The government will consider amendments allowing VERT to more flexibly change the prices of electricity, gas, LPG | Business

“The adoption of legislative changes will create benefits for domestic consumers, as the opportunity will appear sooner
to react to the decreasing prices of energy products in the markets and thereby determine lower prices of energy products
prices and tariffs more often”, says the Ministry of Energy proposing the changes.

The proposed amendments to the Laws on Electricity, Energy and Natural Gas provide that after a significant decrease in the prices of energy products in the markets, energy companies could recalculate the public prices and tariffs of electricity, natural gas and centrally supplied LPG once every three months.

In such cases, if energy companies do not submit a proposal to VERT to recalculate prices and tariffs, the market regulator could determine and approve them unilaterally. The new prices would be applied the following month after the VERT’s decision.

The public price of electricity should be recalculated when the difference between the forecast price of electricity purchase and the price included in the upper limit of the public tariff is 40 percent. or greater.

Natural gas tariffs for households approved by VERT would be recalculated when the difference between them and the forecasted natural gas purchase prices for the months of the current half year reaches 20 percent. or more.

In case of the same difference between the prices approved by VERT and those predicted in the market, the prices of centrally supplied LPG would also be recalculated.

Public electricity and gas tariffs for consumers are usually set twice a year – from January and July, LPG – once a year.

With the approval of the Cabinet of Ministers, the amendments would be submitted to the parliament for consideration.