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Bulgaria's NEK Accumulated BGN 2.9 B of Debts 2010-2014

Business » ENERGY | June 26, 2014, Thursday // 12:59| Views: 4810 | Comments: 0
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Bulgaria: Bulgaria's NEK Accumulated BGN 2.9 B of Debts 2010-2014 DKEVR head Boyan Boev at a session of the energy watchdog held Thursday, June 26. Photo by BGNES

State-owned National Electricity Company (NEK) piled up debt worth BGN 2.9 B (EUR 1.45 B) in 2010-2014, energy watchdog DKEVR's chief Boyan Boev said Thursday.

Some BGN 1.5 B of the sum are unrefunded costs related to "public electricity supplies," Boev was quoted by website Dnevnik.bg as declaring at a session of DKEVR.

"Investment expenses" amount to BGN 1.4 B, with 694 M of them spent on the Tsankov Kamak hydroelectric power plant and 784 M from the Belene NPP.

DKEVR, the State Commission for Energy and Water Regulation, earlier announced it would give a report on the financial gaps in the energy system.

Its move comes after it declared intentions to seek reduction of electricity purchased from Maritsa Iztok-1 and ContourGlobal Maritsa East 3 TPPs.

DKEVR would also aim at curbing amounts of electricity generated by renewable sources.

Energy system has been considered to be in a dire situation for years, with some experts suggesting the government keeps electricity prices artificially low to prevent mass disgruntlement.

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Tags: ContourGlobal Maritsa East 3, Maritsa Iztok-1, Tsankov Kamak, Belene NPP, Boyan Boev, DKEVR, NEK
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