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Bulgaria's National Electric Company Entangled in Debt

Business » ENERGY | January 20, 2014, Monday // 10:57| Views: 2123 | Comments: 3
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Bulgaria: Bulgaria's National Electric Company Entangled in Debt Dragomir Stoynev, Bulgaria's Minister of Economy and Energy. Photo by BGNES.

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.

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Tags: NEK, National Electric Company, Ministry of Economy and Energy, Dragomir Stoynev, report
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» To the forumComments (3)
#3
Taro - 20 Jan 2014 // 23:13:25

And then on top they are wet dreaming of Belene for at least 5 billions Euro (or more) which will never ever pay pack its investment.

#2
Mat - 20 Jan 2014 // 19:23:20

Perhaps things would be better if they didn't give energy to private third parties to sell overseas for huge profits....

#1
Tania Oz - 20 Jan 2014 // 12:13:20

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.

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