US PROJECTS PUSH THERMAL STATION ELECTRICITY PRICE UP

Business | January 26, 2002, Saturday // 00:00

The price of electricity generated by the Maritza East 1 thermal power station will go up by 10%, and Maritza East 3 electricity - by 3.6 % if US investors AES and Entergy projects are realized, Energy Minister Milko Kovachev said at the parliamentary control session. A report with the project’s assessment has been prepared and presented to Prime Minister Simeon Saxe-Coburg. The EUR 1,600 M investment under the AES project for two new units at Maritza East 1 and Entergy's project for rehabilitation of Maritza East 3, is the largest private investment in the Bulgarian economy. The production capacity is projected to meet 16%-20% of Bulgaria’s electricity consumption, using locally mined coal. Minister Kovachev pointed out trade agreements signed with AES and Entergy have not entered into force yet. For this to happen agreements with the creditor banks have to be signed first.

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