Mines Maritsa Iztok’s Board of Directors has a new chairman. Dimo Dimov has chosen by the members of the Board. The change entered into force after it was registered in the Registry agency. Dimov was manager quarries in Devnya Cement AD.
Source: Darik Radio (01.03.2013)

Unions of Maritsa-Iztok want a meeting with Economy Minister Trade unions in Maritsa Iztok insist on meeting with the new Minister of Economy Assen Vassilev and representatives of the State Energy and Water Regulatory Commission regarding the crisis in the mines caused by the reduced workload of the TPPs. Currently in Maritsa-Iztok work 20% of the installed capacity, said Gencho Genchev, chairman of the trade union at Confederation of Labor - Podkrepa in the enterprise. In this regard, it was decided to optimize cost and mode of operation for March and April, as part of the miners go on vacation and otherñ go to two shifts instead of four, said Genchev. He expressed concern that if the complex continues to operate at 20% of its capacity, it would be fatal for the energy sector in Bulgaria. Miners push for the energy regulator to submit to the interim government a proposal to reduce or completely eliminate the transfer charge, which increases the cost of electricity.
Source: investor.bg (18.03.2013)

Starting Monday, workers at Bulgaria's state-owned Maritsa Iztok Mines will switch to a two-shift regime from a four-shift regime due to the shrinking coal demand of the thermal power plants in the Maritsa Iztok Complex. The council of trade unions will hold a sitting Monday to discuss measures to solve the crisis, according to reports of the Bulgarian National Television (BNT). The capacity of the four thermal power plants in the Maritsa Iztok Complex has been reduced to 20%. Some units of the TPPs of the Complex were switched off by the Electricity System Operator (ESO) in the past two weeks due to the low electricity consumption in the country and the reduced export rates, which in turn reduced coal demand. Gencho Genchev, Chair of the Podkrepa Labor Union at the company, made clear that the step had made it necessary to send some of the workers on a forced leave while other had to switch to a 2-shift regime of work from a 4-shift regime. Representatives of trade unions at the Maritsa Iztok Mines have demanded a meeting with Bulgaria's caretaker Economy and Energy Minister Asen Vasilev and the State Commission for Energy Regulation (DKEVR) to draft urgent measures to solve the crisis. Meanwhile, trade unions at the Maritsa Iztok Mines will also meet Monday to discuss the steps that the miners should take. Genchev suggested that the meeting was likely to result in a decision to start protests, adding that if the Complex kept functioning at 20% of its capacity, this would "not only be fatal for Bulgaria's energy sector but will also leave thousands of miners and energy workers without a job."
Source: Capital (19.03.2013)

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)

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 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)

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)

EC to Bulgaria: Shut Down Inefficient Power Plants! The European Commission has released its report on the Bulgarian energy sector, making a bleak prognosis of shrinking electricity consumption due to population decline in the next 10 years. The Commission advises reexamination of the condition of operating power plants and closure of the plants that are least efficient and most damaging to the environment, Bulgarian caretaker Deputy-PM and Minister of Regional Development Ekaterina Zaharieva said presenting the report. A similar report by the World Bank, presented by the caretaker Minister of Economy, Energy and Tourism Asen Vasilev, states that the current power plants will be in excess even in 2030. A lack of transparency due to the subordination of all power associations to the National Energy Company (NEK), National Commission of Energy and Water Regulation (DKEVR) ineffectiveness are among the weak points of the Bulgarian Energetics, emphasized in the reports. Renewable energy sources have not been efficiently introduced in Bulgaria, according the EC and WB reports. The World Bank estimated that NEK's obligation to buy energy from such sources will cost the country BGN 1.2 B annually. DKEVR plans to earmark just this amount of money for energy from renewable sources for the next regulation period. The reports also stress on the inefficient system of protecting energy poor households -those 61% of Bulgarian households that give 10% of their income for energy consumption, and propose an expansion of the financial support offered to them.
Source: Standart (29.05.2013)

