Regulated prices remain in place mainly for the wholesale industrial gas market and for the heat, gas and electricity retail markets. In gas, the regulated wholesale gas price is close to market levels, or even perhaps above the market level in areas close to production locations, given that independent suppliers sell gas with a profit margin at slightly lower prices. Yet in distant areas, the regulated wholesale gas price may not allow all supply costs to be recouped, and Gazprom remains the sole supplier. In the retail market, gas supplies to the residential sector are not attractive to independent companies due to low tariff levels. In the heating sector, the tariff/price formation methodologies, tariff levels and duration of regulated tariffs are often blocking much needed modernisation investments.
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