Bulgarian Parliament Approves Financial Aid Bill for Payment of NEC's Debt

Business » ENERGY | September 28, 2016, Wednesday // 11:03| Views: | Comments: 0
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Bulgaria: Bulgarian Parliament Approves Financial Aid Bill for Payment of NEC's Debt BGNES

The Bulgarian Parliament approved at second reading the draft bill for granting financial aid for the payment of the debt of the National Electric Company (NEC).

After the approval of the draft bill, NEC will receive non-refundable financial aid from the state budget via the budget of the Energy Ministry for the payment of its debt under the arbitration ruling on the Belene nuclear power plant.

NEC will not pay interest on the aid and it will not provide collateral.

The conditions for granting the aid will be determined by the Council of Ministers and on the basis of an Agreement between the Energy Minister and NEC approved by the Council of Ministers.

The aid will be granted only after an approval by the European Commission. The Energy Minister will administrate the aid.

During the debates in Parliament, BSP accused the government of giving NEC a “blank cheque” because the amount of the financial aid has not been fixed.

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Tags: Belene, Arbitration, energy, NEC
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