Bulgarian energy regulator approved a price proposal by public supplier Bulgargaz for a wholesale natural gas price of 77.6 levs (39.67 euro) per MWh for January excluding transmission fees, excise tax and VAT. This represents a decline of 11.31% compared to December.

Bulgaria will receive natural gas from three different sources in January, including the full contracted volumes of natural gas from Azerbaijan through the Greece-Bulgaria interconnector, the Energy and Water Regulatory Commission (EWRC) said in a press release on Monday.

The deliveries of Azeri gas will cover 40.3% of the country’s monthly consumption and play a key role in the more favourable pricing, the regulator added.

Bulgargaz has also secured additional quantities of liquefied natural gas (LNG) for January through a contract with one regional trader, according to the statement. The price mix also includes the consumption of natural gas previously injected in Chiren underground gas storage.

The wholesale price of natural gas in Bulgaria in December was 87.50 levs per MWh after the regulator approved a monthly increase of 6.5%.

The decline in the January natural gas price is bigger than the 7.7% decrease, which the public supplier had originally forecast. The current price was formed after factoring in international benchmark commodity prices on the Dutch TTF gas hub up until December 31.