Bulgaria's National Power Utility to Seek 15% Price Increase

Mihail Andonov, the new head of BEH, has said that the national power utility will seek a price increase of at least 15% from July. Photo by BGNES

The National Electricity Company (NEK) is expected to seek a price increase of at least 15% from July 01, according to Mihail Andonov, the new Director of the Bulgarian Energy Holding (BEH).

In a Monday interview for the Bulgarian National Radio (BNR), Andonov explained that the electricity prices approved by the State Commission for Energy and Water Regulation (DKEVR) for the regulatory period expiring in end-June were injurious to the company.

Andonov argued that the national power utility was servicing its debts with a delay of 10-15 days.

The new Director of BEH went on to say that efforts were being made to negotiate a lower price of Russian natural gas.

Without going into details, he outlined how Bulgaria would act and what penalties it would have to pay in the case of a termination of the Belene NPP project.

He insisted that the decision would agree with Bulgaria's economic interests.

Andonov said that the prompt completion of the gas grid interconnections would be treated as a priority task.

Delyan Dobrev, the new Minister of Economy, Energy and Tourism,  dismissed Sunday Yordan Georgiev, Executive Director of the Bulgarian Energy Holding (BEH), and appointed Mihail Andonov in his place.

BEH comprises Bulgaria's largest state-owned energy assets, including the Kozloduy NPP, Bulgargaz, Bulgartransgaz, NEK, etc.

BEH also represents Bulgaria in the South Stream and Nabucco gas pipeline projects.

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