Bulgaria Govt Doing its Best to Avoid Power Price Spike - MP

Business » ENERGY | February 12, 2014, Wednesday // 11:57
Bulgaria: Bulgaria Govt Doing its Best to Avoid Power Price Spike - MP Yavor Kuyumdzhiev, MP of the Bulgarian Socialist Party (BSP) and Deputy Chair of the Parliamentary Energy Committee, photo by BGNES

Socialist MP Yavor Kuyumdzhiev has assured that the government will do everything possible to prevent electricity prices from increasing.

In a Wednesday interview for the Bulgarian National Radio (BNR), Kuyumdzhiev, Deputy Chair of Bulgaria's State Commission for Energy and Water Regulation (DKEVR), described the request of power distributors for an increase in power rates by 7-9% as absurd and expressed hopes that the energy watchdog, which was to make the final decision, would reject the motion.

He drew attention to the fact that power distributors always wanted to recover their investments within a year and to be provided with state guarantees for that.

Kyuymdzhiev rejected accusations that the Bulgarian Socialist Party (BSP) was trying to postpone an increase in electricity prices after the European Parliament elections in May 2014.

He made clear that an expert group at the government had been tasked with drafting an energy strategy by 2030, adding that the next step would be to extend the projection period by 2050.

Power distributors have requested an increase in electricity prices by 7-9% as of July 1, stressing that the tariffs had been reduced three times in 2013 almost entirely at their expense, according to reports of econ.bg.

Dragomir Stoynev, Minister of Economy and Energy, argued last week that electricity prices were expected to remain unchanged in 2014.

Representatives of the three power distributors operating in Bulgaria have said they will go bankrupt unless electricity prices increase.

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Tags: Yavor Kuyumdzhiev, State Commission for Energy and Water Regulation, DKEVR, electricity prices, Dragomir Stoynev, Economy and Energy Minister, power distributors, electricity prices
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