Bulgaria PM: CEZ To Be Stripped of License by End Tuesday
Bulgaria will revoke the license of the local unit of Czech power utility CEZ to operate the country's national grid by the end of the day, the prime minister said on Tuesday.
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The electric company E.ON plans to invest BGN 70 M in northeastern Bulgaria in 2009, the company announced Tuesday.
The funds will be used mainly for the replacement of power lines and to attract new customers.
E.ON representatives say the company's main goal is to constantly improve the quality of service and of power supply, but they faced huge difficulties in the last 3 years over price decisions taken by the State Regulator.
"People think that when they pay their electric power bill, the entire amount ends in our pockets. In reality, from a BGN 100 bill, only BGN 26 comes to us. If the current proposal of the State Commission for Energy and Water Regulation is accepted this amount will go down to BGN 20," Boyko Dimitrachkov, member of the E.ON Managing Board stated.
Dimitrachkov further explained that in the first five months of 2009 E.ON registered a 15% reduction of electric power consumption from its biggest clients. At the moment, the amount of overdue bills is estimated at BGN 42 M.
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