2013 begins with a complete change for Nuclear Power Plant Kozloduy. Till the end of January the first structural changes will be made, aiming at optimization of work. NPP’s inverstment plan for the coming year is quite ambitious-it is assessed to BGN 200 million. The company may apply for loans, if National Electricity Company does not pay its obligations to the amount of over BGN 200 million. Changes are planned in commercial procedures for sale of electricity, as well in order the latter to be made more transperant.
Source: Standart (04.01.2013)

Bulgaria's Kozloduy nuclear power plant (NPP) plans to apply for a fully-fledged electricity trading licence so it could sell electricity directly to the end consumers, the company's executive director, Valentin Nikolov, said on Friday. If the power plant operator is granted the licence by the country’s energy regulator, profits will increase by 5.0-10%, Nikolov said in an audio file posted on the website of the state-run Bulgarian National Radio. Bulgaria’s sole nuclear power plant currently sells electricity to clients in Germany, Austria and Italy through go-betweens. It operates both on Bulgaria's regulated electricity market, where it is obliged to supply a certain amount of electricity determined by the local energy regulator, and on the deregulated segment. In the first eleven months of 2012, the power station posted a profit of 150 million levs ($100.5 million/76.7 million euro), Nikolov added.
Source: investor.bg (07.01.2013)

PM Borissov: We will build unit 7 of Kozloduy NPP “The seventh unit of the Kozloduy NPP will be built. The entire world knows there is a nuclear power plant there with more than 1,000 engineers, experts, nuclear storage facilities and infrastructure,” PM Boyko Borissov said on Nova TV on Monday. “In order to avoid confusion, the definite answer in this referendum by those who sympathise with GERB must be “no”,” recommended PM Borissov, specifying that his position and that of GERB is for the development of nuclear power engineering at the Kozloduy NPP. Once again, he accused the former prime minister and BSP leader Sergey Stanishev that he had not signed a contract for the construction of the Belene NPP and that the referendum is another attempt of his to throw dust in the eyes of BSP’s supporters. “Stanishev was holding the pen to sign the contract, but he didn’t do it. He had the impudence to say that it is not him, but the head of the National Electric Company (NEK) who was authorised to sign the contract on the Belene NPP, which is correct by law. But the situation has not changed. It was NEK’s head who signed now, not the Government, but the signing depends on the political decision made,” commented PM Borissov. “We are for the construction of unit 7 of the Kozloduy NPP. It will be built at a place with no seismic activity, where people are accustomed to the Kozloduy NPP and we won’t have to look for more than BGN 20 bn for a new nuclear power plant,” added the Prime Minister. He stated that the Kozloduy NPP is being operated properly. “We have good relations with Russia. The new seventh unit is of the 2 + type, with a few improvements. There is no drama,” assured PM Borissov.
Source: Class (08.01.2013)

Valentin Nikolov, CEO of the Kozloduy NPP, has said that a seventh unit at the plant could be functional by 2020 or 2022. In a Monday interview for Nova TV, he suggested that the project for building a seventh unit at the nuclear power plant in Kozloduy had already attracted serious investor interest but he did not disclose details. He suggested that there was already investor interest in the project but did not disclose details. "In 20 years' time, when the exploitation deadline of units 5 and 6 expires, it is logical to replace them with units 7 and 8," Nikolov stated, as cited by investor.bg. The exploitation deadline of unit 5 of the Kozloduy N-plant expires in 2017 and the exploitation deadline of unit 6 expires in 2019. Several days ago, Prime Minister Boyko Borisov suggested that the life spans of the two Kozloduy NPP units would be extended, allowing Bulgaria to use them by 2030. The permission to extend the life spans of the Kozloduy NPP is also to be approved by Russia, which built the N-plant. Bulgaria's Prime Minister suggested that Russian scientists had better throw away their diplomas if they did not permit the extension of the lives of the two Kozloduy NPP units. Meanwhile, the European Parliament officially requested that Bulgaria, Lithuania, and Slovenia submit a plan and exact dates for the ultimate closure of their nuclear capacities, under a commitment made upon the EU accession of the countries. The project for Units 7 and 8 at the Kozloduy N-plant will also provide jobs for the workers at units 5 and 6 of the plant, who would otherwise have to look for new jobs. According to reports of investor.bg, the Danube town of Kozloduy has a population of over 13 000, with 4000 to 5000 of them employed at the Kozloduy NPP. The project for the new capacities at the Kozloduy NPP appeared after the GERB government suspended the Belene NPP project on the grounds that it was economically unfeasible. A referendum held on Sunday on the development of nuclear energy in Bulgaria through the construction of a new power plant attracted low turnout, yet 60.55% voted in favor of the construction of a new NPP in the country (according to preliminary results). With 97.14% of the votes counted, it emerged early on Monday that a total of 832 742 people had backed the potential construction of a new nuclear power plant, while 522 927 had voted against. The referendum was invalidated by low turnout, as merely 21% of the eligible voters cast ballots . As the turnout is over 20%, and more than half of the votes are positive, the question is to be returned to Parliament for further discussion.
Source: Monitor (29.01.2013)

New rules on wholesale of electricity by NPP Kozloduy as of March There will be new rules on the wholesale of electricity by NPP Kozloduy as of March 2013 due to the strong pressure exerted by the European Commission, the head of Marketing and Sales at the NPP, Georgi Kalchev. The NPP will no longer distinguish between power meant for the internal or external market and will carry out uniform procedures. The new rules are due to an investigation launched by the European Commission in December 2012 on a possible position of market dominance violating the principles of free energy trade, Mr Kalchev explained.
Source: Capital (04.02.2013)

Bulgaria's Kozloduy nuclear power plant said on Tuesday it signed a contract for an undisclosed sum with Rusatom Service for the purchase of equipment and maintenance services for one of its two operating 1,000-megawatt units. Rusatom Service will deliver a new stator and upgrade the rotor of the turbine generator of Kozloduy's Unit Six, the power plant said in a press release. The new stator will provide 1,100 MW of electricity generation capacity, or 100 MW above the capacity of the existing one. The deliveries and the upgrade works, which will take place in 2014, will help Bulgaria's sole nuclear power plant extend the life span of its two operating units and increase their thermal output to 104% which will enable generation of additional amounts of electricity, Kozloduy said. Rusatom Service is a subsidiary of Russian state-owned nuclear group Rosatom.
Source: Other (13.02.2013)

Commission for protection of Competition gave its permission to Heat supply Pleven to purchase 100 % of Heat supply Rousse. The deal was announced two months ago. According to the antitrust agency the energy market has regional scope, and the two companies are working on a different area, so the deal poses no risk to competition. The deal may reflect on the market for generation and wholesale trade with electric energy. The share of district heating is negligible and unlikely to establish dominance, given the fact that there are large manufacturers of NPP Kozloduy and TPP Maritza East 2 that hold more than 50% of the market. The assessment of Heat supply Rousse was to the amount of EUR 27.7 million. The deal is to reduce debts of the Russian company Mechel by USD 55.2 million and is a part of its strategy for restructuring.
Source: Capital (19.02.2013)

Electricity Price in Bulgaria Drops 8% as of March 1st The retail price of electricity in Bulgaria may fall by as much as eight percent as of March 1st, 2013. The license of the Czech grid operator CEZ may be revoked and all three energy distribution companies - Energo Pro, E.on and CEZ may be penalized with hefty fines. These are part of the measures that PM Boyko Borissov proposed to the State Energy and Waters Regulatory Commission, the Economy Ministry and the Parliament in response to the two-week-old massive protests across the country against the inflated electricity bills of the households. Still, Boyko Borissov ruled out the option for nationalization of the grid operators. The price of electricity may go down, if the share of reimbursed expense of the grid operators is cut down, and if they start buying more electricity from NPP Kozloduy. In July, NPP Kozloduy's whole output may be directed to the domestic market, Borissov said. Still, the state regulator is to have the final word on how much exactly the retail price of electricity could be pulled down. "I will not be the Bulgarian PM to nationalize the energy distribution companies in this country," Borissov emphasized.
Source: Standart (20.02.2013)

Former economy minister Traicho Traikov: There are no reserves for cheaper electricity “There are almost no reserves for reducing the price of energy along the chain. The electricity distribution companies (EDCs) operating the medium and low voltage grid generate a very small part of the electricity bill consumers pay - between 10 – 15%. The remaining 85-90% is in generated in the power plants and the high voltage grid of the National Electric Company (NEK),” former Minister of Economy, Energy and Tourism Traicho Traikov told bTV on Wednesday. According to him, the decrease in the price of electricity announced by PM Boyko Borissov yesterday can only happen if all the electricity from the Kozloduy NPP is included in the energy mix. “In order to increase the share of the Kozloduy NPP, the three thermoelectric power plants of Kovachki should be taken out. Maritsa Iztok 1 and Maritsa Iztok 3 have long-term contracts and cannot be taken out,” added Traikov. “But if all the electricity from the Kozloduy NPP is included, the plant’s profit will fall drastically and the State will not be receiving BGN 150 mln in dividend. If this plan is activated, the industry will remain without cheap electricity,” explained Traikov. The three plants that will be taken out of the energy mix will not be able to sell electricity on the open market. According to Traikov, this will be correct and moral in principle because their prices rose dramatically when they invested in FGD systems. Traicho Traikov added that electricity in Bulgaria is three times cheaper than in the entire EU but the bills are still unaffordable to consumers.
Source: Class (21.02.2013)

