LIVE: Bulgarian Government Presents Support Measures to Help Businesses and Consumers to Cope with High Energy Prices

Representatives of three  Bulgarian ministries present support measures that the caretaker government plans in the energy sector. Representatives of the Energy Exchange and Energy Watchdog also participated in the briefing. 

"In the last two months Bulgaria has had some of the lowest sustainable pricesin the EU. At certain periods lower prices were only in Poland. We have said many times that high prices are due to the post-coronavirus economic upturn, as well as many economic factors that we cannot influence.

However, thanks to the efforts of the government and all state authorities, we have so far managed to maintain the relatively lowest prices in the EU. This fact does not reassure us, we are looking for the internal mechanisms by which we have dedicated a series of meetings to the issue where we rallied around several measures that will reduce the burden on Bulgarian business and electricity consumers", explained caretaker Prime Minister Stefan Yanev. He stressed that the caretaker government was deliberately working towards all consumers having access to electricity and that it was in theoptimum possible price range. A scheme has been developed, together with energy and Water Regulatory Commission (EWRC), for compensation of businesses and consumers in the coming winter months, including the first months of the new year. These measures will be enshrined in Budget 2021, the PM explained.The second long-term measure relates to the development and validation of a National stand to serve within the EU for a more Europe-wide policy on state aid compensatory mechanisms or to temporarily reduce the burden of the price of the so-called "greener" economy, i.e. carbon emissions that are calculated in the price of electricity.T he Ministry of Finance, together with the                                            Bulgarian Stock Exchange and the Ministry of Economy, must develop a mechanism that will work to balance the interests of electricity producers, traders and customers and thus create the conditions for a flexible market and a reduction of market risk. риск.

Several short-term measures related to regualtory activities have also been considered – strengthening regulatory control over the market; changes in the methodology of price formation. According to the Prime Minister, these measures will provide  for calming down the siuaion further and createan opportunity for the market to be more adequate to what is happening. Another package of measures that were not yet ready but working on them is also being considered Yanev added. So thesmall and medium-sized enterprises can be supported by better market access and at prices that they can easily negotiate. This is also a way for end customers to directly trade on the exchange and not depend on traders", Yanev pointed out.

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