Head of Utilities Watchdog: Electricity and Heating Prices Will Remain Unchanged

Electricity and heating prices will remain unchanged, assured Plamen Mladenovski, Chair of the Energy and Water Regulatory Commission (EWRC), in an exclusive interview for BNT, following a sharp rise in wholesale electricity prices. The Bulgarian Independent Energy Exchange closed at €254.58 per megawatt-hour in the “day-ahead” segment.

Public supplier Bulgargaz’s requests for a 34% increase in natural gas prices for November will also not be approved.

Under the Energy Act, on 1 January the EWRC has the right to review electricity and heating prices for the remainder of the regulatory period, which ends on 1 July next year. The regulator’s chair dismissed concerns that prices could rise dramatically.

Plamen Mladenovski, Chair of the EWRC: “I want to reassure the public that from 1 January, regardless of rising prices on the liberalised markets, we will use all the regulatory instruments provided by law to ensure that neither electricity prices nor heating prices change.”

Asked about Bulgargaz’s request for a drastic 34% increase in natural gas prices for November, the EWRC chair responded as follows:

Plamen Mladenovski, Chair of the EWRC: “Natural gas is a different matter. It is a raw material that we import entirely from abroad, and we are therefore dependent on exchange prices. You can see for yourselves what is happening in foreign markets. On the Dutch TTF exchange, prices have probably increased threefold or fourfold since the beginning of the year. So we may not be able to avoid an increase in this case, but we certainly will not allow the enormous rise requested by Bulgargaz.”

At an open meeting tomorrow, the EWRC will consider the requested increase in natural gas prices. Bulgargaz is seeking a price of €59 per megawatt-hour, compared with the current €44.