TPPs stop because of the excessive sun and lower exports of electricity. Electricity System Operator (ESO) ordered the suspension of Units 3, 4 and 5 in Maritza East 2, and the second unit in TPP AES - Galabovo (formerly Maritza East 1) and two of 4 units at TPP ContourGlobal Maritsa East 3. This is due to the extremely low power exports, which fell because of the warm weather across Europe. Exports on March 3 was 130 MW at 950 MW on the same day last year. The energy system faces lack of control, said Mitiu Hristozov, Director Central Dispatch at ESO. In his words, because of the wind and solar plants, as well as for low power consumption, thermal power plants have shut down or production has been restricted to a minimum. In recent days, the consumption of electricity in the country is about 3,600 MW during the day. Domestic consumption has dropped by 1,200 MW from March 3, 2012.
Source: Standart (04.03.2013)

A team of OLAF experts have arrived in Bulgaria to probe state-owned company Radioactive Waste (RW) with Kozloduy NPP. The inspection is not aimed at the work of the nuclear power plant. According to RW Director Dilyan Petrov, this is a routine check-up. Mr Petrov said that the OLAF officials are inspecting a contract for the financing of salaries of workers in charge of decommissioning NPP Kozloduy’s power units. The check-up in fact regards the proper allocation of funds, he added. OLAF has received signals over the way RW spends money under the Kozloduy International Decommissioning Support Fund (KIDSF). This is not the first OLAF probe on RW. During its previous investigation the EU anti-fraud office did not find any irregularities.
Source: Sega (06.03.2013)

At an extraordinary sitting of the Consultative Council with the outgoing Energy Minister Delyan Dobrev on Monday, the minister ordered the Electricity System Operator (ESO) to take advantage of its right to limit renewable energy production whenever the electricity distribution network is endangered. The Council ordered for the country’s cold reserve to be reduced by 200 MW as of 1 April in order to lower the losses of the ESO, that is in a very deteriorated financial state. The head of the Bulgarian Energy Holding Mihail Andonov explained that the reduction will be made at the expense of the cold reserve of TPP Varna (owned by CEZ) and TPP Maritsa – Iztok 2. Meanwhile, it transpired that as of 5.30 p.m. on Tuesday there are new electricity prices in Bulgaria. CEZ clients now pay an average 7.17% less. The Bulgarian Energy Holding (BEH) and the Economy Ministry have begun negotiations with the two US owners of TPPs operating in Bulgaria - AES and Contour Global, regarding an electricity price reduction, the BEH Executive Director Mihail Andonov announced Tuesday. In his words, the two TPPs are willing to make discounts, but require guarantees that the next government will not ask for a further drop of prices, the Trud daily writes. The three power utilities will conduct an extraordinary report on the measurements of electric meters in relation to the average 7% electricity price cut as of 5 March. The companies will accept data on power consumption provided by clients. CEZ set a deadline until 11 March, EVN – until 8 March.
Source: Standart (06.03.2013)

Bulgaria’s RMS Vratzata assets put up for sale for $9.0 mln Assets of Bulgarian engineering company RMS Vratzata were put up for sale for $9.0 million (7.0 million euro), a sale notice indicated. The assets put up for sale include manufacturing equipment, office buildings, manufacturing halls, storage premises, outbuildings and land, according to a notice published on the businessesforsale.com website. The assets cover a total of 16 000 square metres. RMS Vratzata Ltd specialises in the production of equipment and spare parts for the chemical, petro-chemical, metallurgy and food and beverage industries. It was established in 1965 and at present employs 100 people. The company's factory is located in northwestern Bulgaria, near the town of Vratsa.
Source: investor.bg (02.04.2013)

The power of NPP Kozloduy fell by 700 MW Electricity System Operator (ESO) has ordered the NPP Kozloduy to reduce the power of the 5th and 6th block to prevent the collapse of the power system. ESO pointed out as reason the lower consumption and export, as well as the large flood, and hence - and production of hydro power plants. ESO did not answer the phone to confirm or deny the information, or to clarify whether besides the cheapest producer of renewable electricity it would also reduce other plants. The order of the ESO was to reduce the power of the 5th block to 750 megawatts, and of 6th - down to about 550 MW, however, confirmed the head of NPP Kozloduy Valentin Nikolov. That makes a total reduction of nuclear power by 700 MW. He explained that the measure would require the planned annual stopping of the 5-th block for repairs to be delayed by 2-3 days. Yesterday the state-owned Maritza East 2 worked with less than 430 megawatts in three of the eight blocks.
Source: Monitor (04.04.2013)

Bulgaria’s Electricity System Operator (ESO) said it imposed limits on electricity generation in the country due to imbalances between consumption and production. The limits concern all energy producers, including photovoltaic, wind, nuclear and thermal power plants, ESO said in a statement on its website late on Wednesday. Following the announcement, power distributors CEZ Razpredelenie Bulgaria [BUL:3CZ] and EVN Bulgaria said they will disconnect temporarily from the grid wind and photovoltaic plants. The measure affects all wind power and photovoltaic power plants in the western regions of Sofia, Pernik, Kyustendil and Montana between 0800 and 1500 GMT on Thursday, CEZ pointed out. The switchoff concerns also 40% of green energy producers in eastern Bulgaria from 0700 to 1400 GMT today, EVN said in its press release. Both companies said that if necessary they may adopt stricter measures. CEZ Razpredelenie Bulgaria is a local unit of Czech energy group CEZ. Its business covers the city of Sofia, the Sofia region and parts of western and northern Bulgaria. EVN Bulgaria is part of Austrian utility EVN. It provides electricity distribution services in southern and southeastern Bulgaria.
Source: Capital (05.04.2013)

Three companies will compete in the final stage of the tender for selecting a main contractor for the construction of a new zinc plant in Bulgaria's southern city of Kardzhali. French Onet, Canadian SNC Lavalin, and Australian Ausenco filed bids within the deadline after conducting preliminary inspections of the site. The bids for the construction of a new zinc plant are yet to be reviewed and discussed with the investor, Sofia-based company Harmony 2012 Ltd. In September 2012, Harmony 2012 bought a part of the assets of Bulgaria's largest bankrupt non-ferrous metal producer, the Kardzhali-based Lead and Zinc Complex (LZC, OTZK), for BGN 8.6 M. The previous owner of OTZK, Valentin Zahariev, had failed to cover loan installments and pay workers' salaries. Ivan Elkin, manager of Harmony 2012, voiced plans to build a new zinc plant. He made clear Thursday that the main contractor tasked with building the new factory in Kardzhali would be selected on the basis of three key criteria – technology, price and completion term. All three bidders are leaders in the sector.
Source: money.bg (12.04.2013)

Minor Glitch Stops Unit 5 of Bulgaria's Nuclear Plant A technical glitch switched off Unit 5 of Bulgaria’s sole nuclear power plant, Kozloduy, late on Sunday. Unit 5’s turbogenerator malfunctioned and was switched off the country's energy grid at 10:39 pm on Sunday, officials say. The turbogenerator was shut down due to a hydrogen leak in its cooling system. The incident did not involve the reactor's nuclear facilities. No increased radiation rates have been measured at the premises. The Atomic Regulatory Agency, the Ministry of Economy and Energy and the Electricity System Operator have been informed about the incident. Measures have been taken to perform a full analysis of the reasons for the technical problem.
Source: econ.bg (16.04.2013)

Bulgaria's energy holding co rejects single bid for 250 mln euro loan The Bulgarian Energy Holding (BEH) said it turned down a bid by Deutsche Bank, the single candidate to extend a 250 million euro loan to the company, after it failed to meet the tender requirements. Deutsche Bank was disqualified because it failed to submit a document certifying it had paid the required guarantee, BEH said in a statement on its website last week. The tender procedure was canceled. BEH plans to borrow the money to refinance a credit taken out by one of its units, the National Electricity Company. Another option to raise the money which the holding company is contemplating is a bond issue. It has received six offers for an advisor to the planned issue. BEH (www.bgenh.bg) incorporates assets of Bulgaria's sole nuclear power plant Kozloduy, gas monopoly Bulgargaz, gas transmission system operator Bulgartransgaz, telecommunications operator Bulgartel, the National Electricity Company and its wholly-owned system operator Electricity System Operator, coal-fired power plant Maritsa East 2 and the Maritsa East coal mines.
Source: mediapool.bg (16.04.2013)

