The EU statistics office „Eurostat” reported that In the first half of 2023, average electricity prices for households in the European Union were the lowest in Bulgaria (11.4 euros per 100 kWh), according to BGNES.

There are obstacles ahead as the EU continues to balance economic pragmatism with the effort to sustain Ukraine in its fight against Russia. Bulgaria’s President Rumen Radev has referred a Russian gas tax to the constitutional court, while Lithuania’s parliament has increased its ban on Russian LNG.

In general, electricity and gas prices are stabilising after a significant increase that began before Russia’s invasion of Ukraine, although the data also showed that household electricity prices increased in 22 EU countries in the first half of 2023 compared to the first half of 2022.
The largest increase was in the Netherlands, which was due to the discontinuation of tax relief measures and doubled energy taxes on household electricity. Larger increases were also recorded in Lithuania, Romania, and Latvia. Spain experienced a large decline, followed by Denmark. The highest average electricity prices were in the Netherlands, Belgium, Romania, and Germany.

This phenomenon can be attributed to a combination of strategic factors shaping the country’s energy landscape.
Firstly, Bulgaria’s energy mix stands out for its diversity, encompassing coal, natural gas, nuclear power, and renewable sources. The presence of nuclear energy, particularly from the Kozloduy nuclear power plant, contributes significantly to the country’s electricity, offering a stable and cost-effective source.
Bulgaria’s energy market dynamics, blending state-owned and private entities, also play a role in determining prices. Government policies, subsidies, and market competition collectively influence the final cost to consumers.
Integration into the European energy market further contributes to price stability and fosters competition, allowing for the import and export of electricity. Economic factors, such as income levels and overall economic development, additionally influence the affordability of energy for consumers.