The price of electricity for households could increase by nearly 9% starting next year, according to estimates by the Energy and Water Regulatory Commission. This means that with an average consumption of nearly 400 kilowatt-hours, the monthly bills could rise by 7-8 BGN (EUR 3.5-4).

The reason for the likely increase is that the regulator's market development forecast differs by more than 30% and prices need to be updated to avoid accumulating losses in the system, reported BNT.

While in the summer over 40% of electricity was generated from solar power plants and the price was low because of a surplus, now over 40% of electricity comes from thermal power plants. The situation is aggravated by the insufficient amount of water, which does not allow the use of hydroelectric power plants that produce cheaper electricity.

According to preliminary estimates, there will also be an increase in natural gas prices by nearly 10% from January 1, 2025.