CEZ Offers Settlement to Bulgaria's Energy Company

Business » ENERGY | April 7, 2014, Monday // 17:10| Views: | Comments: 0
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Bulgaria: CEZ Offers Settlement to Bulgaria's Energy Company Petr Dokladal, Chairman and Regional Manager of CEZ Bulgaria. Representatives from the company have said that negotiations are already being held with the National Electricity Company. Photo by BGNESf

Power distributor CEZ has proposed a settlement to the Bulgarian National Electricity Company (NEK), officials from the state-owned utility announced Monday. On Tuesday CEZ sent a letter to NEK saying it was ready to engage in a dialogue over its debts to NEK.

If such negotiations occur, NEK is ready to provide "about BGN 38 M [EUR 19 M]" (out of BGN 75 M) of its liabilities to NEK, Dnevnik.bg has reported.

According to the website Investor.bg, which cites CEZ representatives, negotiations are already taking place, but officials from the company have declined to enter into details.

Bulgaria's state watchdog DKEVR decided to give power distributors some more - until April 28 - time so that they could get to know "new evidence" suggesting the amount of debt to NEK.

On its Monday session, DKEVR was to say whether it would suspend permits of three power distributors operating in Bulgaria over their failure to pay a total of BGN 350 M to the electricity company, but put off the decision.

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