Green Forum • 12 July, 2024 at 12:00 PM
The European Commission has approved a Bulgarian scheme to provide €142.1 million to support the country's energy sector.
This state aid aims to alleviate some of the costs incurred by companies that stored natural gas at the Chiren underground facility to help Bulgaria achieve its 80% filling targets before the heating season began in November 2022.
Gazprom cut off gas supplies to Bulgaria in April 2022 after Bulgaria refused to pay in rubles, following a unilateral contract change by the Russian company. The aid will partially compensate natural gas suppliers for losses from storing high-priced gas in the summer of 2022 and selling it at lower prices between November 2022 and April 2024.
Support will be provided until the end of 2024 through direct grants, capped at 150 levs per MWh, with only half of the stored gas included in the final aid calculation.