Trade Unions: Bulgaria's Maritsa Iztok Mines Driven to Bankruptcy Trade union representatives at Bulgaria's state-owned Maritsa Iztok Mines have cautioned that the company faces a tough financial situation, with efforts underway to freeze bank accounts, cut jobs and delay salaries of workers. The representatives of the Podkrepa Labor Confederation and the Confederation of Independent Trade Unions in Bulgaria (CITUB) at the coal mining company reported their observations Friday at a meeting of the public council of the Ministry of Economy and Energy, according to reports of investor.bg. Bulgaria's newly sworn-in Energy Minister, Dragomir Stoinev, guaranteed, however, that the workers would be paid their salaries and there would be no staff cuts at the mines. Valentin Topalov, Chair of the Podkrepa Labor Confederation at the Maritsa Iztok Mines, argued that the launch of bankruptcy proceedings was forthcoming and one of the shifts at the coal mining company would be laid off from July 1. Topalov also called for an urgent decision on the price of coal, saying that if the production process was stopped, the restart would be difficult. The sitting of the public council on energy, during which a new pricing methodology for electricity is to be presented, is still underway. Stoynev suggested that it was best not to discuss proposed amendments to the Energy Act as they had not yet been reviewed by the government. He commented that an essential task in the sphere of energy was to prevent a power price hike. He assured that the public council at the Ministry of Economy and Energy would remain, adding that it was a good idea to create such bodies at the other ministries. He noted that the government had to make swift and adequate decisions as energy was in a state of collapse. Bulgaria's new government, headed by Prime Minister Plamen Oresharski, took an oath of office on Wednesday.
Source: investor.bg (03.06.2013)

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)

Miners wants more expensive coals, threaten with strike Miners from Mines Maritsa Iztok are preparing for effective strike after the 15th of July. Till then they are giving ultimatum of the ministry of the economy and energetics. They insist that the minister raises price of coals extracted from them, so that the company stops accumulating losses. In that way, the company may save up dismissals in the autumn. Miners persist that Mr. Stoynev increases the price per ton of fuel equivalent of BGN 71 at least to BGN 89. This higher price of coals may be taken up by the whole chain of electricity’s pricing. It is to guarantee that miners keep their jobs, too. At present every day a ton of extracted coals brings BGN 6 losses for the mine. For the first half of the year at 9 million tons of coal extracted, Mines Maritsa Iztok has amassed losses to the amount of BGN 38 million. Trade unions stated that they are worried that in October about one third of Bulgarian miners will lose their jobs. Furthermore, miners are dissatisfied with the decision for 5% cut in electricity price without change in coals’ prices. There are reserves enough in order coals’ price to be increased, Plamen Dimitrov said and pointed out re-negotiations of the so called stranded supplements with the two U.S. TPP and RES-s. According to trade unions decrease of transfer fee from BGN 34 to BGN 12 is not enough to unclog exports. Pledged revenues from the sale of carbon emissions amounting to BGN 200 million, with which to cover part of the current expensive RES-s, are too low. Trade unions insist on increase of price of ton extracted colas to take effect till the 15th of July, so that from the 1st of August State Energy and Water Regulatory Commission to set the new price into the new energy mix.
Source: econ.bg (01.07.2013)

Mines Maritsa Iztok Jsc. has a new CEO. This is Stanimir Kazlachev who days ago was appointed to the Board of Directors of the mining company, together with Shteryo Shterev. They took the places of the released Dimo Dimov and Teodor Drebov. Now Kazlachev is selected as CEO of the company, and Shterev – as Chairman of the Board of Directors. Nuclear Regulatory Agency (NRA) has a new chairman as well. Due to the expiration of his term, Sergey Tsochev was released of office. His place was taken by Lachezar Kostov, who is deputy chairman of the NRA since 2006.
Source: Standart (04.07.2013)

Bulgaria's Energy Minister Pledges Increase in Coal Prices Dragomir Stoynev, Bulgaria's Minister of Economy and Energy, has vowed an increase in coal prices by end-2013 from the current "unrealistically low" levels. "Coal prices have not been increased over the past three years and a half and have even been reduced. The prices at which the Maritsa Iztok Mines are functioning now are abnormal, they are artificially low and the company is operating at a loss," Stoynev explained Tuesday, as cited by Darik radio. "I can promise that coal prices will increase by the end of the year," Stoynev declared, adding that the tariffs would most probably be updated in the period September – end- 2013. Dragomir Stoynev yet again reiterated the government's commitment to reduce the electricity prices. He suggested that the legal changes and measures adopted by the government would help stabilize the energy system despite the fact that the National Electricity Company (NEK) was de-facto bankrupt. "The price of electricity will not increase for the end consumer and for the business sector. The Minister assured that neither end consumers nor the business sector would see electricity tariffs go up thanks to the legal amendments adopted by Parliament. "NEK is in a critical condition, NEK is de-facto bankrupt and I am not trying to hide it. Its debts amount to nearly BGN 2 B, but one way or another, we believe that we will manage to save the system from bankruptcy thanks to the measures we adopted," Bulgaria's Economy and Energy Minister explained. Asked to comment on the report of the State Agency for National Security (DANS) citing fraud schemes and money laundering operations conducted through renewable energy projects, Stoynev said that the findings were worrying, adding that he would present more information on the matter in a report to Parliament.
Source: Darik Radio (10.07.2013)

