Kozloduy NPP to Stop Paying Dividend to Bulgarian Energy Holding

Business » ENERGY | May 9, 2014, Friday // 12:56| Views: 984 | Comments: 0
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Bulgaria: Kozloduy NPP to Stop Paying Dividend to Bulgarian Energy Holding Bulgaria's Minister of Economy and Energy Dragomir Stoynev, photo by BGNES

The Kozloduy NPP will be relieved of the obligation to pay dividend to the Bulgarian Energy Holding (BEH) in order to be able to cover the extension of the lives of unit 5 and 6.

Under a scheme introduced two years ago, a dividend from the profit of the Kozloduy nuclear power plant is redirected to BEH. In 2013, it amounted to BGN 280 000 000, according to reports of the Bulgarian National Radio (BNR).

The Kozloduy NPP has repeatedly insisted that the company be relieved of this obligation in order to be able to implement the project for the 10-year extension of the lives of the 100-MW units 5 and 6 without taking a loan and by using its own resources.

Stoynev, as cited by BNR, said Thursday that the final calculations on the project for the extension of the lives of units 5, 6 of the N-plant had to be seen in order to decide on the necessary steps.

"I can assure you that units 5 and 6 of the Kozloduy NPP will continue working. At present, the top priority is upgrade of units 5 and 6, the second most important task being, apart from the South Stream gas pipeline, the construction of unit 7 of the Kozloduy NPP," he declared.

The Energy Minister also said that intensive talks were underway with US energy company Westinghouse on the project, adding that unit 7 of the Kozloduy NPP would only be built in the case of a clearly structured financial model.

As regards the intentions of the state to buy bankrupt fertilizer plant Chimco AD, also known as Himko AD, and to restore a part of its production, Dragomir Stoynev explained that funding had already been earmarked for the acquisition and upgrade of Himko.

He added that a trial launched by "extortionists" at an appellate court was preventing the    receiver from organizing the second tender for the bankrupt fertilizer plant at which the state intended to buy it.

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Tags: fertilizer plant, Chimco AD, Westinghouse, Nuclear Power Plant, Kozloduy NPP, BEH, Bulgarian Energy Holding, Dragomir Stoynev, South Stream gas pipeline, Unit 7
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