Electricity Prices Expected to Remain Affordable, Says Caretaker Energy Minister

The price of electricity to be set by the utilities regulator will be affordable for end consumers, caretaker Energy Minister Traycho Traykov said on April 17. He also commented on fuel and natural gas prices.

Traycho Traykov, caretaker Minister of Energy: “Under the contract with Azerbaijan, the oil component is calculated with a lag of between six and nine months. This means there are still months to go before the significant increase is reflected. Oil prices rose sharply at the beginning of March. In other words, adding six to nine months, that means September and December, when the impact will be felt. Bulgaria is one of only four countries in the European Union that produces more fuels of all types than it needs for the domestic market.”

Caretaker Energy Minister Traycho Traykov and his deputies, Iva Petrova and Krasimir Nenov, held a working meeting with the management of the Electricity System Operator, the National Electricity Company, the Energy and Water Regulatory Commission, and the Electricity System Security Fund. The focus was on measures to maintain balance in the energy system and to ensure its security while preserving stable conditions for end consumers, the ministry said.

Possible short-, medium- and long-term actions were outlined in the context of the increasing volatility of the energy market, given the rapid growth in installed and connected renewable energy sources, the statement added.