Bulgarian Energy Holding Looking for Money to Pay Debts
, NewsSpeaking to reporters, she added the BEH would launch a procedure to secure funding by the end of next week.
The total amount of debts owed by the state-owned utility National Electricity Company (NEK) to the power stations is approximately BGN 900 M (EUR 450 M), public broadcaster BNR quotes Petkova as saying.
The minister explained that BEH had intended on launching the procedure earlier, but decided to wait until the national energy watchdog KEVR announced new power prices for industrial consumes. Highers electricity rates for businesses have been in force since August 1.
Another reason for the delay were “negotiations with ContourGlobal which went on for a little longer than what was planned,” Petkova added.
Paying off debts was part of a deal between the government, AES and ContourGlobal that was signed in April and which allowed NEK to save some BGN 100 M every year through amendments of long-term contracts for purchasing energy from the two power plants.
In March, Fitch Rating lowered BEH’s long-term foreign currency issuer default rating to BB from BB+, a negative development in light of BEH’s forthcoming attempts to secure a loan.
LATEST NEWS
- June 14, 2023 The Serbian Institute for Critical Materials launches a regional mining platform for knowledge exchange
- April 24, 2023 Without sustainable mining, there is no renewable future
- March 25, 2023 Europe revives mining to reduce dependence on the import of key raw materials
- March 8, 2023 Calcium Carbonate Industry, Reshaping the Market Growth, Serbian supplier to match European industrial demand
- August 13, 2023 Environment South East Europe Watch temporarily suspends the activity
- August 9, 2023 Regional Coalition Aims to Protect Up to 400 Kilometres of Rivers Across Southeast Europe
- August 9, 2023 Meeting Serbia’s Energy Needs: A Smart Siting Map for Solar Power