Bulgarian Caretaker Govt Sacks Kozloduy NPP CEO The CEO of Bulgaria's only operational nuclear power plant in Kozloduy, Valentin Nikolov, has been fired over the results of a probe. His replacement will be selected through a job competition, caretaker Economy and Energy Minister, Asen Vasilev, reported Friday. He stressed the breaches unveiled by the probe were very serious and systematic, not related to particular individuals, but new people were needed to fix them. The probe at the NPP has been conducted by the Inspectorate at the Council of Ministers and involves the period 2011 – 2012. It has been ordered at the beginning of January, 2012, by then Economy and Energy Minister, Delyan Dobrev, before the caretaker Cabinet took office. The most serious breaches are related to public tenders as some contracts had been signed by other employees instead of the CEO, as it is required. In other cases, the value of the contract exceeds by far the estimated one. The report also describes a case when a bidder, proposing a price three times higher than others, has won the tender, despite one of the criteria being "lowest price." In other cases, the values of the contracts exceed the NPP budget. Other breaches include breaking down one public tender to several smaller ones in order to circumvent the law; hiring new members of the commissions examining the bids, after they have been submitted; violating the requirement to have three bids for smaller tenders. The probe further established that the National Electric Company, NEK, systematically failed to pay the NPP for electric power supplies and its debt is growing. The report has been sent to the Public Financial Inspection Agency, ADFI, the Bulgarian Energy Holding, BEH, and the Main Labor Safety Inspectorate. Minister Vasilev says he would provide the report to the media. He is planning 22 staff reshuffles at 12 State companies under the authority of his Ministry. In May 2012, Nikolov, former Member of the Parliament from the formerly-ruling Citizens for European Development of Bulgaria party, GERB was surprisingly appointed the CEO of the Kozloduy NPP by the plant's board. Prior to that Nikolov was made one of Bulgaria's four Deputy Ministers of Economy, Energy, and Tourism, and kept the post for less than two months. In May, 2012, the Kozloduy board also dismissed the NPP CEO, Alexander Nikolov; at about the same time, former Bulgarian Prime Minister Boyko Borisov discharged Valentin Nikolov from his Deputy Minister job. "The reshuffle has been necessitated by the need to improve the coordination and the speed of work on extending the life of Units 5 and 6 at the Kozloduy NPP, and the construction of a seventh reactor there," then Bulgaria's Economy and Energy Minister Delyan Dobrev explained upon presenting Valentin Nikolov to the Kozloduy plant team. Nikolov has been the Deputy Minister in charge of the working group to extend the life of the two operational 1000 MW units at the Kozloduy NPP. "The main priority in the nuclear energy policy will be to extend the life of Units 5 and 6 of the Kozloduy plant by 15 years. This is my personal responsibility, not only the government's responsibility, which is why I proposed that Valentin Nikolov took this job," Dobrev said. Valentin Nikolov has an engineering degree. He entered politics in 2009 when he got elected a MP from the GERB party.
Source: investor.bg (22.04.2013)

The fifth power unit of NPP "Kozloduy" was included in parallel with the energy system of the country at 12:07, said by the plant. The unit was shut down on April 14, because of deficiencies of hydrogen, serving to cool the turbine generator in the engine room – the non-nuclear part of the block. After the establishment of the technological problem of the missing - a default of rubber seal flange on one channel of the turbine generator units were preventively replaced all such seals. Within the stay successfully meet the necessary testing equipment. Two units of NPP "Kozloduy" - Fifth and Sixth, will operate under load with the permission of ESO.
Source: Duma (22.04.2013)

Citigroup will arrange the refinancing of NEC's loan to BNP Paribas. This became clear from the notice of the Bulgarian Energy Holding (BEH). International Bank will first need to provide up to 21 May short-term loan of 195 million euro, and then it has to sell bonds to 250 million euro. No information on when the contract will be signed, but probably only a matter of days. It is almost certain that the state holding company will be able to fit in time to the maturing loan which energy company drew for "Belene" project. Besides Citigroup offers in the competition for bonds, which was announced on March 7, filed several banks - Deutsche Bank, JP Morgan (in consortium with First FBH), HSBC, Societe Generale and Goldman Sachs.
Source: Capital (23.04.2013)

Bulgaria's n-plant shuts 1,000 MW unit for planned repairs Bulgaria's sole nuclear power plant Kozloduy said it shut down one of its two 1,000-megawatt (MW) units for planned annual repairs. "The plant's 1,000 MW Unit Five was switched off at 10.27 CET on May 2," it said in a statement on Friday. The planned maintenance works, during which the reactor will be recharged with fresh fuel, are scheduled to be completed by June 10.
Source: Darik Radio (07.05.2013)

Bulgarian Caretaker PM: Kozloduy NPP CEO Here to Stay The CEO of Bulgaria's only operational nuclear power plant in Kozloduy, Valentin Nikolov, will not be fired, caretaker prime minister Milen Raykov confirmed on Tuesday. "I assess highly the work that Mr Nikolov is doing and can see no reason for radical measures at this point,” Marin Raykov said at a press conference. He added that the next government will also have the opportunity to express their views on the topic. In April, Minister of Economy and Energy Asen Vasilev announced that Nikolov will be fired from his office over findings of violations of public procurement procedures at the NPP. Raykov first announced his surprising U-turn on Nikolov's release from duty in a TV interview Sunday.
Source: Class (08.05.2013)

Bulgarian energy holding has uncollected debts from its subsidiaries to the amount of over BGN 437 million. This is evident from the company report for the first quarter of the year. Among the largest debtors are as follows: National Electricity Company (NEC) and Bulgargaz. Due to shrunk revenues, profit of the holding is by BGN 1.5 million smaller, as compared to the same period last year. BEH is composed of the following companies: TPP Maritsa iztok 2, Mines Maritsa Iztok, Bulgartel, Bulgartransgaz and Nuclear Power Plant Kozloduy.
Source: Trud (14.05.2013)

Environmental study on Bulgarian N-plant units decommissioning gets OK Bulgaria’s environment ministry approved an environmental impact assessment report on the planned decommissioning of four units of the country's sole nuclear power plant Kozloduy, the State Enterprise Radioactive Waste (SERAW) said on Wednesday. The company will hold a public discussion on the report in the municipalities of Kozloduy and Miziya, SERAW said in a press release. The discussions will be open to Romanian citizens. The nuclear plant is located on the Danube, Bulgaria's river border with Romania. The Kozloduy plant remained with just two operational reactors of 1,000 megawatts (MW) each after the government closed down four units of 440 MW each to address nuclear safety concerns of the European Union prior to the country's accession to the bloc. Bulgaria joined the EU in 2007.
Source: Monitor (16.05.2013)

The Corporate Commercial Bank, the Central Cooperative Bank, Investbank, UBB, UniCredit Bulbank, Raiffeisenbank are the financial institutions managing funds of state companies, 24 Chasa daily reveals. Standart daily specifies that the number of these banks is 11 and adds the names of Postbank, First Investment Bank, D Commercial Bank, CIBank and Bulgarian-American Credit Bank. Some 41 of state companies have deposited too much of their money into only one bank, research by Bulgarian ministries revealed. Some 59.44% of money of NEC, 96% of money of Bulgartransgaz, 88.20% of BEH and 90.85% of deposits of Bulgargaz are managed by the Corporate Commercial Bank. Five companies related to the Ministry of Economy have large deposits in the Central Cooperative Bank. 42.54% of the money of Kozloduy NPP is deposited in Investbank. Money of BDZ Passenger Services is managed by UBB and Eurobank, money of BDZ Freight Railway Services is managed by the Corporate Commercial Bank, 61% of the money of Bulgarian Posts is managed by UniCredit Bulbank, while 91.95% of the money of Bulgarian Port Infrastructure Company is managed by the Central Corporate Bank.
Source: Standart (23.05.2013)

Bulgaria’s energy ministry has received 10 million levs ($6.6 million/5.1 million euro) for the planned decommissioning of two units of the country's sole nuclear power plant Kozloduy, the government said on Wednesday. The government approved a decision for allocating of 10 million levs from the state budget for decommissioning of units one and two of NPP Kozloduy under an obligation towards the European Union, the government said in a statement following its weekly meeting. The nuclear plant is located on the Danube, Bulgaria's river border with Romania. The Kozloduy plant remained with just two operational reactors of 1,000 megawatts (MW) each after the government closed down four units of 440 MW each to address nuclear safety concerns of the European Union prior to the country's accession to the bloc. Bulgaria joined the EU in 2007.
Source: investor.bg (23.05.2013)

Bulgaria’s national electricity company NEK posted a consolidated loss of 192 million levs in 2012, the company’s executive director said on Wednesday. The company reported a pre-tax operating loss of 234 million levs, NEK executive director Ivo Lefterov said at the Bulgarian parliament, broadcast by the public TV channel (www.bnt.bg). The main reasons for the weak financial results of NEK last year, according to Lefterov, were the unfavorable electricity purchase contracts with renewable energy producers and thermal power plants.
Source: Darik Radio (23.05.2013)

