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ELECTRICITY PRICES POSSIBLY GO DOWN IN 2004

Business | June 14, 2001, Thursday // 00:00

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The reduction of prices from TPPs Maritsa-East 1 and 3 will be implemented in three phases. The contracts with US companies AES and Entergy for new construction and rehabilitation of TPPs Maritsa-East 1 and 3 were signed on June 13. Initially the Bulgarian National Electricity Company (NEK) will purchase the electricity at $0.03 from Entergy and at $0.043 from AES. In 2019 the price is expected to reach $0,022, Danail Tafrov, CEO of National Electric Company (NEK) said yesterday. The first reduction of prices will occur after completing of negotiations with investors and bank creditors. Next price drop is possible if more profitable terms for loans are negotiated. No details were revealed for the third revision of the prices. NEK will start buying electricity from TPPs Maritsa-East 1 and 3 from 2004.

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