PM AUTHORISES MAJOR ENERGY DEALS

Business | May 30, 2001, Wednesday // 00:00

PM Ivan Kostov signed the permission for finalisation of the contracts with US companies AES and Entergy for new construction and rehabilitation of Maritza Iztok I and II coal mining and electricity generating units. Cabinet approval was needed for closing of the deal by the Bulgarian National Electricity Company (NEK). The projected investments are some UAS 1.3 billion, PM Kostov added. This might be the largest US investment in Bulgaria. Initially it was projected at USD 943 million. The expected export share of the two units for 2015 is between 4 billion and 4.5 billion kilowatt per hour. The US American Electricity Systems (AES) initially planned investments to the amount of USD 680 million. Entergy intended to invest in Maritza East 3 USD 263 million. The tender for the Maritza East 1 project was won by a consortium headed by Austom, and for Maritza East 3 - by Babkok respectively. The national Electricity Company (NEK) will purchase the Maritza East 1 generated electricity at 3.12 cents and that of Maritza East 3 - at 4.7 cents.

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