European Commission Grants Greece 1 Billion Euros for Renewable Energy Projects
With the aim to bolster renewable energy infrastructure, the European Commission has greenlit funding of 1 billion euros for two key projects in Greece
Power distributors must pay back BGN 318 M to Bulgaria's National Electric Company by Tuesday or face a license termination procedure and referral to the prosecuting authority.
Speaking Sunday during a seminar of ruling party the Bulgarian Socialist Party (BSP) in Borovets, Economy and Energy Minister Dragomir Stoynev drew attention to concerns that the
Members of the Bulgarian Socialist Party explained they were worried by the abuse of power distributors which failed to keep their contractual obligations.
"The matter involves a methodology for offsetting costs for renewable energy which was in effect during the term in office of GERB (Citizens for European Development of Bulgaria (GERB) government in 2012-2013. This methodology was dropped following a decision of a 5-judge panel of the Supreme Administrative Court (VAS) but the abolition was not triggered by problems with the methodology but by procedural breaches. On the basis of this decision of VAS, power distributors started arbitrarily offsetting their expenses by not paying invoices of the National Electric Company (NEK)," he explained, as cited by Darik radio.
He said that VAS had not authorized power distributors to offset such expense using payments to NEK, adding that the move created an imbalance in the system.
Stoynev underscored that the power distributors had coordinated their activities so as to stop payments to NEK simultaneously.
Bulgaria's Energy and Economy Minister noted that the actions of the three power distributors could be interpreted as an attempt to destabilize the energy system, thereby endangering Bulgaria's national security.
Westinghouse Electric Company has strengthened its Bulgarian supply chain for the Kozloduy AP1000® project, signing memoranda of understanding with seven Bulgarian companie
The European Bank for Reconstruction and Development (EBRD) has invested €50 million in the first bond issuance by Bulgaria's Eastern Europe Electric Company (EEEC)
Turkey has significantly increased its natural gas exports, with a notable surge driven by the development of the Sakarya gas field in the Black Sea
Elliott Investment Management, led by billionaire Paul Singer, is exploring the possibility of acquiring a stake in a set of Bulgarian infrastructure assets, which includes a key extension of the TurkStream gas pipeline
The liberalization of the electricity market for households — meaning that residential consumers would join the free electricity exchange where businesses have traded for years — is being postponed.
Turkey is advancing its energy strategy in the Balkans with new agreements aimed at deepening its influence in the region
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