Bulgaria Socialists Slam Plan to Break up Energy Mega Structure

Business » ENERGY | August 29, 2009, Saturday // 11:18
Bulgaria: Bulgaria Socialists Slam Plan to Break up Energy Mega Structure Petar Dimitrov was part of the previous Socialist-led government, which merged its biggest energy companies into a EUR 4 B holding company last September. Photo by BGNES

Bulgaria's former energy ministers, members of the Socialist Party, have blasted plans of the new government to dissolve a mega-structure, which groups all big state-owned energy firms.

"The closure of the Bulgarian Energy Holding will be a mistake and will hurt the interests of the country and its citizens," former Energy Minister Petar Dimitrov commented.

He pointed out that major energy projects Bulgaria has committed to, including Belene nuclear power plant, Nabucco and e South Stream gas pipelines, need to be managed by this biggest body, which was set up by the previous government last year in a bid to strengthen the country's' position in the European power market.

His predecessor, Rumen Ovcharov, echoed his words, saying that the Bulgarian Energy Holding aimed to help the development of the energy sector on a national and regional scale by putting under one roof the available financial and experts' resources.

"The operations of the holding certainly need to be streamlined but I am not sure that making changes every year is the right way to go," Ovcharov said.

Bulgaria's recently elected prime minister announced on Friday plans to close the mega-structure Bulgarian Energy Holding that groups all big state-owned energy firms.

"The Bulgarian Energy Holding will be shut down as this is a structure that nobody needs," Boyko Borisov told the morning broadcast of Nova TV channel on Friday morning.

In his words the mega structure, which was set up in September last year by the previous Socialist-led government, will cease to exist "in a week or two".

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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Tags: Bulgarian Energy Holding, Boyko Borisov. Petar Dimitrov, Rumen Ovcharov

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