European directive can compensate for the high price of natural gas storage in Chiren

Work is currently underway on a proposal within the framework of a European directive to compensate for the high price of natural gas in the underground storage in Bulgaria Chiren. 

The directive is intended to cover the difference between the price of pumped gas and the current market price. It is expected that the analyzes on this issue will be completed within 1-2 weeks, and the interested parties will be invited next week so that a working scheme can be jointly developed.

 The problem is quite serious. Bulgaria has a commitment to fill the gas storage in a certain schedule, which our country has fulfilled. This directive provides for such compensation to be made as there was expected to be a difference in price during injection and then its use. This directive provides for such compensation to be made as there was expected to be a difference in price during injection and then its use. 

Rosen Hristov, Bulgarian Minister of Energy

Bulgartransgaz CEO Vladimir Malinov added that this compensatory mechanism will contribute in several ways. According to European legislation, the member countries of the European Union have a goal to fill their gas storages for 2023 as well. Therefore, the quantities that will remain at the moment, apart from being at a competitive price, will help our country to fulfill the goal, which is November 1 this year to have 90 percent capacity of our gas storage in Chiren. Malinov pointed out that the gas storage is currently 77 percent full. Therefore, if these quantities are kept in the storage and compensated at close to the market price, in a short period it will be possible to achieve the goal of 90 percent filling of the gas storage in Chiren.

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