Power Price Hike as of October 1 in Bulgaria Is Inevitable – Watchdog Member

Business » ENERGY | August 29, 2014, Friday // 10:54
Bulgaria: Power Price Hike as of October 1 in Bulgaria Is Inevitable – Watchdog Member Photo by BGNES

A power price hike as of October 1 is unavoidable, according to Elenko Bozhkov, member of Bulgaria's State Commission for Energy and Water Regulation (DKEVR).

The inevitability of an increase in electricity prices was echoed by caretaker Finance Minister Rumen Porozhanov, who suggested that the deficit incurred as a result of the inconsistent policy of DKEVR had to be compensated.

However, neither Bozhkov, nor Porozhanov specified a concrete amount of the imminent price hike.

In a Friday interview for the morning broadcast of the Bulgarian National Television, Bozhkov argued that power rates had been artificially kept below cost over the past year.

The DKEVR member went on to deny conflict of interest claims and was adamant that he would not resign.

Bulgaria's caretaker government demanded the resignations of DKEVR Chair Boyan Boev and two DKEVR members, Lilyana Mladenova and Elenko Bozhkov, due to suspicions of conflict of interest

Boev and Mladenova resigned on Thursday after talks with Vasil Shtonov, caretaker Minister of Economy and Energy, but Bozhkov refused to step down.

DKEVR members have 5-year terms in office and the only way to replace them is establishing a case of conflict of interest, according to mediapool.bg.

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Tags: electricity prices, State Commission for Energy and Water Regulation, DKEVR, Elenko Bozhkov, Boyan Boev, caretaker Economy and Energy Minister, Vasil Shtonov, resignation, Rumen Porozhanov, Caretaker Finance Minister
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