Bulgarian resort operator Albena’s unit signs 13.7 mln euro loan deal The White Lagoon company, a unit of Bulgarian resort operator Albena, has signed a 13.7 million euro loan deal with Societe Generale Expressbank, Albena said on Thursday. The White Lagoon assets worth 35.3 million levs will be placed as loan collateral, Albena said in a bourse filing. The loan will be extended in two tranches, according to the minutes of Albena’s latest shareholders meeting filed to the Sofia bourse earlier this month. The first tranche, of 9 million euro, will be used for debt refinancing, including for two previous loans extended by Societe Generale Expressbank to White Lagoon, as well as a commercial credit from British travel group Thomas Cook. The second tranche, of 4.7 million euro, is intended to finance expenses related to the company’s 2016-2017 investment programme, including the reconstruction of a lobby bar, reception area and restaurant, as well as 50 hotel rooms and other infrastructure. The loan should be repaid by 2028, in 11 yearly instalments, starting from 2018. Societe Generale Expressbank is the Bulgarian unit of French banking group Societe Generale.
Source: investor.bg (05.01.2017)

100 MW of electricity from the state NPP Kozloduy and Maritsa Iztok 2 were suspended from the sale of exchange current in recent days, allowing the public provider NEC to ensure the needs of the internal market in major frosts. This became clear at the meeting of the parliamentary committee for monitoring the activities of the State Energy and Water Regulatory Commission on Thursday. The Energy Minister explained that this happened with the consent of the European Commission. This is an additional measure to ensure power supply in addition to activation of spare production capacity. With the same purpose on 13 January the export of electricity from Bulgaria will be stopped while maintaining transit capacities. The regulatory director admitted that the decision to stop the export of electricity from Bulgaria and Greece violates the supply in the region and creates a chain problem.?
Source: mediapool.bg (13.01.2017)

License for Kozloduy's Fifth Unit To Be Issued by September The Bulgarian Nuclear Regulatory Agency is expected to complete the evaluation of the documentation and issue a license for the Fifth Unit of the Kozloduy NPP by September 2017, which will allow the unit to operate for another ten years, announced the chairman of the nuclear regulator Latchesar Kostov. “The license for the exploitation of the fifth unit of the Kozloduy NPP expires in November 2017 and, in this relation, we received an application for an extension of the license for exploitation of the fifth unit. The review of the documents will continue in 2017. No discrepancies with a significant effect on safety have been discovered so far,” pointed out Kostov.
Source: econ.bg (18.01.2017)

Dep.-Energy Minister Becomes Board Member of Bulgaria’s National Electricity Company Konstantin Delisivkov, deputy-minister of energy in the interim government of Ognyan Gerdzhikov, will replace Hristo Georgiev at the board of directors of Bulgaria’s power incumbent National Electricity Company (NEK). Delisivkov’s appointment was announced on Tuesday by its parent-structure Bulgarian Energy Holding (BEH), along with two more changes at other BEH subsidiaries. Petyo Ivanov, CEO of the holding, will replace Jacklen Cohen at the board of directors of Kozloduy NPP. Furthermore Nikolay Pavlov, currently acting as interim energy minister, will be replaced by Stoyan Yanchev at the board of directors of gas incumbent Bulgargaz. The changes are meant to ameliorate the management of the companies in order to achieve financial stability. Although NEK has seen some improvement in its financial state, in December the government of Boyko Borisov approved EUR 601.6 million state-aid earmarked to secure the payments of the power incumbent, related to the Belene NPP arbitration case with Russia’s Atomstroyexport. In December Standard & Poor's Ratings Services (S&P) confirmed its 'B' long-term corporate credit rating on NEK, reflecting on the utility's financial dependence on regulatory decisions.
Source: Monitor (08.02.2017)

Bulgarian NPP, Russia's Izhorskiye Zavody to discuss nuclear fuel casks supplies Bulgaria’s Kozloduy nuclear power plant (NPP) said it will hold direct talks with Russian nuclear engineering company Izhorskiye Zavody on the supply of 22 spent nuclear fuel shipping casks worth an estimated BGN 14.5 million. The casks for the fuel used at the NPP’s reactors of the VVER-1000 type are not standard and are manufactured solely by Izhorskiye Zavody, a tender notice posted on the website of Bulgaria’s Public Procurement Agency last week stated. On Monday, Izhorskiye Zavody said it it is loading equipment for the abandoned Belene NPP project for shipment to Bulgaria. In December, Bulgaria’s NEK said it paid EUR 601.6 million as compensation to Atomstroyexport, a subsidiary of Russia's Rosatom, for the equipment manufactured by the Russian side for the Belene nuclear power plant project, which Bulgaria had abandoned. The funds were awarded to Atomstroyexport by the International Court of Arbitration in Geneva, which earlier in 2016 ruled that NEK must pay compensation to the Russian company for ditching the project for the construction of the nuclear power plant in Belene, on the Danube river. NEK will now take possession of the manufactured equipment.
Source: Capital (14.02.2017)

