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- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
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This analysis includes a comprehensive Bulgaria energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
- The electricity and gas market liberalisation remains limited.
- Since 2011, the country has multiplied disincentives for renewables.
- Bulgarian Energy Holding (BEH) accounts for around 55% of power generation, 90% of wholesale gas sales, and more than 90% of lignite mining.
- Electricity distribution is ensured by 3 foreign companies.
- Lignite and nuclear account for ¾ of the power mix.
- Bulgaria is seeking to replace Russian gas supplies that were interrupted in April 2022.
- Electricity and gas prices surged in 2021 and 2022 but remain lower than the EU average.
- Coal and lignite accounted for 1/3 of total energy mix in 2022, with 23% growth in consumption in 2022 to the detriment of gas (-20%).
- Bulgaria is accelerating its Kozloduy-7 nuclear project.
- Many regional gas interconnection projects are under development, as Bulgaria aims to become a regional gas hub.
Institutions & Energy Policy
The Ministry of Energy oversees the country's energy policy.
The Energy and Water Regulatory Commission (EWRC) regulates the energy sector, including some energy prices (gas, electricity, water, and district heating). It also approves the construction of gas and oil pipelines.
Its independence was strengthened by an amendment to the Bulgarian Energy Law in March 2015.
Lukoil operates the sole refinery in the country, the Burgas refinery (capacity of 7 Mt/year plus 2.8 Mt/year not used). The group is considering selling the refinery.
Bulgaria has substantial lignite reserves (2.2 Gt), although they are difficult to reach because they are located under cities and villages and have a high sulphur content (2%). Bulgaria also has more modest reserves of coal (192 Mt), oil (3 Mt) and natural gas (less than 5 bcm).
Electricity prices have increased noticeably since 2020, in line with European wholesale prices in 2021 (due to surging gas prices, high CO2 prices, the economic recovery, a cold winter followed by a hot summer, low nuclear availability in France and Germany) and in 2022 (gas supply tensions).
Consumption per capita is 2.9 toe (10% lower than the EU average in 2021), with electricity accounting for about 4 600 kWh in 2022 (19% below the EU average in 2021).
Total energy consumption has been increasing since 2020, rebounding by 8.5% in 2021 and by 4.4% in 2022 to 19.9 Mtoe, after a 5% drop in 2020. It averaged 18 Mtoe between 2009 and 2020.
Issues & Prospects
According to Bulgartransgaz, gas consumption should increase by 6.4%/year between 2023 and 2032. By 2027, most of the additional demand would be covered by imports.
- GRAPH 1: CO2-energy emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2022, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2022, %)
- GRAPH 5: Gasoline & diesel prices (€/l)
- GRAPH 6: Electricity prices for industry and households (€c/kWh)
- GRAPH 7: Gas prices for industry and households (€c/kWh GCV)
- GRAPH 8: Consumption trends by energy source (Mtoe)
- GRAPH 9: Total consumption market share by energy 2022, %)
- GRAPH 10: Final consumption market share by sector (2022, %)
- GRAPH 11: Oil consumption (Mt)
- GRAPH 12: Oil consumption breakdown by sector (2022, %)
- GRAPH 13: Electricity consumption (TWh)
- GRAPH 14: Electricity consumption breakdown by sector (2022, %)
- GRAPH 15: Natural gas consumption (bcm)
- GRAPH 16: Gas consumption breakdown by sector (2022, %)
- GRAPH 17: Coal consumption (Mt)
- GRAPH 18: Coal consumption breakdown by sector (2022, %)
- Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
- Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
- Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
- Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
- Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.
The Bulgaria energy market data since 1990 and up to
is included in the Excel file accompanying the Bulgaria country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
- Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
- Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
- Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
- Energy Balance: total and per energy.
- Bulgaria Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Bulgaria energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).
The Bulgaria country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.
Data included in the excelsheet:
- Demand: Primary energy consumption, final energy consumption, by fuel, by sector.
- Power: Electricity generation & capacities, by technology.
- CO2: Total CO2 emissions.
- Macro-economy: Main macro-economic assumptions.
- Key indicators: Energy intensity, share of renewables, CO2 emissions per capita and per unit of GDP.