Bulgaria hopes to renegotiate by end-March its contracts with US-based AES Corporation and ContourGlobal for the purchase of electricity from their power plants AES Maritsa East 1 and ContourGlobal Maritsa East 3, Energy Minister Temenuzhka Petkova has said.

Under contracts signed more than a decade ago Bulgaria's National Electricity Company has been purchasing electricity from the two thermal power plants at prices higher than the average market prices paid to other producers.

Bulgaria's energy watchdog DKEVR in May 2014 sought changes to the contracts with the two power plants. AES owns a majority stake in Maritsa East 1, while ContourGlobal is majority owner of Maritsa East 3.

Darik radio quoted Petkova as saying on Tuesday that urgent measures were needed to address the deficit at the National Electricity Company which exceeded BGN 3B.

An audit was underway in the energy sector and checks were carried out in all energy companies, Petkova added.

At present negotiations were being held with AES Corporation and ContourGlobal which have expressed support for the initiative of the Energy Ministry.

Petkova expressed hope that a positive outcomes of the negotiations will become evident soon.

She also said that the the Finance Ministry watchdog, the Public Financial Inspection Agency, was conducting audits at the National Electricity Company as well as AES Maritza East 1, state-owned Maritsa East 2 and ContourGlobal Maritsa East 3 power plants.

Inspections are to be conducted at all other state-owned and private companies to find in what shape Bulgaria's energy sector is.

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