Bulgaria — physical cross-border flows, 2026

Month by month

All borders together, with consumption for scale.

Month	Consumption, MWh	Physical exports			Physical imports			Zone price, €/MWh	Difference €	Import ÷ consumption
Month	Consumption, MWh	MWh	€/MWh	€	MWh	€/MWh	€	Zone price, €/MWh	Difference €	Import ÷ consumption
January	4,372,449	530,318	159.21	84,432,146	801,217	153.33	122,850,424	148.52	−38,418,278	18.3%
February	3,739,489	515,195	102.69	52,907,994	781,171	107.40	83,895,964	99.63	−30,987,970	20.9%
March	3,558,771	663,860	109.27	72,537,632	535,769	110.12	59,001,139	103.43	13,536,493	15.1%
April	2,938,567	719,408	97.91	70,437,017	296,608	76.98	22,832,629	91.04	47,604,388	10.1%
May	2,687,841	877,048	117.84	103,349,151	613,977	96.84	59,456,592	101.03	43,892,560	22.8%
June	2,581,885	952,182	115.28	109,768,566	481,948	89.70	43,230,287	97.97	66,538,280	18.7%
July	2,832,399	1,082,814	130.20	140,977,156	255,811	92.01	23,536,318	111.87	117,440,839	9.0%
August	2,875,490	1,162,153	158.80	184,551,694	333,590	126.12	42,072,864	143.04	142,478,830	11.6%
September33.8% of hours	795,854	389,122	184.66	71,854,324	65,597	132.93	8,719,541	165.53	63,134,783	8.2%
Total	26,382,744	6,892,100	129.25	890,815,680	4,165,687	111.77	465,595,757	115.30	425,219,924	15.8%

Consumption is measured separately, as the hourly average power summed over the month — not by adding up readings, since sources publish at different rates. The last column puts imports next to it for scale; it is not a dependency figure, because part of what enters passes straight through to another neighbour.

Where the difference comes from

425,219,924 € for 2,726,413 MWh that stayed in the country works out at 155.96 € per megawatt-hour, in a month that averaged 115.30.

Energy that stayed, at the month's average price −314,359,181 73.9%
What came in arrived above that average −14,713,730 3.5%
What went out left below it −96,147,013 22.6%

The first line is energy the country needed and got. The other two — 110,860,743 € together — come not from how much moved but from when: cheap hours to sell in, expensive hours to buy in. That is the price of a timing mismatch, not a loss.

Official validation

The measured physical flow, checked against ANRE's published commercial trade.

Month	Physical net, MWh	Commercial net, MWh	Difference, MWh	Status
January	—	—	—	AWAITING OFFICIAL ANRE DATA
February	—	—	—	AWAITING OFFICIAL ANRE DATA
March	—	—	—	AWAITING OFFICIAL ANRE DATA
April	—	—	—	AWAITING OFFICIAL ANRE DATA
May	—	—	—	AWAITING OFFICIAL ANRE DATA
June	—	—	—	AWAITING OFFICIAL ANRE DATA
July	—	—	—	AWAITING OFFICIAL ANRE DATA
August	—	—	—	AWAITING OFFICIAL ANRE DATA
September	—	—	—	AWAITING OFFICIAL ANRE DATA

Gross volumes differ by design: the official indicators include transits, and a transit is counted once entering and once leaving, while a physical border sees it only once. Net figures converge, because transits cancel out — which is why the comparison is made on the net.

The percentage relates the difference to the month's commercial net. In a month with a small net, the same difference in MWh yields a larger percentage — which is why the difference is always shown in MWh as well.

ANRE publishes these exchanges as a physical balance in GWh. It publishes no import or export value and no average price per direction, so no money comparison is possible.

Physical cross-border flows and commercial electricity trades measure different phenomena. ANRE data is shown as an independent official benchmark and should not be interpreted as an exact reconciliation.