Financial and business news from Bulgaria

The cheapest electricity in Bulgaria during the holidays

The cheapest electricity on the holidays turned out to be sold in Bulgaria. On Easter - 2 May, in Bulgaria the lowest price on European electricity exchanges was reported - 42.70 euros per megawatt-hour, which is down 35% compared to the previous day. Similar are the levels for neighbors. The Romanian Energy Exchange closed the “Day Ahead” segment at a base energy price of 42.96 euros per MWh, the Greek one was 44.49 euros.
The trend continued on May 3 and Bulgaria again had the lowest price of electricity in Europe, traded on the market on the Day Ahead platform. The base energy - that is, within 24 hours, it was 45.87 euros per megawatt-hour and this is nearly 28 euros difference with the most expensive current-facing country that day - Spain, where a megawatt-hour hit 73.54 euros. Similar was the situation in Portugal with a price of 73.45 euros and in Italy - 71.89 euros. These are all three countries with peak prices.

In Western and Central Europe, electricity exchange quotes were between €58.33 in Hungary and Slovakia to 66.64 euros in France, 62.43 in Germany. In the Balkans, the most expensive was in Serbia - 53.55 euros, in Greece on the exchange the price was 52.05 euros and in Romania - 49.84 euros. Lower prices in the Balkans are likely linked to Orthodox Easter and weekends and warming.

At 15.37 hours on May 3, the load of the power system was only 3127 megawatts, and by 12 hours - within 2400 to 2932 megawatts. With a day of delivery May 4 and prices in Europe fell.

In Germany, France, the Netherlands, Belgium and Austria they are under 40 euros per megawatt-hour. The decline in Germany is 51.5% to 30.26 euros, in the other four countries it is over 40 per cent. Prices in Germany are heavily dependent on the veis and more recently on wind plants, when there is wind, electricity on the exchange becomes cheaper and vice versa.

Quotes remain high in Spain, Portugal and Italy, with prices in the countries of the Pyrenean Peninsula the same - €81.27, and the increase is more than 10%. And in Greece, the price jumped by nearly 23% and was 63.99 euros.

In the other three countries in the Balkans - Bulgaria, Romania and Serbia, prices remain below 50 euros, respectively - 47.69 for our country, 48.09 for our western neighbour and 48.67 for the northern one.

Europe's upward trend is justified by experts and gas prices rising, as well as carbon quotations.

The Energy and Water Regulatory Commission has ruled as of 1 May the price of gas for this month to be 37.71 BGN per megawatt-hour. Bulgargaz submitted an application for a price increase to BGN 35.74, but updated its proposal with quotes on gas exchanges in the last days of April. Thus, the increase came from 13.6%.

Although the price of gas is above the forecast, which on July 1 last year EWRC set at 30.50 BGN per megawatt-hour, gas and heating prices will not change. This will happen when the cumulative price surpasses the estimated one.