The Bulgarian Photovoltaic Association (BPVA) has proposed the establishment of an energy board for the financial stabilization and restructuring of the energy sector.

Meglena Rusenova, BPVA Chair, explained Monday that the proposal had been triggered by the processes taking place in the energy sector over the past few days.

Rusenova, as cited by the Bulgarian National Radio, noted that the energy board would urgently attract authoritative international institutions which would support the reforms in the sector and guarantee the prevention of the bankruptcy of the National Electric Company (NEK), as well as chain bankruptcies of other energy companies.

Rusenova declared that the only way to secure long-term financial stability of the energy system was through the establishment of an energy board.

"The energy board should be introduced with the support of the European Commission, the World Bank, the European Bank for Reconstruction and Development (EBRD), and the European Investment Bank (EIB), which can provide the necessary funding for the restructuring and the financial stabilization of the sector. Piecemeal decisions only create additional financial burdens. Apparently, NEK is in a state of technical bankruptcy, which is worrying for all of us as investors and Bulgarian citizens," she explained.

Rusenova declared that the energy board was to guarantee the provision of technical assistance for the State Commission for Energy and Water Regulation (DKEVR) and the appointment of external managers who would run the Bulgarian Energy Holding (BEH) and NEK in a publicly accountable manner in a competitive environment.

She insisted that the only way to achieve the financial stabilization of the energy sector was to ensure market relations and a liberalized market.

The BPVA Chair said that Bulgaria's energy sector had been brought to a state which required urgent and radical measures.

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