Bulgaria Govt Vows to Break up Energy Mega Structure

Business » ENERGY | April 9, 2010, Friday // 14:56
Bulgaria: Bulgaria Govt Vows to Break up Energy Mega Structure The Bulgarian Energy Holding was created in 2008 with the merger of five state-owned companies into a EUR 4 B energy giant. Photo by BGNES

Bulgaria's center-right government has renewed plans to dissolve a mega-structure, which groups all big state-owned energy firms.

"We are currently making an analysis on how to transform the structure,” Economy and Energy Minister Traicho Traikov said on Friday.

An interim management will run the company until the analysis is wrapped up, including Dobrin Stefkin and the deputy economy and energy ministers Maya Hristova and Evgeni Angelov.

Shortly after coming into office in July Bulgaria's Prime Minister Boyko Borisov announced plans to close the mega-structure Bulgarian Energy Holding that groups all big state-owned energy firms, but failed to push them through.

The cabinet subjected the Bulgarian Energy Holding to financial checks to find out how the money poured into it for raising its capital has been used.

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, Simeon Djankov

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