Bulgaria Backpedals on Stripping CEZ Power Utility License

The Bulgarian State has ceded Wednesday from an earlier decision to immediately strip the local unit of power distributor CEZ of license.

Instead, the State Commission for Energy and Water Regulation (DKEVR) issued a deadline of April 16 for CEZ to eliminate all established violations. On this date, DKEVR will hold a new sitting to examine again the issue with the revocation of license.

No further details are available at the moment, but one day earlier Prime Minister Boyko Borisov suggested at a press conference that the license of the Czech energy company would be revoked by the end of the day.

The latest news, however, came in the aftermath of Borisov's sudden decision to resign from the post.

After he announced his surprising plan, it also emerged that DKEVR is backpedaling on intentions to lower electric power prices.

Its management has explained that they have not yet received a request for changing the quotas of the National Electric Company, NEK, and of the Energy System Operator, ESO, and no decision could be made without them by the regulator.

At the same press conference, Borisov pledged the prices of electric power will go down by 8% by March 1.

The DKEVR lawyers have failed to explain Wednesday if the above was legally possible and if there will be any reduction of prices of electricity at all.

Yuliana Ivanova, who resigned as DKEVR Chair but will keep the post until a replacement is appointed, has stated for the offnews site that she had not spoken to Borisov, meaning she has learned from the media about his idea to reduce prices by 8%.

It was reported meanwhile that investors are selling in mass shares on the Bulgarian Stock Exchange and stocks of leading companies are crashing.