Bulgarian businesses face highest electricity prices in Europe

Bulgarian businesses are currently facing the highest electricity prices in Europe, according to data cited by Vasil Velev, Chairman of the General Assembly of the Association of Industrial Capital in Bulgaria. Industrial electricity rates have reached 235.93 EUR per megawatt-hour, surpassing rates in Romania (235.29 EUR), Hungary (234.88 EUR), and Greece (222.27 EUR).

In contrast, electricity for residential consumers in Bulgaria remains significantly lower at 74.5 EUR per megawatt-hour. Analysts note that while the energy sector saw high profits from trading, the lack of preparedness for fluctuations in renewable energy production has led to price spikes. Energy analyst Boyan Rashev highlighted that the decrease in solar output due to seasonal weather changes has left the system vulnerable, noting that Bulgaria has taken a leading position in high prices on the 'day-ahead' market.

Experts warn that the reliance on intermittent renewable sources without sufficient battery storage or backup capacity could lead to increased volatility, especially as heating demands and electric vehicle charging increase consumption.