Ukraine Set to Receive $1.9 Billion Investment Boost from World Bank
The International Finance Corporation (IFC), a financial division of the World Bank, intends to invest 1.9 billion USD in projects in Ukraine over the next 18 months
Austrian energy company EVN has reached an out-of-court settlement with the National Electric Company (NEK) on an old dispute dating back to 2012 – 2013.
The amount is unknown but the Austrian group estimates that the funds agreed will raise its net profit for the current quarter by EUR 38 M.
According to data for May 2013, EVN had an unpaid bill by NEK for the purchase of energy for BGN 192 M. The company implemented an offsetting procedure but the state venture disputed the operation.
Now, the agreement is for an offsetting procedure again.
The agreement reduces the risk of Bulgaria being forced to pay a huge sum by the International Centre for the Settlement of Investment Disputes (ICSID) with the World Bank.
EVN’s suit is for EUR 600 M and at least a part of it is on the issue already settled with NEK.
Two other energy distribution companies have initiated suits of a similar nature – CEZ and Energo.Pro.
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The Nuclear Regulatory Agency (NRA) has greenlit the phased transition to a new type of nuclear fuel for Unit 5 of Kozloduy Nuclear Power Plant (NPP), manufactured by Westinghouse
In a bid to enhance its energy security and diversify its gas supply sources, Bulgargaz is gearing up for the first deliveries of liquefied gas through the Alexandroupolis terminal, set to commence in May
The Greek national electricity company, PPC, has announced plans to acquire 500 megawatts of photovoltaic capacity in Bulgaria
Oil prices have surged due to renewed concerns about the Middle East conflict. Brent crude futures increased by 0.32% to 90.80 USD per barrel, while American WTI crude rose by 0.3% to 86.50 USD per barrel
Bulgaria's state-owned energy company, "Bulgargaz," has suffered a significant setback, losing 27% of its market share as a result of a contract with the Turkish company "Botas"
A remarkable shift in Bulgaria's energy landscape has been unveiled in the latest report from the Commission for Energy and Water Regulation, submitted to the Bulgarian parliament
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