After its brief pivot away from Russian energy, Bulgaria is preparing to return to Gazprom as it struggles to find other suppliers
it would need to halt the flow of gas via the Nord Stream 1 pipeline for additional maintenance. The fear this announcement struck in European capitals, even as gas storage fills up ahead of schedule, speaks volumes about Europe’s predicament: there is no quick fix to dependence on Russian gas.
That return, according to the caretaker government currently in charge of Bulgaria, is inevitable because there are simply no alternative suppliers. According to protesters, U.S. LNG and Azeri gas can substitute Russian pipeline gas. Bulgaria was, according to some, a test case for Gazprom to see how many European buyers would refuse to pay in rubles. They all did—initially. Now, per European Commission directions, payment is done in line with Russian terms but documented as done the moment the buyer sends the euro or dollar payment to Gazprombank, which then converts the amount into rubles and transfers those to Gazprom.
The day-ahead prices for electricity in Europe for this Monday were close to 660 euro per MWh in Germany and over 730 euro in France, according to Bloomberg’s. The lowest price in the region was in Turkey, at a little over 182 euro per MWh. Two years ago, Blas noted, the typical price for electricity across Europe was no more than 50 euro per MWh.
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