Bulgaria’s Energoremont plans expansion abroad, renames to ER Holding Bulgarian engineering company Energoremont Holding will extend further its operations abroad and will change its name to ER Holding to reflect the diversification of the company’s activities, Ivan Lichev, board chairman and CFO, said Thursday at the presentation of the company’s strategy. The group will set up an international department support its build-up in priority markets abroad - the Balkans and the Middle East. It plans to open units in Kosovo, Serbia, Lebanon and Iraq. The company is already represented in the Czech Republic, Greece and Macedonia. The company’s name will be changed to ER Holding to fit better its expanded operations with a focus on engineering, production, installation services and supplies. The name Energoremont in Bulgarian implies only utility repairs. Energoremont's current projects involve the power plants of the Maritsa East complex and the construction of hydropower plant Tsankov Kamak, among others. If the frozen project of the nuclear power plant in Belene is revived, ER Holding will continue with the preparation works there, Lichev added.
Source: money.bg (31.05.2013)

BEH can not be closed now because of loans Bulgarian Energy Holding (BEH) does not execute the functions, for which was created 6-7 years ago. But from the perspective that it is the only player in the Bulgarian energy sector, which is subject to credit, it cannot be closed, said socialist MP and former Deputy Energy Minister Yavor Kuyumdjiev regarding the findings in the audit reports of the European Commission and the World Bank on the state of the Bulgarian energy sector. They state that management under the umbrella of the state-owned BEH is not transparent. BEH was established in September 2008 and Kuyumdjiev stated that then the idea of its operation was quite different and "from this perspective, perhaps we should reflect on its development." "To date EUR 250 million bridge financing are allocated to the Bulgarian Energy Holding to cover the loan to BNP-Paribas (drawn by NEK to prepare for the construction of NPP Belene).
Source: mediapool.bg (04.06.2013)

EC Proposes Nuclear Plant Stress Tests Every 6 Years The European Commission has put forward a new set of nuclear power safety rules aimed at eliminating the risk of a Fukushima-type disaster in Europe. The directive will require countries to submit to an international review of their nuclear power systems every six years, and fix any shortcomings discovered. "It's up to Member States to decide if they want to produce nuclear energy or not. The fact remains that there are 132 nuclear reactors in operation in Europe today. Our task at the Commission is to make sure that safety is given the utmost priority in every single one of them,” Energy Commissioner Gunther Oettinger said. According to the new rules, all member states should ensure that - in case of accidents - the release of radioactivity in the environment is practically eliminated. Every nuclear power plant should undergo a periodic safety review at least once every 10 years and a specific review in case of a possible life time extention. All new nuclear power plants should be designed in a way which ensures that if a reactor core is damaged, this would have no consequences outside the plant. All nuclear power plants will need to have an emergency response centres which is protected against radioactivity and earthquakes or flooding and implementing strict accident management guidelines. The draft law by the European Commission follows a series of stress tests on EU nuclear stations in response to Japan’s atomic accident caused by a 2011 earthquake and tsunami.
Source: money.bg (14.06.2013)

Kozloduy Int'l Fund Grants EUR 21.5 M to Sofia Heating Utility Sofia heating utility Toplofikatsiya-Sofia has won a grant of EUR 21.5 M under the Kozloduy International Decommissioning Support Fund (KIDSF) to be used for the implementation of six investment projects. Sofia Deputy Mayor Irina Savina, as cited by the BGNES news agency, explained that the Assembly of Donors of the KIDSF had approved the grant at the proposal of the Sofia Municipality after getting acquainted with the projects and paperwork presented by the experts of the Sofia-based heating utility. She noted that the projects had been drafted over the past two years at the insistence of Sofia Mayor Yordanka Fandakova, adding that the aim was to attract grant funding for the rehabilitation and modernization of the heating utility and to achieve high-efficiency energy generation without creating a financial burden for the customers. Savina made clear that the projects were to be implemented during the period 2013-2017. She specified that the experts of the Sofia heating utility had already drafted a total of 21 investment projects aimed at boosting its technical capacity and ensuring a financial stabilization of the company.
Source: Sega (17.06.2013)

NEK will purchase electricity with priority from the cheapest stations in the country - NPP Kozloduy and TPP Maritsa Iztok 2. This is one of the measures which will achieve cost reductions for residential customers, said the Minister of Economy and Energy Dragomir Stoynev. This will happen after the adoption of the amendments to the Energy Act and renewable energy, which already passed its first reading in parliament. Stoynev added that this has not been done. On the contrary, NEK has bought primarily from expensive electricity plants. It is possible that such a measure would cause a strong reaction from the U.S. thermal power plants in the Maritsa Iztok region and RES plants that have agreements for the purchase of energy at a higher price, fearing experts. "To stabilize our electricity system, everyone should take a step back," said Deputy Chairman of the Parliamentary Committee on Energy Yavor Kuyumdjiev.
Source: Standart (25.06.2013)

Major Reshuffles Hit Bulgaria’s N-Plant, Energy Holding Bulgaria’s state energy holding company, which groups the country's top energy assets, including its sole nuclear power plant Kozloduy, has seen a new wave of reshuffles, it emerged on Wednesday. The Board of Directors of the Bulgarian Energy Holding Ltd. released Borislav Borisov from the Board of Directors of the National Electricity Transmission Company. He will be replaced by Sava Savov. Major changes have also been made in the management of the country’s sole nuclear power plant Kozloduy. Valentin Nikolov, Teodor Shopov and Valentin Gruev were released from the Board of Directors, to be replaced by Ivan Genov, Aleksandar Nikolov and Georgi Hristozov. The Executive Director of the mining company Mini Maritsa Iztok Ltd. Teodor Drebov and its member of the Board of Directors Dimo Dimov have also been released. The newly elected members in Mini Maritsa Iztok Ltd. Board of Directors are Stanimir Kazlachev and Shteryo Shterev. There is also a change in the line-up of Maritsa East 2 Board of Directors. Georgi Hristozov was released and replaced by Mihail Mitkov. Kozloduy is the only nuclear power plant in Bulgaria and the largest electricity producer in the country, providing more than one third of the national electricity output annually. The company is entirely state-owned and a subsidiary of the Bulgarian Energy Holding. It has raised safety concerns, and the country agreed to shut four of its reactors as a condition of joining the European Union. Under that treaty, Kozloduy was to be decommissioned by 2009, but the work was not completed on time. Bulgaria therefore asked that the EU funding be extended until 2013, to allow it to be completed safely. BEH was incorporated in 2008 with a decision of the Socialist-led government. BEH EAD is a shareholding company with 100% state owned participation. The Holding includes Mini Maritsa Iztok EAD, Maritsa East 2 TPP EAD, Kozloduy NPP EAD, NEK EAD, Electricity System Operator EAD, Bulgargaz EAD, Bulgartransgaz EAD and Bulgartel EAD. All companies, brought together in the holding structure, preserve their operational independence and licenses, as they are all owned and directly subordinated to the corporate center BEH EAD. The Bulgarian Energy Holding EAD is one of the largest companies in the region, and national energy leader.
Source: Capital (27.06.2013)

Standard&Poor's Ratings Services (S&P) affirmed its BB- long-term corporate credit rating on Bulgaria-based power utility Natsionalna Elektricheska Kompania EAD (NEK), the agency said on Friday. “At the same time, we removed the rating from CreditWatch, where it was placed with negative implications on Dec. 20, 2012. The outlook on NEK is negative,” the rating agency said in a statement. S&P also said in the statement: “The affirmation reflects our view that NEK's immediate refinancing risk has been eliminated following the refinancing of its ˆ195 million syndicated loan, which matured in May 2013. We understand that NEK's parent company, BEH, provided NEK with proceeds from a ˆ250 million bridge loan as an intragroup loan to repay the syndicated loan. We understand that BEH plans to refinance the bridge loan with a public bond issue at the BEH level. Furthermore, NEK sold its stake in the monopoly system operator ESO EAD to BEH, using the funds for the settlement of intragroup loans other than that NEK has just received from BEH. We understand that NEK will transfer three project-related credit facilities with total outstanding principal of ˆ50.8 million (at May 31, 2013) to ESO as part of the transaction. These actions will result in a material reduction in NEK's external financial bligations, which we forecast at about Bulgarian lev (BGN) 215 million at year-end 2013 (BGN734.0 million at year-end 2012). We understand that NEK's tariffs for the next regulatory period starting July 1, 2013, are still under negotiation. We are uncertain as to whether the new tariffs will reflect the continuing increase in costs for green energy and other electricity system costs in a full and timely manner. Moreover, the tariff review is to be completed in the context of recent changes in the Bulgarian government and regulator. This uncertainty weighs on our assessment of NEK's business risk profile. These factors, in combination with a contraction in domestic and export demand, resulted in NEK reporting a consolidated loss of BGN192.4 million in 2012. Our base-case scenario for 2013 factors in BGN120,000 of compensation for under-recovered costs over 12 months. We also deconsolidate the contribution of ESO from the second half of the year. Based on NEK's tariff application for the next regulatory period, we anticipate that NEK's Standard & Poor's-adjusted funds from operations (FFO) to debt will exceed 15% in 2013. In our forecast, we treat the intragroup loan from BEH as debt because it is funded by a short-term bridge loan on BEH's balance sheet, and has a short maturity and a lack of flexible terms. Nevertheless, we recognize that it is provided by what we consider to be a supportive strategic owner. We apply our criteria for rating parents and their subsidiaries to NEK and add two notches of parental support to NEK's stand-alone credit profile (SACP) of 'b'. The uplift reflects BEH's stronger credit quality than that of NEK due to BEH's stronger business risk position and cash flow generation, as well as its positive discretionary cash flows and significant cash holdings. Our assessment of NEK's 'b' SACP is based on our view of the company's "highly leveraged" financial risk profile under our criteria, which in our opinion mainly reflects its "less-than-adequate" liquidity position and aggressive financial policies. We assess NEK's business risk profile as "weak." This reflects the company's meager profitability and regulatory uncertainty owing to annual tariff resets by Bulgaria's State Energy and Water Regulatory Commission. Our assessment of NEK's business risk profile also factors in the legal unbundling of ESO, NEK's lowest-risk operations, and the uncertainty related to the Belene nuclear power plant project, which we understand is on hold. The negative outlook reflects our uncertainty as to whether NEK's electricity tariffs for the next regulatory period will cover the ongoing increase in electricity system costs. Full and timely pass-through of costs and a fair return on assets will be important for NEK to maintain its current business risk profile and, ultimately, the ratings. We could lower the rating if NEK is not able to achieve adjusted FFO to debt exceeding 12% on a sustainable basis, which we see as commensurate with its SACP of 'b'. In accordance with our criteria for rating parents and their subsidiaries, a downward revision of NEK's SACP by one notch would result in us lowering the long-term corporate credit rating on NEK to the same extent (as long as we assess BEH's credit quality as unchanged). In addition, any evidence of a weakening of the link between BEH and NEK could cause us to revise our approach of factoring in parent support to the SACP. We could revise the outlook to stable if we believe that NEK's financial risk profile has improved to "aggressive" from "highly leveraged" following a decision on tariffs in the next regulatory period and the unbundling of ESO. In particular, this will depend on NEK's ability to reach and maintain adjusted FFO to debt of more than 12% on a sustainable basis, alongside more conservative liquidity management.”
Source: Class (01.07.2013)

