site.btaUPDATED November Natgas Price to Be BGN 130/MWh - Bulgargaz Executive Director

The natural gas price in November is expected to be around BGN 130 per megawatt-hour, Bulgargaz Executive Director Deniza Slateva said here during Friday's open meeting of the Energy and Water Regulatory Commission (EWRC). On the meeting agenda was approving the price for November at which the public supplier should sell natural gas to final suppliers and to parties with a license for the production and transmission of thermal energy.

This means that the price in November will be about 45% lower compared to this month's price of BGN 223.36 per megawatt-hour (excluding access, transmission, excise and VAT costs).

Slateva pointed out that since October 11, when Bulgargaz submitted a request for a price of BGN 166,14 per megawatt-hour, there has been a significant reduction in gas hub prices. Also, good discounts, ranging between 38 and 50%, were negotiated for LNG in November against the gas hub indices.

Compared to the price in October, the drop is about 45%, and compared to the record-high price in September (BGN 353.21 per megawatt-hour), the drop is 64%, Slateva calculated.

Bulgargaz is in the process of finalizing the LNG tender for December. According to Slateva, the company will be able to offer a price lower than 50% of the exchange index.

EWRC Chair Ivan Ivanov said that the Chiren gas storage facility is 88% full. Ivanov was hopeful that by November 1 the facility will be at 90%, or 10% higher than the recommended threshold set by the European Commission.

Bulgargaz will participate on October 31 in the tender for the commitment of slots at the Revithoussa LNG terminal in Greece for five years, Slateva said.

Data on the final price for next month will be submitted by November 1. The price decision will be made at a closed meeting of the regulator on November 1, Ivanov said.