Bulgaria's National Electric Company Entangled in Debt
Bulgaria's National Electric Company has run into debt amounting to BGN 2.353 B by the end of 2013, according to the Economy and Energy Minister Dragomir Stoynev.
The official "Analysis and state of energy in Bulgaria for 2012-2013" report by Minster Stoynev specifies as the main reason for NEK's difficult financial situation the energy prices which do not fully cover green energy.
The company's liability includes Bulgarian and foreign bank loans totaling to BGN 545 M, as well as BGN 805 M payments to energy producers.
According to the Ministry of Economy and Energy, the reduced domestic energy consumption, the high transmission charges and the drop in exports are the main causes behind NEK's financial headache.
The high prices of green energy are the underlying factor for National Electric Company's current debts, according to Minister Stoynev.
- » Bulgaria Cannot Uphold Agreement on Kozloduy NPP Unit 7 with US Westinghouse - PM
- » Bulgaria’s Gorna Arda Hydropower Complex Project Not Frozen
- » Construction of Gas Interconnector Greece-Bulgaria May Start in March 2016
- » Bulgargaz CEO Anticipates 13% Gas Price Decrease from April, 10% Decrease from July
- » Bulgarian Project Company for Oil Pipeline Burgas-Alexandroupolis Welcomes New CEO
- » Bulgarian Energy Ministry to Review Westinghouse Contract
Dear Dra-gi Stoynev, let's face it, neither you, nor anyone, can explain exactly how this happened, nor can anyone account for this disastrous situation in the energy sector and within the Ministry of Energy in Bulgaria. It has been snowballing for years, because no one actually knows what they are doing, and too many people have been making up the rules as they go along, and alot of cream has been disappearing into afew fat-cat pockets; here, there and everywhere.
"debt amounting to BGN 2,353 B by the end of 2013, according to the Economy and Energy Minister Dragomir Stoynev.".....................Now either Dragi or Novinite has mis quoted the actual amount; it must be 2.3 Billion Bulgarian, not 2353 Billion BGN debt: but either way, this screams total INCOMPETENCE in the whole sector.
When the whole country comes out to demonstrate regarding energy costs, as happened last winter, it is a sure sign that something is TERRIBLY wrong; and due to ALL previous governments and administrators.
Stoynev's paltry excuse of "green energy" being the problem, is just a major cop out and ministerial BS, because he doesn't know what else to say. He's the new kid on the block and has to justify his existence somehow.