Ivan Ayolov, who was head of Elektroenergien Sistemen Operator (ESO) and was boss for two years of associated with Corporate Commercial Bank Company is appointed as Deputy Minister of Energy. He has a 37-year service in the system of energy distribution, the Ministry of Energy and NEC. He was Director General of Energoimpeks, CEO of Trafoservice AD and ESO. From 2010 he was appointed as the CEO of Techenergo EAD. Techenergo is owned by Energoremont holding and is indirectly connected with the boss and owner of Corporate Commercial Bank Tsvetan Vasilev.
Source: mediapool.bg (02.07.2013)

Bulgaria to Build 1st Nuclear Waste Repository Bulgaria's government has made the first steps towards creating the country's first nuclear waste repository. According to a cabinet press release Wednesday, the area near the northern village of Harlets, nearby Bulgaria's only functioning NPP - the Kozloduy NPP - has been designated as a site for the repository. The area of about 110 acres has been granted by Bulgaria's Ministry of Agriculture, which previously owned it. The location, which borders on the site of Kozloduy NPP, has been designated after a careful research, states Bulgaria's government. According to EU requirements and decisions of the Bulgarian government, Bulgaria has until 2015 to build its own nuclear waste repository. Up to now, Bulgaria's nuclear waste is being shipped to Russia, the country's chief supplier of nuclear technology.
Source: investor.bg (04.07.2013)

Only NEK with higher price Only NEK received approval from the watchdog for higher price of electricity, by which will sell to the EDCs. So the cost of the public service grew by 21.05% from the current BGN 79.18 per megawatt without VAT to BGN 95.85. In addition, NEK will take 2.53% more for transport of high-voltage electricity starting tomorrow. Currently, the charge for this is BGN 9.47 per megawatt hour, and from 1 August is will be BGN 9.71. For all other participants in our power system regulator decided to drop prices at the expense of cutting costs. Besides selling at higher process to the EDCs, NEK will purchase energy more cheaply by manufacturers. The cost of energy from NPP Kozloduy fell by 10.76% from the current BGN 42.30 per megawatt hour to BGN 37.75. TPP Maritsa Iztok 2 who will sell 5.49% cheaper. Lower prices are introduced for TPP Bobov dol and TPP Varna, where tariffs fall by 19.55% and 3.34%. Energy from cogeneration and heat supply companies will also be cheaper. Thus, preferential prices for highly efficient electricity production from tomorrow fall between 0.004% and 13.24%. The fee for access to the network of ESO is reduced by 57.41% from BGN 6.48 to BGN 2.76.
Source: Standart (31.07.2013)

Spanish company to treat nuclear waste in NPP Kozloduy Spanish Iberdrola Ingenieria and Belgoprocess have completed the last test of a new nuclear waste treatment plant, which the two will build in the Kozloduy nuclear power plant, Spanish EFE news agency reported citing a statement of Iberdrola. The statement also specifies that the tests were carried out for a duration of two days in the company’s Europlasma Inertam facility in Morse, southern France. The technology is based a plasma, which allows the reduction of the volume of the radioactive waste product by heating it up to 5000 degrees Celsius. By this heating process, the waste is converted into a liquid state which, after being cooled and concentrated reduces the volume of the fallout by 80 times. Following that, the end product is stored in cans, Iberdrola explains. Iberdrola and Belgoprotses had won a EUR 30 million tender for the installation of the mechanism at Kozloduy back in 2009. The project is financially supported by the European Bank for Reconstruction and Development.
Source: Standart (02.08.2013)

TPP Varna is likely to be finally made environmentally friendly, after three of its blocks are stopped. This is the only way the rest three operative blocks to function even after 2015. Public tender for offers became availbale last week. Still atmosphere in the company is not hopeful. Its quota of the regulated market is heavily truncated (approximately one month working at full power), and the company’s management keeps on repeating that actually TPP Varna makes a loss from the sale of electricity. Losses were covered by payments for winter reserves, which are bought by the Elektroenergien Sistemen Operator from the mids of the year at relatively lower prices. If the modernization fails the company might be forced to close. Bulgaria is obliged to bring all the power plants in accordance with the European Directive 2001/80 for reduction of emissions of harmful gases such as sulfur and nitrogen oxides. The order, announced by TPP Varna is assessed at EUR 60 million and has a term for completion 29 months.
Source: Capital (05.08.2013)

For the first time in its history NPP "Kozloduy" at a loss The report of NPP "Kozloduy" for the first half of 2013 indicates that the plant operates at a loss. This happens for the first time in its 40-year history of the NPP. For six months reported 5.8 million lev loss of activity. For the same period last year the plant has a profit of 90 million levs. The report shows that the reason for the sharp decline in revenue was a decrease of 13% of the energy produced compared to the first six months of 2012. In April and June was much warmer than usual and the power consumption reduction. Then the producers reduced capacity. NPP is seen reported a sharp drop in sales of electricity on the open market by 22%. A big part of its profit comes from there. Current that sells the NEC of state-regulated prices is reduced by only 6%. State "Maritsa Iztok" 2 earned only 2.9 million levs in the first half, given that in the same period last year, it grossed 5 million reasons are the same.
Source: Other (05.08.2013)

Miners insist on 40% increase in coal price Maritza Iztok miners are negotiating a 40% increase in the price of coal with the Minister of Economy and Energy Dragomir Stoynev. How this will affect the price of electricity is still to be seen, as the exact amount of the coal price rise from September is not yet clear. According to the stipulations of the miners with Stoynev, the price of coal from the Maritza Iztok will rise gradually most likely each quarter until it reaches its true market value by the end of 2014. Currently the price is BGN 71.50 per ton, while the actual cost is estimated by the miners between BGN 104 and BGN 108. Stoynev already announced last week that there will be a price increase for coal from September. So the question that the minister needs to address is not only whether there will be a further increase, but how this will affect the price of electricity.
Source: Capital (12.08.2013)

"NPP Kozloduy - new capacity" has a new CEO By decision of the Board of Directors of First Atomic in office was appointed Valentin Iliev, in the sphere of nuclear energetics from the career. So far has been on duty engineer suspended four small blocks, and then led the management "New facilities" to the "Development and modernization 'of the plant. The former head of the project company Luyben Marinov remains running in it. Castling is not imposed because of his blunders, but because there is less experience and expertise. "NPP" Kozloduy - new power" is a subsidiary of the nuclear power plant. It was established in May last year specifically for 7 blocks. Since then it has carried out feasibility studies on the preparation of the government's decision, which is necessary to start construction on the site of NPP.
Source: econ.bg (13.08.2013)

CEO of Bulgaria's Kozloduy NPP to Turn Loss into Profit by end-2013 Bulgaria's Kozloduy Nuclear Power Plant (NPP) has run up losses of BGN 5.8 M in the first half of 2013, unlike 2012, when the NPP registered a profit. In a Thursday interview for the Bulgarian National Radio (BNR), Ivan Genov, Executive Director of the Kozloduy Nuclear Power Plant (NPP), commented that the increase in electricity transmission fees had played a role in the second quarter of 2013 and orders for limiting the capacity of the N-plant had started coming in. "This inescapably leads to poor results," Genov stated. "The previous government adopted changes at the end of 2012 which technically blocked electricity trade. As a result of the legal amendments, the N-plant has been functioning at nearly 100% of the capacity since the beginning of August. The units are functioning at a good workload and capacity and we have contracts for sales on the free market. This is good, and the legal changes and the opening of the market will lead to the compensation of this loss. I have no worries – we will close the year at a profit. It will not be big, but there will be a profit," Genov said. "We made the changes we had to make at the N-plant. The people need to work calmly. There were staff cuts at senior positions planned for the Kozloduy NPP, we have removed this managerial level," he added.
Source: Darik Radio (16.08.2013)

