Bulgaria: Details about Biggest Power Theft in CEZ History
The Prosecutor's Office and the Interior Ministry are continuing the investigation into the large theft of electricity in the Sofia village of Herakovo.
Czech-based holding CEZ said late in January it considered withdrawing from the Bulgarian market.
CEZ holds the biggest power supply business in Bulgaria (providing electricity to more than 3 million customers), with revenues to the tune of BGN 1.4 B, the biggest electricity distribution company, several hydropower plants, and a now defunct thermal power plant.
Companies from France, Turkey and Romania have already shown interest in a possible deal, alongside "local holdings" with no substantial presence in the energy sector, according to Capital daily, which cites its own sources.
The daily cites constantly changing regulations in the energy sector and low profit as the more likely reasons for CEZ's intention, rather than "interest shown from investors" as the company has suggested.
Having entered Bulgaria in 2004, CEZ went through tumultuous years in its relationship with the Bulgarian regulator, KEVR, and the national electricity utility company NEK.
In July, it took Bulgaria to a court of arbitration over "failure to observe the investment protection provisions of the Energy Charter Treaty."
Petr Baran, a former CEZ director, told the Bulgarian National Radio that if the holding was indeed pulling out of the market, that sent a clear signal something was "wrong" in Bulgaria.
"It just means that a foreign investor is looking for stability, for clear rules that, if observed, give certainty that it could pursue its business. If these conditions aren't met, foreign investors would would hardly be interested in investing into Bulgaria."
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The Nuclear Regulatory Agency (NRA) has greenlit the phased transition to a new type of nuclear fuel for Unit 5 of Kozloduy Nuclear Power Plant (NPP), manufactured by Westinghouse
In a bid to enhance its energy security and diversify its gas supply sources, Bulgargaz is gearing up for the first deliveries of liquefied gas through the Alexandroupolis terminal, set to commence in May
The Greek national electricity company, PPC, has announced plans to acquire 500 megawatts of photovoltaic capacity in Bulgaria
Oil prices have surged due to renewed concerns about the Middle East conflict. Brent crude futures increased by 0.32% to 90.80 USD per barrel, while American WTI crude rose by 0.3% to 86.50 USD per barrel
Bulgaria's state-owned energy company, "Bulgargaz," has suffered a significant setback, losing 27% of its market share as a result of a contract with the Turkish company "Botas"
A remarkable shift in Bulgaria's energy landscape has been unveiled in the latest report from the Commission for Energy and Water Regulation, submitted to the Bulgarian parliament
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022