The companies marked the first successful year of their cooperation

Growth in gas exchange membership, more than 45 million MWh traded on the spot and forward markets, and record daily trading volumes mark the development of Bulgaria’s organised natural gas market. The market continues to expand, with significant trading activity, increased participation in clearing, and new opportunities to manage price risk. Cooperation between Balkan Gas Hub EAD and KELER CCP has established a more transparent, liquid and reliable market environment, supporting Bulgaria’s positioning as a regional hub for natural gas trading. Representatives of the two companies highlighted these achievements at a working meeting, where they reviewed the benefits of their cooperation and outlined the next steps towards developing a competitive natural gas market in the region.

Over the past 15 months, the organised market has recorded substantial trading volumes in both the spot and forward segments:

- 24,806,304 MWh traded on the spot market through 102,421 transactions.

- 21,179,828 MWh traded on the forward market through 550 transactions.

- 423,400 MWh traded through six auctions.

- An auction for liquefied natural gas (LNG) was also held, with a volume of 500,000 MWh and 11 participants.

On 8 October 2026, the market also set a new daily trading record of 112,406 MWh, clearly demonstrating participants’ activity and the continued development of organised trading.

Since the introduction of clearing services, the number of clearing members has increased from 39 to 70. This growth reflects broader participation in the clearing system and increased interest in mechanisms for risk management and the financial collateralisation of trades. The partnership between Balkan Gas Hub and KELER CCP combines organised exchange trading with central clearing, creating a more reliable trading environment and enabling more effective management of trade-related risks.

The ability to agree on a price for future delivery supports credit risk management and the planning of costs and revenues. Cleared forward products contribute to greater predictability and resilience in business decision-making.

Meeting participants discussed the development of a regional natural gas price index reflecting the specific characteristics of the Southeast European market. Following initial discussions with US LNG producers and suppliers, steps are being taken to explore this opportunity. Such an index could contribute to greater price transparency, support liquidity and provide market participants with a clearer reference for their trading decisions.

“We have laid the foundations for trading built on trust, with reliable infrastructure, an organised market and clearing services tailored to participants’ needs. These results represent an important step forward, but our ambition is to continue developing through more clearing opportunities, stronger partnerships and a broader regional presence. Our goal is to establish Balkan Gas Hub as a preferred venue for natural gas trading in Southeast Europe,” said Kiril Ravnachki, Executive Director of Bulgartransgaz EAD and a member of the Board of Directors of Balkan Gas Hub.