OLAF: No Irregularities at Bulgaria's State Enterprise Radioactive Waste The EU anti-fraud office, OLAF, has found no violations in the activities of Bulgaria's State Enterprise Radioactive Waste (SE-RAW) related to the absorption of EU funds under different projects of SE-RAW. The findings are included in an official letter of Petra Kneuer, director of investigations of OLAF, to the executive director of SE-RAW, Dilyan Petrov, in which OLAF informs that the probe at SE-RAW has been terminated. OLAF conducted a probe at SE-RAW in the period March 5-8, 2013 on a tip-off concerning "irregularities and suspected double funding by SE-RAW in the implementation of Agreement #16C* on granting financial assistance. The agreement concerns the provision of funding for the salaries of officials of the closed units 1 and 2 of the Kozloduy NPP, who were subsequently transferred to SE-RAW. The OLAF team which conducted the probe at SE-RAW included experts from the European Bank for Reconstruction and Development (EBRD), which administers the funds under the Kozloduy International Decommissioning Support Fund (KIDSF). "On the basis of the findings, the Director-General of OLAF decided to terminate the investigation. Due to the fact that no evidence was found of fraud or other irregularities injuring the financial interests of the EU, OLAF does not recommend any follow-up activities," the letter says. The final report on the matter has been sent to the European Commission's Directorate-General for Energy, according to SE-RAW.
Source: Duma (27.08.2013)

Block 7 of Kozloduy NPP to become operational after 2030 Block 7 of nuclear power plant (NPP) Kozloduy will be operational after 2030, Ivan Genov, the head of the plant told the Bulgarian National Radio. The process of building a new nuclear power facility is long and the recently started process for site selection is just one of the steps, Genov noted. In early October NPP Kozloduy will have a techno-economic analysis and evaluation about the proposed sites. Following that, a technical council will be established in Bulgaria's first and so far only nuclear power plant in order to choose one of the proposed sites. Parallel to that, the Environmental Impact Assesment (EIA) of the project will also have to get the required approval. Finally, all documents must get the green light by the Nuclear Regulatory Agency. "If at the beginning of 2014 the government decides to build Block 7, the remaining steps will be also launched." Genov noted. According to him, NPP Belene must be also constructed, followed by an 8th block in Kozloduy. "Because these plants have no alternatives" he was adamant.
Source: Standart (10.09.2013)

Kodzloduy Hydropower Plant Starts Functioning in NW Bulgaria The Kozloduy Hydropower plant has been connected to Bulgaria's power grid. The launch operations for the facility started in the early hours of September 16, according to reports of the BGNES news agency. The HPP has two turbines with a total capacity of 5 MW powered by a 7.5m water column. To set the turbines in motion, water from the hot canal of the Kozloduy nuclear power plant (NPP) is used, which returns to the Danube River. In end-August, full-capacity tests were conducted at the HPP. A state acceptance committee conducted an inspection on September 4 – 5, and on September 13, the company received an exploitation permit by Bulgaria's National Construction Control Directorate (DNSK). The hydropower plant will make an extra contribution to zero-carbon electricity generation in Bulgaria. The sole shareholder of the HPP is Kozloduy NPP EAD.
Source: econ.bg (17.09.2013)

Bulgaria's Kozloduy n-plant makes 9.7 mln euro profit for Jan-Aug 2013 Bulgaria's sole nuclear plant (NPP) Kozloduy moved to a BGN 19 million profit for the first eight months of 2013 from loss in the first half. The company reported a loss of some 6.0 million levs on a revenue of 344.8 million levs for the period between January to June, Genov said on Wednesday at an event tied to the visit of Alexander Bychkov, deputy head of the International Agency for Atomic Energy Agency (IAEA). The reason for the fast switch to profit is that Kozloduy’s two units started working at their full capacity recently. Until then, their production was reduced and they could not generate an additional 1.5 billion kilowatt-hours (kWh) of electricity. If the power plant continues at the same rate, it might end the year with a profit of up to BGN 30 million, Genov said. The company has managed to compensate for the cut in regulated electricity prices earlier in the year by selling its production on the open market, where prices are determined by the power exchanges, Genov said in response to reporters' questions.
Source: econ.bg (26.09.2013)

Bulgaria's Environment Ministry OKs EIA Report on Unit 7 of Kozloduy NPP Bulgaria's Ministry of Environment and Water has approved the environmental impact assessment (EIA) report on the investment proposal to build a new nuclear capacity on the site of the Kozloduy Nuclear Power Plant, thereby giving the green light to the construction of a seventh unit of the Kozloduy-based N-plant. The positive statement on the EIA report was received by the project company NPP Kozloduy – New Capacity EAD on Thursday. "The report on the quality of the EIA report is a very important stage of the procedure for evaluating the environmental impact of the investment proposal and the positive statement is a confirmation by the competent body, the Ministry of Environment and Water, that the document matches all requirements and criteria stipulated in the national environmental legislation," the project company says in a media statement, as cited by investor.bg. The EIA report on the investment proposal is to be made public. In line with the requirements of the Convention on Environmental Impact Assessment in a Transboundary Context, the EIA report will be sent to Romania and Austria, two countries participating in the transboundary EIA procedure of the investment proposal. In August 2013, the Kozloduy NPP received permission to look for a site for Unit 7. The permit of Bulgaria's Nuclear Regulatory Agency is general – for an N-plant which may have one or more units. In the spring of 2012, Bulgaria's center-right GERB government agreed to build new nuclear capacity at the Kozloduy NPP. Then-Prime Minister Boyko Borisov commented that a seventh unit of the Kozloduy NPP would be cheaper than the construction of a new N-plant near Belene. The government argued that the equipment prepared for the Belene NPP could be used for the seventh unit of the Kozloduy NPP.
Source: investor.bg (04.10.2013)

Bulgaria’s n-plant Kozloduy gets environmental nod to decommission Units 1-4 The Bulgarian Environment Ministry said on Wednesday its expert council has approved the investment proposal for decommissioning of Units 1, 2, 3 and 4 of the country's sole nuclear plant (NPP) Kozloduy. The decommissioning will be implemented in three stages, the ministry said in a press release. Kozloduy’s Units 1 to 4 were launched into operation between 1974 and 1982. Each of the four pressurized water reactors (PWR) has capacity of 440 megawatts (MW). In 2007 Bulgaria closed the four of its six power units at the Kozloduy nuclear power plant to fulfil the conditions to join the European Union. Bulgaria's government decided in March 2012 to add a 1,000 megawatt (MW) unit to the Kozloduy plant, on the Danube, instead of building a 2,000 MW NPP from scratch in another Danubian town, Belene.
Source: money.bg (17.10.2013)

Unit 6 of Bulgaria's Kozloduy NPP Back Online after Overhaul The planned annual overhaul of the 1000-MW unit 6 of Bulgaria's Kozloduy nuclear power plant has been completed. Unit 6 of the N-plant was connected to the country's power grid at 2.20 pm on Saturday after an inspection by the Nuclear Regulatory Agency, according to a media statement of Kozloduy NPP. During the repair works which started on September 21, the facility underwent prophylactic activities and was recharged with fresh fuel. The other 1000-MW unit of the Kozloduy NPP, unit 5, works at 100% capacity.
Source: Duma (28.10.2013)

Bulgaria's BEH Raises EUR 500 M from Bond Issue Bulgaria's state energy holding company BEH has raised EUR 500 M, the company announced as the early signing for its bond issue on international market was wrapped up. The company initially planned a EUR 250 M bond issue, needed to refinance debt which matures in May. The bond issue, which will cover the bridge financing, is for five years with an interest rate of 4.287%. BEH was incorporated in 2008 with a decision of the then ruling Socialist-led government. BEH EAD is a shareholding company with 100% state owned participation. The Holding includes Mini Maritsa Iztok EAD, Maritsa East 2 TPP EAD, Kozloduy NPP EAD, NEK EAD, Electricity System Operator EAD, Bulgargaz EAD, Bulgartransgaz EAD and Bulgartel EAD. All companies, brought together in the holding structure, preserve their operational independence and licenses, as they are all owned and directly subordinated to the corporate center BEH EAD. The Bulgarian Energy Holding EAD is one of the largest companies in the region, and national energy leader. Bulgaria tapped last summer international markets to raise funds to repay the first tranche of about EUR 835 M (USD 1.07 B) in 11-year Eurobonds, which matured on January 15, 2013.
Source: Capital (04.11.2013)

