-term agreement with Azerbaijan. The volumes under this agreement cover about 51.9% of Bulgaria’s total gas consumption, making the Azerbaijani supply a central element in the country’s strategy to maintain affordable gas prices for households and industry alike.

In the first half of March, Bulgarian President Rumen Radev held an online meeting with Azerbaijani President Ilham Aliyev. During discussions, Sofia emphasized its readiness to receive additional volumes of Azerbaijani gas should the capacity of the gas corridor continue to expand month by month. This willingness aligns with Bulgaria’s broader goal of diversifying its energy imports and reducing reliance on a single supplier or route.

Meanwhile, the Kommersant newspaper reported in February that Bulgaria is moving forward with the construction of a gas pipeline to Serbia. The contemplated project aims to strengthen regional energy ties and further reduce dependence on Russian gas by creating alternative pathways for supply and transit across the Balkans. This push fits into a wider regional pattern of energy diversification and resilience planning, as neighboring countries explore similar options to secure stable prices and reliable delivery.

Looking back at January, natural gas prices in Bulgaria rose from about 73 euros to around 92 euros, reflecting the broader volatility in European gas markets during the winter period. The price shifts underscore the impact of changing supply routes, interconnector capacity, and long-term supply contracts on domestic gas bills and industrial costs alike.

No time to read?
Get a summary
Previous Article

Pete Davidson opens up about dating history and high-profile relationships

Next Article

In Ufa: Man Found Dead After Alcohol-Fueled Dispute, Suspect Detained