EFT Group Denies Electricity Export Allegations

EFT Group denies media allegations that its purchase of energy from NEK reserves has damaged the state supplier. Photo by BGNES

EFT Group has denied allegations in the press that the purchase of energy from the energy reserve of the National Electricity Transmission Company (NEK) has incurred damages to the state company.

On the occasion of the publications in the Bulgarian press in the last two days concerning the company EFT Group, it has expressed its astonishment that its name has been used in an incorrect manner and that trade relations with NEK had been inaccurately represented.

"EFT was the only energy company in the region that accepted the offer by NEK to buy surplus energy stocks in 2003. As usual, EFT bought these energy reserves at their official market price and with this purchase it did not cause any damages to NEK. In fact, the opposite happened. Thanks to EFT, NEK was able to sell its surplus energy reserves, since the supply of energy for Turkey was halted in 2003," said James Nye, Senior Director of EFT.

The company has stressed that the energy exports in the period from 2003 to 2007 have already been analyzed in detail by various state institutions, but that the Sofia prosecutors office had ordered the case to be investigated again because of a letter by the environmental organization "Ecoglasnost".

In the publications, it was claimed that NEK has sold excess energy to EFT - a company formed 2 months before receiving the offer of mediation. Indeed, during those transactions in 2003, EFT was already a company with good market positions and leading trader of electricity in the region, which served all the energy companies and more than 100 industrial customers in Western, Central and Eastern Europe. In 2007, EFT AG - the Swiss subsidiary of EFT Group - separated from EFT LTD - the British subsidiary of EFT Group, as a key mediator of NEK.

EFT stated that it is a leading company for trading with energy reserves in Central and Southeastern Europe. The company operates in 19 countries and is staffed by 550 people. In 2008 it has delivered more than 17 terawatt hours of energy and had a turnover of 1 billion Euro. Over 60% of this turnover has been realized in the EU markets, where the company trades daily with six offices for transmission of energy stocks.

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