Bulgaria's National Electric Company Entangled in Debt

Business » ENERGY | January 20, 2014, Monday // 10:57
Bulgaria: Bulgaria's National Electric Company Entangled in Debt Dragomir Stoynev, Bulgaria's Minister of Economy and Energy. Photo by BGNES.

Bulgaria's National Electric Company has run into debt amounting to BGN 2.353 B by the end of 2013, according to the Economy and Energy Minister Dragomir Stoynev.

The official "Analysis and state of energy in Bulgaria for 2012-2013" report by Minster Stoynev specifies as the main reason for NEK's difficult financial situation the energy prices which do not fully cover green energy.

The company's liability includes Bulgarian and foreign bank loans totaling to BGN 545 M, as well as BGN 805 M payments to energy producers.

According to the Ministry of Economy and Energy, the reduced domestic energy consumption, the high transmission charges and the drop in exports are the main causes behind NEK's financial headache.

The high prices of green energy are the underlying factor for National Electric Company's current debts, according to Minister Stoynev.

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Tags: NEK, National Electric Company, Ministry of Economy and Energy, Dragomir Stoynev, report
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