NPP Kozloduy’s profit for 2016 dropped to BGN 2.4 million The profit of the largest electricity producer in the country - the state-owned NPP Kozloduy fell by 98% to BGN 2.4 million in 2016, shows the preliminary consolidated report of the company. NPP Kozloduy indicated in the report for 2017 that a shortage of funds for its investment program for the period 2017-2021 is foreseen, estimated at BGN 880 million. These funds are needed for the modernization of the plant and the life extension of the 5th and 6th block. However, the company will have sufficient funds to continue its operational activities. The basic revenues for last year were BGN 813.6 million and have decreased by BGN 16 million compared to the previous. Revenues from sales to NEC have increased by BGN 3.4 million to BGN 153.1 million. There is also an increase in income from financing, which increased by more than three-fold to BGN 3.6 million. From the expenditures the biggest growth was recorded in external services - they reached nearly BGN 169 million, which is BGN 56 million more than the previous year.
Source: Capital (22.03.2017)

Bulgaria's sole nuclear power plant (NPP) Kozloduy reconnected to the grid of its Unit 5 following a planned annual maintenance shutdown. During the shutdown the 1000 MW unit was recharged with fresh nuclear fuel. Planned works, which are part of the extension of the unit's operational lifespan, were also carried out alongside works for increasing the unit's thermal capacity to 104%. Kozloduy NPP remained with two operational units - Units 5 and 6 - after Bulgaria closed down four older units of 440 MW each to address nuclear safety concerns of the European Union prior to the country's accession to the bloc in 2007.
Source: Banker (12.06.2017)

BGN 1.5 billion have been collected for dismantling the Kozloduy NPP reactors The funds, which finance the decommissioning of nuclear power plants, had a little over BGN 1.55 billion at the end of last year, according to data from the State enterprise Radioaktive waste. In the "Decommissioning of Nuclear Facilities" Fund, undrawn amounts are BGN 1.44 billion, and in the Radioactive Waste Fund - almost BGN 112 million. According to the Bulgarian legislation, the main source of funds in the first fund is the companies operating nuclear facilities. This is only Kozloduy NPP. Every year, the nuclear power plant contributes about BGN 80 million for decommissioning activities. According to forecasts, there will be no shortage of funds for the fifth and sixth units. Work is currently being done to extend the timeframe for their exploitation and it is expected that the two units will work for at least another 20 years. However, the funds for the first four units in Kozloduy NPP are not enough, as they started to accumulate in the funds late.
Source: Sega (13.06.2017)

The free market brought Kozloduy NPP to a profit of BGN 34 mln The Kozloduy NPP ended the first half of 2017 with a net profit of BGN 33.9 million, the NPP announced on Monday. This is a significant improvement in the financial result compared to the company's profit for the same period last year amounting to BGN 236 thousand. The main factor for this good result is the favorable development of the electricity market and the increase of the average selling prices on the free market during the first half-year. Another factor for the good financial condition of the plant is the reduction of receivables from the National Electric Company (NEK). Revenues from the operation of the nuclear power plant reached BGN 418 million, an increase of BGN 22 million (5.4%) compared to the first half of last year. Most of them - BGN 407.5 mln, are from the sale of electricity, the results show.
Source: Capital (08.08.2017)

Bulgaria to offer for sale Belene NPP project in 2018 Bulgaria intends to set up a company pooling all assets and liabilities of the abandoned Belene nuclear power plant (NPP) project and offer it for sale at the beginning of 2018, energy minister Temenuzhka Petkova said on Tuesday. “By the end of September we must have a clear idea how to best utilize the equipment for NPP Belene,” energy minister Temenuzhka Petkova said in a press release. Petkova reiterated the position of the government that the potential investor should implement the project without a state guarantee or long-term power purchasing contracts. In December 2016, NEK paid 601.6 million euro ($704.9 million) as compensation to Atomstroyexport, a subsidiary of Russia's Rosatom, for the equipment manufactured by the Russian company for the Belene project, which Bulgaria had abandoned. The sum was awarded to Atomstroyexport by the International Court of Arbitration in Geneva, which earlier in 2016 ruled that Bulgarian power utility NEK must pay compensation to the Russian company for ditching the project for construction of the nuclear power plant.
Source: Other (16.08.2017)

