The gas release programme is a part of the amended Energy Act adopted in October 2019 to increase liquidity and provide access to a competitive environment. Bulgaria is heavily dependent on Russian gas. The company hopes that it will "contribute to the actual diversification and liberalisation of the market in the country and the region."

Diversification is a challenge for Bulgaria. Even the nascent Southern Gas Corridor has competition from Russia, whose second TurkStream line will be able to deliver gas at the Turkey-Bulgaria border from January 1 as an alternative to deliveries through Ukraine and Romania.

Balkan Gas Hub said it "will work in co-operation with all institutions and market participants in order to turn Bulgaria into a liquid physical and trading hub in the southeast Europe region."

Once it has had time to consider the comments on the draft agreement, Balkan Gas Hub will publish the agreement on December 4 and also circulate it to companies who have applied to participate, Signed agreements for participation  must be returned by December 6, it said.

Balkan Gas Hub sent December 2 a detailed user guide for Trayport Joule to all companies who have registered to trade gas. This is the software that will run the auctions.