Bulgarian Energy Holding (BEH) opens a procedure for direct agreement on the construction of new nuclear capacity at the Kozloduy NPP. The press release is published on the official website of BEH on November 1, 2013. The original announcement reads, as follows: “Based on Article 46, par.1, item 5 of its Internal Policies for procurement, tender and direct negotiations for supply, works and services, Bulgarian Energy Holding EAD (BEH EAD) is opening a procedure for direct negotiation for rewarding a contract with an advisor for ‘Elaboration of a Roadmap for construction of a new nuclear power capacity in Kozloduy NPP– options for developing the potential investment as an international project ’.”
Source: Class (04.11.2013)

Bulgaria Seeks Contractor for Roadmap for New Unit at Kozloduy NPP The Bulgarian Energy Holding (BEH) has opened a procedure for the preparation of a roadmap for building new nuclear capacity at the Kozloduy nuclear power plant. The procedure will be awarded by direct agreement, according to a media statement of BEH, as cited by investor.bg. An opportunity will be sought to implement the investment plan as an international project. In early October, Bulgaria's Ministry of Environment and Water issued a positive statement on the environmental impact assessment (EIA) report on the project for a new unit at the Kozloduy NPP. In the summer of 2013, the Nuclear Regulatory Agency issued a permit for a site to be sought for new capacity at the Kozloduy NPP. At the end of last week, it emerged that BEH was issuing bonds worth over EUR 1 B. The company managed to raise EUR 500 M through 4-year bonds and it expects to receive another EUR 620 M at an interest rate of 4.25% from Gazprom. The loan from the Russian energy giant is related to the implementation of the South Stream gas pipeline project. The issue of a new unit at the Kozloduy NPP came up after the project for the construction of the Belene NPP was frozen by the center-right GERB government. The government headed by former Prime Minister Boyko Borisov stopped the implementation of the project over its high cost and decided to mount the reactor produced for the purpose at the Kozloduy NPP site. Meanwhile, Bulgaria is also striving to get an extension of the life of units 5, 6 of the Kozloduy NPP. A consortium of Russian Rosatomenergo and French Electricite de France are inspecting and evaluating the equipment and facilities at the two units and their report is to be published by mid-2014. The license of unit 5 of the Kozloduy NPP expires in November 2017 and that of unit 6 in October 2019. An inspection of a delegation of the European Parliament a week ago showed that steps were underway for the decommissioning of units 1-4 of the Kozloduy N-plant.
Source: Capital (05.11.2013)

NEK lodges claims for millions against EVN, CEZ and Energo-pro The National Electricity Company (NEK ) lodges claims against the three electricity distribution companies (EDCs) - EVN, CEZ and Energo-pro, - NEK’s press office said. The claims regard millions in uncovered expenses on electricity transmission. NEK confirmed that it is currently seeking legal representation. bNews.bg reported that the NEK is likely to hire the Ivanov & Neshev law firm, specialised in the representation of energy companies, such as TPP Maritsa East 2 and NPP Kozloduy.
Source: Capital (06.11.2013)

Bulgarian Economic Ministry signs EUR 85M contracts for the decommissioning of Kozloduy NPP The Bulgarian Ministry of Economy and Energy and the sponsors of the Kozloduy International Decommissioning Support Fund signed five new grant contracts in the value of over EUR 85 million. While EUR 35 million will be spent on new machines to improve the capacity of the Maritsa Iztok Mines and for the upgrade and expansion of the central dispatching unit of the Electricity System Operator (ESO), the remaining EUR 51 M will be paid to the workers participating in the decommissioning activities at the Kozloduy NPP in the period 2014-2016. Two other agreements were also concluded: one for supporting the energy efficiency fund and renewable energy sources and another to construct gas transmission networks with automatic stations to the towns of Svishtov, Panagyurishte, Pirdop, Bansko, and Razlog. Sofia. Bulgaria's Kozloduy NPP reported BGN 5.8 million loss for the first half of 2013, The negative result came after a BGN 90 million profit in the comparative period last year.
Source: Standart (18.11.2013)

Bulgaria gets 85 mln euro grants from n-plant decommissioning fund KIDSF The Bulgarian energy and economy ministry has signed five agreements with the donors of the nuclear plant decommissioning fund KIDSF for grants of a total of 85 million euro for energy efficiency projects and decommissioning, the ministry said. The KIDSF facility, administered by the European Bank for Reconstruction and Development (EBRD), was set up with EU funds to support projects related to the decommissioning of four nuclear reactors at Kozloduy NPP as well as to supports projects for restructuring and upgrades in Bulgaria's energy sector. KIDSF will provide some 35 million euro for non-nuclear related projects, including the purchase of new equipment for coal miner Mini Maritsa Iztok and the development of data collection, monitoring and management systems of Bulgaria's Electricity System Operator (ESO), the Bulgarian energy and economy ministry said in a press release on Saturday. The funding will also cover the reconstruction of Belmeken-Sestrimo-Chaira hydroelectric complex. The other 50 million euro will be used for the wages of the employees who work on the decommissioning of Kozloduy’s four units, which will take place between 2014 and 2016. As of the 2014-2020 programming period, financing will no longer be allocated to non-nuclear projects but will only go for the decommissioning of Units 1-4 of Kozloduy NPP. Bulgaria will receive additional 12.8 million euro for the management of waste from the units’ decommissioning. The Bulgarian energy and economy ministry has signed a total of 35 agreements for some 355.74 million euros with KIDSF’s Assembly of Donors for non-nuclear projects since its establishment in 2001.
Source: Monitor (19.11.2013)

Bulgaria to get another 260 mln euro EU aid to decommission four n-plant units The European Union will grant Bulgaria a further 260 million euro to complete the decommissioning of units One to Four of Kozloduy nuclear power plant, the European Parliament said on Tuesday. The funds, which are to be granted in the next EU budget period 2014-2020, were approved by MEPs on Tuesday within a financial package for decommissioning nuclear power plants in Bulgaria, Lithuania and Slovakia, the Parliament said in a press release. “The term "decommissioning" covers all the activities taking place after reactors are shut down: removal and the final disposal of spent fuel elements, decontamination, dismantling and/or demolition of the nuclear installations, disposal of remaining radioactive waste materials, and environmental restoration of contaminated sites,” the press release reads. To qualify for the financing, Bulgaria has to present a detailed decommissioning plan and to transpose the Nuclear Safety Directive into its national law. The European Commission will review Bulgaria’s decommissioning programme and assess its progress by the end of 2017. The agreed decommissioning budget for Bulgaria, Lithuania and Slovakia is 860 million euro in 2011 figures. After being adjusted to the inflation rate, the total budget amounts to 969 million euros, 293 million euro of which will be allocated to Bulgaria’s Kozloduy n-plant, according to most recent adjustments.
Source: investor.bg (20.11.2013)

Reuters: Bulgaria to decide on third nuclear reactor by end of year The Bulgarian government will take a decision on the construction of a third reactor at its sole nuclear power plant Kozloduy, using U.S. technology, by the end of the year, its energy minister said on Saturday, Reuters reports. The Balkan country has hired Westinghouse to prepare a proposal for the new reactor, having shelved plans to build a new 2,000-MW plant at Belene on the Danube after failing to attract foreign investors to the 10 billion-euro project. "Bulgarian and American officials have discussed the construction of a new nuclear power plant reactor at Kozloduy," Energy Minister Dragomir Stoynev told reporters after returning from a visit to the United States. "The size of the investment needs to be established. We expect that a financial model will be drawn up within six months." Stoynev said he was preparing a report on the subject to be submitted to Prime Minister Plamen Oresharski for approval, adding that construction could begin in 2016 and would last at least four years. He said the state-owned Export Credit Bank of Turkey, known as Eximbank, had expressed readiness to finance up to 70 percent of the project and Bulgaria planned to keep nuclear energy as one of the key sources in its mix of power sources. Bulgaria is one of the few European Union counties pursuing new reactor projects in the wake of the Fukushima disaster in Japan in 2011 and Germany's move to phase out nuclear power. Some 35 percent of energy produced in Bulgaria comes from the 2,000 MW Kozloduy plant, but the licence of one of its two reactors expires in November 2017 and the other two years later. Without new construction, "Bulgaria will have no more nuclear capacity in 15 years", Stoynev said. "More than half of our thermal power plants will be closed. "What shall we do then? We cannot remain solely reliant on hydro power generation or renewable energy sources. Now is the time to start working on building new capacity." Russia offered to finance the Belene plant in 2006 but Bulgaria's former centre-right government turned down the offer because of concerns Moscow would gain control of the EU country's nuclear future.
Source: Capital (25.11.2013)

