Bulgargaz forecasts a 20% increase in the price of natural gas as of October 1

Bulgargaz forecasts an increase of 19.98% in the price of natural gas as of the fourth quarter of the year and the prices will reach BGN 668.57 per 1,000 cu m. There will be a price hike of BGN 111.35 per 1,000 cu m, announced the company. This is a preliminary estimate, which the supplier must draw up one month prior to the submission of an official proposal to the State Еnergy and Water State Regulatory Commission (SEWRC).

SEWRC representatives substantiated the requested cost rise with the high prices of the oil products alternative to natural gas (fuel oil with a sulphur content of 1% and 3.5% and gas oil with a sulphur content of 0.2%) in recent months along with the highest exchange rate of the Euro against the US dollar and the increased imports of natural gas in the fourth quarter of 2011.

SEWRC is expected to deliver its official decision on the final prices on September 9, 2011. According to the company, the price increase of entire 19.98% complies with the stipulations of the Ordinance for Regulating the Prices of the Natural Gas and does not comprise the uncollected receivables of Bulgargaz for previous periods. According to the gas company, the amount still due is over BGN 70 mln.

Should the gas price increase, it will lead to a rise in the cost of heating energy, commented the Energy Expert, Atanas Tasev. In his words, there is a simple formula since around 70% of the cost of the heating energy are at the expense of the natural gas price. "However, the price of the heating energy should increase by around 14%. There is no alternative. The Regulator will try to avoid it, but finally it will raise the heating price a bit." reckoned Tasev.

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