Bulgaria's Energy Regulator Chief Expects Gas Price To Increase By 35% In May

Bulgaria's Energy and Water Regulatory Commission Chairperson Stanislav Todorov expects that the price of gas will rise by about 35% in May

MOSCOW (UrduPoint News / Sputnik - 29th April, 2022) Bulgaria's Energy and Water Regulatory Commission Chairperson Stanislav Todorov expects that the price of gas will rise by about 35% in May.

Todorov predicts that the gas price for May in Bulgaria will be equal to the prices in European exchanges and the increase will be about 35%, according to the Bulgarian National Radio (BNR).

The regulator is yet to reach a final decision regarding the new price. It will be announced after a closed meeting on May 10.

Bulgarian company Bulgargaz insists that enough gas for the next month is secured and there will be no shortage, according to BNR.

On April 27, Russian energy giant Gazprom announced suspension of gas supplies to Polish state-controlled gas group PGNiG and Bulgargaz for their refusal to proceed with payments in rubles, as it was requested earlier.

On April 1, Russian President Vladimir Putin's decree requiring gas payments in rubles went into effect. It stipulates that all contracts for pipeline gas deliveries with companies on the "unfriendly nations" list be settled in the Russian national Currency. The majority of the countries rejected Russia's demand, with EU officials and European leaders taking steps aimed at diversifying their gas supplies in the hope of eventually abandoning Russian energy.