Electricity Price Hike for Bulgarian Households Reduced to Less Than 30%

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Electricity Price Hike for Bulgarian Households Reduced to Less Than 30%

Household Electricity Prices to Increase by Less Than 30%

Good news for Bulgarian households! The expected increase in electricity prices as of July 1, 2024, will be less than 30%, according to Energy Minister Vladimir Malinov.

This revised figure comes after Kozloduy Nuclear Power Plant withdrew its initial price proposal and recalculated a smaller increase. Additionally, Bulgargaz, the state-owned natural gas supplier, has also proposed a smaller price increase of 8% for June, compared to the initial 11%.

To further mitigate the impact on consumers, Bulgaria secured a deal with the Turkish company Botas for liquefied natural gas in June. This agreement includes a discount that will save Bulgargaz 11.5 million Leva (EUR 5.88 million).

Despite these positive developments, some political parties have raised concerns about the gas deal with Botas. The PP-DB coalition has called for investigations by the State Agency for National Security (SANS) and the Prosecutor's Office. Additionally, a report by Politico suggests that the agreement could help Russia regain control over gas supplies to Europe.

The Bulgarian Parliament has also tasked the Minister of Energy with renegotiating the agreement between Bulgartransgaz and Botas.