The insurer of the army, NEK and Kozloduy NPP remained unlicensed The Financial Supervision Commission has withdrawn the license of Nadezhda Insurance Company. The decision taken on August 17 is without precedent in the new history of Bulgaria. Among the clients of the company is the Ministry of Defense. Yesterday, MoD officials complained that there are already refusals to pay bills. Among the customers of Nadezhda Insurance Company are also NEK, Kozloduy NPP, CEZ. The majority owner is Viktor Serov, who exercises control over Via Vista Holding, holding 87.21% of the capital.
Source: Sega (22.08.2017)

A repository to the Kozloduy NPP to be built A "first sod" will be made for a National Storage Facility for Low- and Medium-Radioactive Waste on August 29. The project is implemented by the State Enterprise "Radioactive Waste". Its value is EUR 71.82 mln, which is provided free of charge by the International Kozloduy Fund through the European Bank for Reconstruction and Development. Interestingly, the idea of building this facility is very old and Bulgaria has committed itself to the European Commission to implement it before the country join the EU. The government's decision assigning the task to the state-owned enterprise is from 2005. Since then, work has been done on site selection and storage design. After the regional and detailed researches have been carried out, the site Radiana is located, near the Kozloduy NPP - in the two-kilometer protected area of the plant, on the territory of the village of Harlets.
Source: Banker (25.08.2017)

Bulgaria Starts Building National Nuclear Waste Repository Bulgaria has started the construction of a national facility for disposal of radioactive waste near the country's sole nuclear power plant (NPP) Kozloduy. The first stage of the construction of the radioactive waste disposal facility is financed with a BGN 143 million grant provided by the Kozloduy International Decommissioning Support Fund (KIDSF) through the European Bank for Reconstruction and Development. The facility which will have a storage capacity of 138,200 cu m, will be operated for a period of 60 years. It is expected to be put into exploitation in 2021. A German-Bulgarian consortium led by NUKEM Technologies will carry out the the first stage of the project. The nuclear power plant in Kozloduy, on the Danube river, remained with two operational reactors of 1,000 MW each after the country closed down four older units of 440 MW each to address nuclear safety concerns of the European Union prior to its accession to the bloc. Bulgaria joined the EU in 2007.
Source: money.bg (29.08.2017)

Three International Companies Want to Invest in Belene Nuclear Power Plant Three international companies want to invest in Belene Nuclear Power Plant. This was declared by Minister Temenuzhka Petkova who, today, announced the start of the construction of the National Radioactive Waste Repository in Belene. Reports BNT. Minister Petkova along with the chief of State company “Radioactive waste' Dilyan Petrov made a symbolic first dig with a shovel for the repository.
Source: Sega (30.08.2017)

The Energy and Water Regulatory Commission (EWRC) will propose legislative amendments, which would give it powers to impose sanctions when violations are established on the electricity market, the Commission's Chair, Ivan Ivanov, told journalists on Wednesday, as quoted by Publics.bg. The reason for this is the deal for the purchase of electricity for close to 100 million leva, which was concluded on the Independent Energy Exchange earlier this month. The proposals will be made as part of the upcoming amendments to the Energy Act, related to the complete electricity market liberalization. The above mentioned deal gave rise to speculations that the Kozldouy N-plant had informed in advance specific electricity traders that 180 MW will be put up for sale for the next calendar year on the Continuous trading segment.
Source: Capital Dàily (01.09.2017)

18 Bulgarian companies in a European ranking 18 Bulgarian companies are among the 500 largest companies in Central and Eastern Europe in 2016 according to the authoritative annual rating of the international credit insurer Coface. Companies are mainly selected by turnover, but additional data such as number of employees, the range of companies, sectors and markets are also taken into account. A leading Bulgarian company in the ranking in 2016 is the Bulgarian Energy Holding, which holds 25th place. Lukoil Neftochim Burgas is 45th and Aurubis Bulgaria is 78th. The rest are NEK, Lukoil Bulgaria, Kaufland Bulgaria, CEZ Elektro, Advance Properties, Express Logistics and Distribution, Bulgargaz, Daphna Group, OMV Bulgaria, Sopharma, BTC , Kozloduy NPP, Saxa, Huvepharma and Astra Bioplant. The last two are listed for the first time. Ten of the companies, including the first 4, go down the list compared to the previous year due to a decline in their turnover. The largest number of companies in the Coface ranking is from Poland - 168 companies, followed by Hungary and the Czech Republic.
Source: 24 chasa (08.09.2017)

