Bulgaria Braces for Winter Gas Shortages Amid EU Price Surge
Bulgaria's gas storage facilities are woefully understocked ahead of winter, posing significant risks to the country. According to Gas Infrastructure Europe, Bulgaria's reserves stand at just 57.29%, a full 5.70 percentage points below the European Union average of 62.99%. This is particularly concerning given that neighboring Romania and Croatia have significantly larger reserves, with storage facilities filled to 68.51% and 68.59%, respectively.
The low gas inventories come at a time when wholesale prices are soaring. The European benchmark TTF contract has exceeded €66 per megawatt-hour, more than double its value at the beginning of 2026. Analysts warn that if Middle Eastern energy exports return to normal only gradually during 2027, the December TTF price may need to exceed €100 per MWh.
The situation is further complicated by geopolitical risks, particularly the potential closure of the Strait of Hormuz, which could restrict liquefied natural gas (LNG) supplies. This would intensify competition between European and Asian buyers, driving up prices even higher.