Kozloduy NPP unit 7 with US technology and from Turkish money The financial model for the construction of a seventh reactor of NPP Kozloduy should be ready within six months, Economy Minister Dragomir Stoynev told Bulgarian National Radio. The new unit will be built using US technology. Stoynev, who is on an visit to Washington DC informed that the negotiations with American energy giant Westinghouse about installing a new nuclear unit at the Kozloduy nuclear power plant NPP were successful. The construction is scheduled to start in 2016 under the financing of Turkish Exim Bank. The building works are expected to last at least 4 years. In the meantime, Bulgaria strives for extending the life of units 5 and 6 of the Kozloduy NPP from November 2017 and October 2019. Sofia. Bulgaria's Kozloduy nuclear power plant reported BGN 5.8 million loss for the first half of 2013, The negative result came after a BGN 90 million profit in the comparative period last year. Under a 1993 agreement between the European Commission and the Bulgarian government, Units 1 and 2 were taken off-line at the beginning of 2004. Units 3 and 4 were shut down in the final hours of 2006, immediately prior to the country's accession to the European Union. Bulgaria's government recently decided to start the construction of a new reactor in Kozloduy after it gave up on the construction of what was supposed to be the country's second nuclear power plant in Belene. Thus, the Bulgarian government decided to install in Kozloduy the 1000 MW reactor that the Russian state company Atomstroyexport already produced for the Belene NPP. In October 2013, the Ministry of Environment and Water approved the environmental impact assessment report on the investment proposal for Unit 7, thereby giving a green light for its construction.
Source: Standart (25.11.2013)

6 tons of hydrochloric acid disappear from "Polymers" state reserve 6 tons of hydrochloric acid from the State Reserve in "Polymers " - Devnia disappeared, the trustee of the bankrupt enterprise alerted. According to Ivan Balabanov, the two tanks, which stored the acid drained between November 12-13 with traces leading to the nearby sewer and the Varna lake. The chemical waste is dangerous and highly explosive and could blow the whole area into the air if it explodes due to a spark, Balabanov warned. With numerous building pull-downs and pipe cuttings, there are many dangerous activities in the area which could trigger such a spark with a potentially devastating effect. Despite the alerts, state institutions have not taken any step to stop the looting. The problems started even before the announcement of the bankruptcy of the "Polymers" AD on December 2012. Now there is nothing left for sale from the company, while the list of creditors is long. As first stands NPP Kozloduy with BGN 9 million claims, followed by a state debt of BGN 6 million. The company also owns BGN 1 million to its staff for the unpaid wages and benefits, the trustee pointed out.
Source: Standart (26.11.2013)

Bulgaria's govt plans to revive insolvent fertiliser plant Chimco Bulgaria plans to revive insolvent fertiliser plant Chimco, the economy ministry said. A financial plan for reviving the plant in Vratsa, in the northwest of the country, has been prepared, Dragomir Stoynev said, as quoted in a press release of the ministry on Saturday. He did not elaborate. Local daily newspaper Standart on Monday quoted Stoynev as saying that Bulgaria will invest some BGN 50 million in the plant. Chimco, which halted operations in 2003, used to be Bulgaria's biggest urea producer with an output capacity of 800,000 tonnes annually, accounting for approximately 3.5% of global production. The plant produced ammonia, carbon dioxide, argon and various types of catalysts, as well. It was declared bankrupt in 2004.
Source: Capital (03.12.2013)

An influx of capital was the obstacle for complying with the regulation for deposits A sudden influx of capital in the end of November is the excuse of the major companies with state share from the energy sector in front of the Bulgarian Ministry of Economy and Energy, when they were asked why their money were still concentrated in one single bank. This is in breach with the regulation effective from December 4 and demanding more balanced distribution of capitals. Days before this date reports of companies like the Bulgarian Energy Holding (BEH), the National Electric Company (NEK), the nuclear power plant (NPP) Kozloduy and Bulgargaz show that the companies’ capitals continue to be concentrated in Corporative Commercial Bank, the daily writes.
Source: Capital (12.12.2013)

Bulgarian Govt Moves to Build New NPP Unit Bulgaria's Cabinet has approved the report of the Minister of Economy and Energy, Dragomir Stoynev, on the need to build a new unit at the country's only nuclear power plant. With it, the Minister receives mandate to instruct the Bulgarian Energy Holding (BEH) to negotiate with a strategic investor and with US energy giant "Westinghouse," which is to build a reactor with its technology. The public radio, BNR, reported Wednesday that Stoynev has given the following details of the decision: to negotiate with Japan's "Toshiba Corporation" an agreement for a strategic investor for the project and construction of a new unit at the nuclear power plant NPP "Kozloduy" with technology reactor with water pressure AP 1000-3 + of the "Westinghouse Electric Company" US. The Council of Ministers further instructs the Minister of Economy and Energy to organize, coordinate and control the negotiations for structuring and financing of the project "Building a New Unit at NPP "Kozloduy." The decision of the Council of Ministers was made on December 11 in implementing a decision of the Council of Ministers from April 11, 2012, (during the term of the previous government), which is an agreement in principle to take actions necessary to build a new reactor at NPP Kozloduy. The investment of "Toshiba Corporation" is forecasted to be up to 30% of the project cost. "There will be a tender for the construction, but not for the technology because if there is one, this means that the State should buy all produced electricity. I do not want to doom the next generation to long-term contracts, and the seventh unit of NPP Kozloduy will operate on market basis," said Stoynev. At the end of November, speaking after a working visit to the US, he informed that talks with US energy giant Westinghouse were forthcoming and the construction of the new unit at the Kozloduy NPP could start in 2016, provided that the negotiations were successful. Stoynev emphasized that Bulgaria had opted for a technology, not a country, by choosing Westinghouse, explaining that safety had been the primary concern in the decision to use US technology. The Minister stressed then that in the case of a failure to reach agreement with Westinghouse, Bulgaria would seek other options as the country needs to replace units 5-6 of the Kozloduy NPP before they are stopped in 20 years' time. The issue of a new unit at the NPP Kozloduy came up after the project for the construction of the NPP Belene was frozen by the center-right GERB government. The government headed by former Prime Minister Boyko Borisov stopped the implementation of the project over its high cost and decided to mount the reactor produced in Russia for the purpose at the NPP Kozloduy site. Meanwhile, Bulgaria is also striving to get an extension of the life of units 5, 6 of the Kozloduy NPP. The license of unit 5 of NPP Kozloduy expires in November 2017 and that of unit 6 in October 2019.
Source: Capital (12.12.2013)

Bulgaria, Westinghouse Ink Deal on Kozloduy NPP The state Bulgarian Energy Holding (BEH) and US company Westinghouse have inked a deal for coordination of parameters for a new reactor at Bulgaria's Kozloduy NPP. The contract was signed by BEH representatives and Westinghouse CEO Danny Roderick in the presence of Bulgarian PM Plamen Oresharski in Sofia Thursday Oresharski explained that the agreement sets a deadline of 9 months for preparatory work on the technical, financial and economic parameters of the project. He expressed his hopes that this preparatory work can be compeled ahead of that time. On his part, Westinghouse CEO Danny Roderick said his company is committed to efficiently and transparently complete the project, which he views as highly positive for Bulgaria's economic growth and energy security. The decision to negotiate with Westinghouse on the planned new Unit 7 of Kozloduy NPP was formally adopted by the Bulgarian cabinet on Wednesday, after plans for that were announced over the fall.
Source: Capital (13.12.2013)

EU Council adopts nuclear decommissioning programs for Bulgaria, Slovakia and Lithuania The Council of the European Union today adopted two regulations on Union support for the nuclear decommissioning assistance programmes in Bulgaria and Slovakia; and in Lithuania covering the period 2014-2020, a press release informed. The first regulation establishes a programme for the implementation of Union financial support for measures linked to the decommissioning of units 1 and 2 of the Ignalina nuclear power plant in Lithuania. The financial envelope for the implementation of the Ignalina programme for the period 2014-2020 is set at EUR 450 818 000 at current prices. The second regulation establishes a programme for the implementation of Union financial support for measures connected with the decommissioning of units 1 to 4 of the Kozloduy nuclear power plant in Bulgaria and units 1 and 2 of the Bohunice V1 nuclear power plant in Slovakia. A total of EUR 293 032 000 has been set aside for the period 2014-2020 for the implementation of the Kozloduy programme, while a total of EUR 225 410 000 has been set aside for the Bohunice programme at current prices. In the context of the negotiations for accession to the European Union, Bulgaria, Lithuania and Slovakia undertook to close and subsequently decommission the abovementioned nuclear reactors. The EU has undertaken to assist those countries in addressing the exceptional financial burden imposed by the decommissioning process.
Source: Monitor (14.12.2013)

State-owned TPP seeks more money Almost a month after drawing a credit of over BGN 2 million, the state-owned Maritsa Iztok 2 TPP needs money again, shows a reference to the Public Procurement Register. The TPP seeks for a bank to lend BGN 50 million with maturity December 20, 2016. The plant will use the money to invest. On 19 November Maritsa Iztok 2 TPP borrowed BGN 2 million from CCB to cover the contribution to the Japanese Bank that had been granted as loans for rehabilitation of the facilities. Separately, since June the company uses BGN 20 mln loan for working capital. By this move the company has become the third state energy company in need of money to cover current needs after Bulgargaz and Kozloduy NPP. Maritsa Iztok 2 has received a loan of BGN 137 million in the middle of the year by its parent company BEH, according to the company's report. Maritsa Iztok 2 is second after Kozloduy NPP in cheapest electricity in the country. The company is also a major buyer of coal from Mines Maritsa Iztok.
Source: Trud (18.12.2013)