Bulgarian govt to continue compensating household consumers & businesses for higher energy costs
Bulgarian govt to continue compensating household consumers & businesses for higher energy costs

The Prime Minister of Bulgaria, speaking today, May 16, 2022, reaffirmed that the European country would continue to provide compensation to household consumers and businesses for higher energy costs, which are the result of a hike in the prices of electricity and natural gas.

According to the recent statement made by the Prime Minister, the state budget will cover 80 per cent of electricity costs above 200 leva an MWh for the ongoing month as well as for June.

The previous week, there was an increase of 13.7% in gas prices in Bulgaria.

The remark by the leader comes after a meeting of the consultative council. Besides this, the Bulgarian administration will also provide compensation to businesses and household consumers for additional costs sustained amid the price hike in the month of May.

On the other hand, Energy Minister Alexander Nikolov, speaking on the matter, cited, “This decided recent compensation for gas prices will be spent in addition to, rather than replacing, previously announced compensatory schemes”.

The Cabinet has further expressed its commitment to making the future compensatory mechanisms automatic, despite of going with the traditional method of requiring ad hoc government decisions by making the necessary legislative changes.

Meanwhile, in the month of March this year, the Bulgarian prime minister notified the parliament that since the first day of the office, the Cabinet of the Balkan state so far has granted over 4 billion leva as compensation to households as well as Bulgarian businesses.