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Social Rider in Privatization Deal over Bulgaria's Power Utilities
Business | July 25, 2003, Friday // 00:00
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The commissions on energy and economy policy with the Parlaiment in Sofia approved the social section to the strategy for the privatization of Bulgaria's seven power distribution utilities.
Milko Kovachev, Bulgaria's energy minister, commented that it was not only a formal rider.
He said involving the syndicates in the privatization of the seven power distribution utilities aims at forging confidence that this would be a useful deal for Bulgaria's economy.
The rider says that possible buyers are not allowed to bring on salaries and social expenses under a certain threshold for two years. The syndicates will also negotiate with the potential buyers for the common labor conditions, social partnership as well as collective contracts.
In early July it was announced that strategic investors with a minimum of EUR 1 B of their own capital and annual sales over 8-12 billion kWh are eligible for the privatization of a 67-percent stake in Bulgaria's seven electricity distribution companies.
Milko Kovachev, Bulgaria's energy minister, commented that it was not only a formal rider.
He said involving the syndicates in the privatization of the seven power distribution utilities aims at forging confidence that this would be a useful deal for Bulgaria's economy.
The rider says that possible buyers are not allowed to bring on salaries and social expenses under a certain threshold for two years. The syndicates will also negotiate with the potential buyers for the common labor conditions, social partnership as well as collective contracts.
In early July it was announced that strategic investors with a minimum of EUR 1 B of their own capital and annual sales over 8-12 billion kWh are eligible for the privatization of a 67-percent stake in Bulgaria's seven electricity distribution companies.
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