Sofia, February 1 (BTA) - The energy regulator Tuesday approved a proposal by gas supplier Bulgargaz to cut gas prices by 17.64 per cent to 109.88 leva/MWh from February 1. That will be price at which Bulgargaz will be selling to end-users and operators for production and operators licensed to produce and transmit heating energy, said the Energy and Water Regulatory Commission.

The decision reflects the clauses of the contract between Bulgargaz and Gazprom and the terms of the gas supply contract with Azerbaijan, the regulator said.

The price of 109.88 leva/MWh is exclusive of the cost for access, transmission, excise duty and VAT. It reflects the price of gas at the entry point of the gas transmission networks, a public-supplier component and a component for offsetting the costs of Bulgargaz for storage of gas in the Chiren gas storage facility according to the emergency plan.