Bulgaria’s Employment Strategy Struggles to Shift Focus from Temporary Subsidies to Long-Term Skills
Bulgaria’s Ministry of Labor and Social Policy released its National Employment Action Plan (NAP) for 2025 in early May,
Bulgaria's state energy holding company, which groups the country's top energy assets, plans to tap international markets by the beginning of March to repay its debt.
The group aims to issue EUR 400 M worth of bonds, much higher than the initially set targets of USD 300 M or EUR 250 M, Chief Executive Mikhail Andonov said in an interview for 24 Hours daily.
The money will be used for refinancing the existing debt to BNP Paribas for the nuclear power plant project at Belene.
The previous Socialist-led government hired in 2007 BNP Paribas SA to arrange a EUR 250 M loan, assess the financial risks and prepare tenders to select banks for funding the project at the Danube river town, whose price tag towered from EUR 4 B to EUR 10 B.
NEK's poor results, triggered by a fall in power consumption, however forced it to breach the conditions on the loan, making it callable.
BNP Paribas SA, France's largest bank by market value, ditched the project in February 2010.
Fitch, the rating agency which was surprisingly selected by the state energy holding company, is expected to award the company a credit rating between January 12-15.
The company expects to be awarded the same credit rating as Bulgaria in November and to tap international markets at the beginning of next year.
Standard and Poor's rate Bulgaria at investment BBB grade, Moody's – at Baa2 by Moody's and Fitch - BBB-.
Bulgaria officially broke up with Fitch in March 2010 in a bid to cut costs and amid a flood of negative assessments and warnings, which Sofia slammed as manipulation of public opinion and blackmail par excellence.
It is not right if a small country such as Bulgaria pays BGN 300,000 each year to be rated by yet another rating agency, the finance ministry commented back then.
The statement echoed the comments of local analysts, according to whom the gloomy forecasts for Bulgaria that Fitch Ratings had lately begun to churn out were in response to the state decision to suspend its contract with the agency.
Insiders say Finance Minister Simeon Djankov was surprised by BEH decision to contract Fitch rating agency, but was assured its bid was the best.
EH was incorporated in 2008 with a decision of the previous Socialist-led government.
BEH EAD is a shareholding company with 100% state owned participation. The Holding includes Mini Maritsa Iztok EAD, Maritsa East 2 TPP EAD, Kozloduy NPP EAD, NEK EAD, Electricity System Operator EAD, Bulgargaz EAD, Bulgartransgaz EAD and Bulgartel EAD.
All companies, brought together in the holding structure, preserve their operational independence and licenses, as they are all owned and directly subordinated to the corporate center BEH EAD.
The Bulgarian Energy Holding EAD is one of the largest companies in the region, and national energy leader.
Bulgaria tapped this summer international markets to raise funds to repay the first tranche of about EUR 835 M (USD 1.07 B) in 11-year eurobonds maturing on January 15, 2013. The next tranche however is due in 2015 and Sofia may be forced to go to the markets again.
From July 1, 2025, Bulgarian households are expected to see an average increase of just under 5% in their electricit
Since its commercial launch at the end of 2022, the Greece–Bulgaria gas interconnector (IGB) has transported more than 34.5 million MWh of natural gas
The upcoming changeover from the lev to the euro in Bulgaria will not drive fuel prices up
Greek media and energy sector figures have raised sharp criticism over the way the Greece-Bulgaria gas interconnector (IGB) is being operated, claiming it harms Greece’s national interests
Bulgaria’s Minister of Energy, Zhecho Stankov, has assured that the adoption of the euro will not lead to an increase in electricity prices
The Vertical Gas Corridor is projected to be completed by mid-2026, with over 450 workers currently engaged on the project
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