Monday, 15 August 2011

Gas Prices Up in Bulgaria - Again!

More misery for Bulgarians coming as this increase is implemented. who suffers the most? The old who need heat in the winter the most! Pity there isn't contingency plans for the poorest people.

Bulgaria's state-run gas monopoly Bulgargas plans to propose a 19.98 per cent increase in natural gas prices from October, according to the company's preliminary estimates published on August 12 2011.

In view of the current market environment, Bulgargas will ask that natural gas prices be increased to 668.59 leva a 1000 cu m from 557.22 leva currently.

"The reasons for the spike are the higher prices of alternative oil products in the past months, the appreciation of the Bulgarian currency against the US dollar and the increased gas imports in the fourth quarter of 2011," Bulgargas said.

The company is to submit its proposal to the State Energy and Water Regulatory Commission (SEWRC) on September 10, while the regulator will set the new gas tariffs at the end of September.

Bulgargas boosted its revenue by 235 million leva to 848 million leva in the first half of 2011, while its net profit stood at 17.4 million leva. Its net result, however, was negative, at 3.76 million leva, due to currency differences.