Bulgaria's center-right government has confirmed plans to dissolve a mega-structure, which groups all big state-owned energy firms.

“The state-run energy companies, which are part of the Bulgarian Energy Holding, will operate independently until a final decision on their future is taken,” Economy and Energy Minister Traicho Traikov announced on Friday without ruling out possible mergers.

The minister did not confirm that the government has decided to bring all the energy companies together in a new holding, spearheaded by the National Electricity Transmission Company NEK, as announced by Maya Hristova, Deputy Energy and Economy Minister, in the middle of April.

“There are different options for mergers but it is still early to announce them officially,” the minister said.

Shortly after coming into office in July Bulgaria's Prime Minister Boyko Borisov announced plans to close the mega-structure Bulgarian Energy Holding that groups all big state-owned energy firms, but failed to push them through.

The cabinet subjected the Bulgarian Energy Holding to financial checks to find out how the money poured into it for raising its capital has been used.

The Bulgarian Energy Holding was created in 2008 with the merger of five state-owned companies - the National Electric Company NEK, the gas monopoly Bulgargaz, the Maritza Iztok Mines, the Maritza Iztok 2 Thermal Plant, and the Kozloduy Nuclear Power Plant into a EUR 4 B energy giant.

The holding is a sole owner joint-stock company with a 100% Bulgarian state ownership.

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