Top-Level Reshuffle in Bulgaria's Electricity Sector

Bulgaria's Electricity System Operator (ESO) and the National Electric Company (NEK) have undergone a reshuffle of senior staff amid a scandal over the delayed separation of ESO from NEK and potential penalties by the European Commission.

Bulgaria's newly appointed Deputy Economy and Energy Minister Ivan Ayolov has been appointed a member of the Board of Directors of the Electricity System Operator (ESO).

Ivo Lefterov, whose prior occupation was CEO of the National Electric Company (NEK), has been appointed CEO of ESO, according to reports of Capital daily.

ESO's BoD also welcomes Kamen Todorov, former NEK employee.

Vladimir Inkov, who was part of the BoD of ESO and was in charge of public procurement at the Bulgarian Energy Holding (BEH), has been appointed CEO of NEK.

The BoD of NEK also welcomes Lazhezar Borisov, former District Governor of Vratsa and former Deputy Economy and Energy Minister during the term in office of the three-way coalition government.

According to unconfirmed reports of mediapool.bg, the Chief Executive of Bulgaria's gas transmission operator Bulgartransgaz Kiril Temelkov is expected to leave office, while Dimitar Gogov, CEO of state-owned gas supplier Bulgargaz is expected to keep his job.

Apart from the reshuffle of senior staff at ESO and NEK, the Bulgarian Energy Holding (BEH) has bought all 66 042 523 shares of ESO from NEK for the sum of BGN 57.847 M, according to Trade Register data cited by dnevnik.bg.

The delayed spin-off of ESO from NEK has made headlines over the past few weeks, with Economy and Energy Minister Dragomir Stoynev claiming that Bulgaria faces a daily fine of BGN 9000 by the European Commission over non-compliance with the June 30 deadline, and the EC coming up with a correcting statement.

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