Bulgaria to Renegotiate Long-Term Contracts with AES, ContourGlobal TPPs

Business » ENERGY | February 20, 2015, Friday // 14:01
Bulgaria: Bulgaria to Renegotiate Long-Term Contracts with AES, ContourGlobal TPPs Bulgarian Energy Minister Temenuzhka Petkova. Photo: BGNES

Bulgarian Energy Minister Temenuzhka Petkova announced that the long-term contracts between the National Electricity Company (NEK) and the two thermal power plants AES Maritza East 1 and ContourGlobal Maritsa East 3 will be renegotiated.

Petkova stated this during a conference at which she presented account of her first 100 days in office, Focus news agency reports.

The minister revealed that NEK and the two thermal power stations had signed a memorandum for understanding.

Petkova noted that since the new government entered into office, it started negotiations with the two thermal power plants.

NEK undertakes the commitment to transfer overdue payments, amounting to BGN 600 M to the two thermal power stations.

Under the present contracts, NEK purchases electricity from the two power stations at prices higher than the average market price paid to other producers.

It is expected that lower prices for the purchase of electricity from the two power plants will be negotiated.

The minister added that the Bulgarian energy sector was faced with heavy financial problems and the reasons for its current state have accumulated over the years.

Petkova pointed to the determination of the incumbent government to seek solutions of the problems rather than their postponement.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Energy » Be a reporter: Write and send your article
Tags: Bulgaria, energy, electricity, NEK, thermal power plants, thermal power stations, Maritza East 1, Maritsa East 3, AE, ContourGlobal, contracts, prices
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria