State Commission for Energy Regulation demanded more information on the financial condition of US company AES, before it gives it a license for generating electricity at the Maritza East 1 thermal power station. A month ago the company submitted documents with the State Commission for Energy Regulation for obtaining a licence for generating electricity at the Maritza East 1 thermal power station and construction of new units. The company signed a contract with the Bulgarian National Electricity Transmission Company in June 2001. Under the contract AES is to invest USD 850 M in renovation and construction of new 670 MgW units of Maritsa Iztok 1 thermal power plant. The Energy Ministry expects the company to provide funds till the end of the year, following German’s KfW refusal to grant credits under the project. The Commission is carefully following the AES shares price after it posted an 81% fall in profits in the first quarter of the year. In 2001 the company’s profit went down from USD 795 M to USD 273 M, and AES announced it plans to sell projects in South America and Europe.

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