Bulgaria's NPP Kozloduy shuts down Unit 6 for annual maintenance Bulgaria's sole nuclear power plant (NPP) Kozloduy has shut down its 1,000 MW Unit 6 on Saturday for planned annual maintenance, the plant operator said. The works are expected to be completed at end-October, the operator said in a press release. During the planned outage, the reactor will be reloaded with fresh nuclear fuel. The planned works are part of a project for extending the operating lifespan of Unit 6. Kozloduy's other 1,000 MW unit, Unit 5, is currently operating at full capacity, the plant operator said. Kozloduy NPP remained with two operational units - Units 5 and 6 - after the country closed down four units of 440 MW each to address nuclear safety concerns of the European Union prior to its accession to the bloc. Bulgaria joined the EU in 2007.
Source: Monitor (18.09.2017)

AES Bulgaria expands regional shared service centre in Sofià AES Bulgaria, a unit of U.S.-based energy company AES, said on Wednesday it has opened its expanded shared service centre in the country's capital Sofia. The shared service centre, in which the company has invested 2 million levs ($1.21 million/1.02 million), is now servicing all AES businesses in Europe and Asia, AES Bulgaria said in a statement. The centre which has been established in 2013, has opened 100 jobs. The company said it expects their number to increase. AES Bulgaria operates the 600 MW thermal power plant AES Galabovo in the southern part of the country.
Source: Capital (12.10.2017)

Bulgaria Gets Extra EUR 41 Mln from Kozloduy International Fund Bulgaria has received an extra 41 million euro from the Kozloduy International Decommissioning Support Fund (KIDSF). The decision was approved by the Assembly of Contributors to the Fund, which met in London on Monday, the Bulgarian Energy Ministry said in a press release. The financing for management of the radioactive waste generated during the decommissioning process will be increased by 27 million euro, allocated in the nuclear projects "window". The timeframe for settlements in this sector were extended until 2022, the KIDSF contributors decided. They also approved the allocation of an extra 24 million euro for management of projects in the nuclear sector, extending the timeframe for settlements until the end of 2020, the press release said. As a result of saving on the projects for the first and second phase of decommissioning of Kozloduy Units 1 to 4, the amount for these projects has been reduced by 10 million euro. The timeframe for settlements in that sector was extended until 2022. In the non-nuclear projects "window", the contributors approved changes under the Project "Demand Side Residential Energy Efficiency through Gas Distribution Companies in Bulgaria" (DESIREE GAS Bulgaria), which supports household gas supply. From now on, grant aid under the project will cover up to 30 per cent of the eligible costs, and connection will be included as a fully eligible project cost. So far, up to 20 per cent of the eligible costs were covered by the programme and connection was excluded. The 36-month project was launched in September 2015. The Bulgarian side also requested an extension of the period of Project DESIREE until the end of 2020, which is the closing date for implementation of KIDSF non-nuclear projects. After the changes are formally approved by the contributors, a new grant aid agreement is to be signed in the first quarter of 2018, the Energy Ministry specified. The KIDSF was established by a Framework Agreement between the European Bank for Reconstruction and Development (EBRD) and Bulgaria in June 2001. Its purpose is to finance and co-finance decommissioning activities for Kozloduy N-Plant Units 1 to 4 and the mitigation of the negative effects of their early closure, particularly through the provision of facilities for the treatment and storage of spent nuclear fuel and radioactive waste, and to assist in the necessary restructuring, upgrading and modernisation of energy production, transmission and distribution and improvement of energy efficiency. The Fund is managed by the EBRD, and the resources are absorbed by the Ministry of Energy and the State Enterprise Radioactive Waste (SERAW).
Source: Dnevnik (19.12.2017)

Bulgarian Energy Holding Will Seek Change of Commitments for Trade on Energy Exchange The Bulgarian Energy Holding (BEH) will approach the European Commission about a possible change in the commitments of state-run electricity companies to sell certain volumes of electricity on the day-ahead market of the Independent Bulgarian Energy Exchange. Participants in a meeting Wednesday, hosted by Energy Minister Temenouzhka Petkova, rallied around the idea. To avoid the payment of hefty fines because of BEH's restrictions on competition, the Kozloduy NPP, the Maritza East 2 thermal power plant and the National Electric Company (NEC) undertook to sell certain volumes of electricity on the energy exchanges According to data of participants in the market, the shortage of peak electricity is among the reasons for the hike of electricity prices on the free market while at the same time NEC reports that between 50 and 300 MW of the volumes it offers remain unsold. One of the ways to remedy the situation is to ask the European Commission that the volumes offered by the state energy companies be traded through long-term contracts. The request has been prompted by the latest amendments to the Energy Act under which the whole electricity output outside the regulated market will be sold through the energy exchange. Wednesday's meeting brought together representatives of state-run energy companies, the Energy and Water Regulatory Commission, electricity traders, employer organizations and trade unions who discussed the fears of the business about a possible increase of the price of electricity on the free market and looked for mutually acceptable decisions.
Source: Monitor (21.12.2017)