Bulgarian Trade Unions Fear 3500 Job Cuts in Mining Industry Mining industry trade union representatives attended an extraordinary meeting with Economy and Energy Minister Dragomir Stoynev on Tuesday to discuss the new coal prices and the workload of the Bobov Dol thermal power plant. The meeting was also attended by Maya Manolova, Deputy Parliament Chair, according to reports of news.bg. Earlier on Tuesday, it was announced that Stoynev had announced new coal prices per ton of conditional fuel. Speaking after Tuesday's meeting with Stoynev, Vladimir Topalov, head of the mining federation at the Podkrepa Labor Confederation, told journalists that the output of the Maritsa Iztok Mines by July 2014 was expected to register a nearly two-fold decrease to the level of 17 M tones. "In Western Bulgaria, all mines except a part of the Pernik Mines and the open pit mine in Bobov Dol will be closed. This will lead to the loss of over 3500 jobs," he stated, stressing that the electricity production quota of the Bobov Dol TPP had been halved. He drew attention to the fact that the 2.7% indexation was absolutely insufficient because coal prices had remained unchanged for three years. "This price generates losses and our calculations show that the Maritsa Iztok Mines will have run up losses of BGN 140 - 160 M by the end of the year. Minister Stoynev sets the price, and he keeps saying that the problem with the price will be solved. This means that this model may stay in effect for a certain period, after which a part of it will have to be amended. This means that there may be new prices of electricity on the regulated market, not for citizens, by the end of 2013," he said. Following a 9-hour sitting late on Monday, Bulgaria's State Commission for Energy and Water Regulation (DKEVR) announced its final decision on electricity prices as of August 1, 2013. Customers of the three power utilities, CEZ, EVN and Energo Pro, will pay an average of 5% less per kWh, which is said to have been achieved thanks to a new electricity pricing scheme. Speaking after Tuesday's meeting with trade union representatives in the mining industry, socialist MEP and Deputy Parliament Chair Maya Manolova commented that the changes would result in layoffs of 300 people, adding that attempts were being made to secure alternative employment for them.
Source: mediapool.bg (31.07.2013)

Economy Minister: coal extraction dropped by 30.7% year-on-year in Q1 of 2013 Coal production in the country has decreased by 30.7% in the first quarter of 2013 compared to the same period of 2012, Minister of Economy and Energy Dragomir Stoynev stated during today's meeting of the Parliamentary Energy Committee. According Stoynev, the main problem faced by coal companies in Bulgaria is the limited demand for coal power plants. "This in turn is due to the limited consumption of electricity in the country and the limited energy exports," he said. A report on the energy situation presented by the Energy Minister shows that the total natural gas production in 2012 amounted to 350 million cubic meters, which is 12% less than the volume in 2011. The minister also noted that with the new pricing model introduced in the amendments to the Energy Act will meet consumer expectations. Thanks to this new model, which takes effect from 1 August, exports of electricity, including green and brown energy, will be free of additives in their transmission price. In a previous meeting today, trade unions have expressed their concerns that the mines in southwestern Bulgaria will be closed and there will be a cut in the number of the miners. Meanwhile, it became clear that the Parliamentary Energy Committee has asked Dragomir Stoynev to present a detailed analysis of the energy sector. This study should be prepared and presented to the National Assembly within three months, the energy committee ruled. Within six months, the Minister of Economy and Energy must demonstrate a solid strategy" the head of the committee stated.
Source: Standart (31.07.2013)

Bulgarian Energy Minister: Maritsa Iztok Miners to Keep Their Jobs Bylgaria's minister of Economy and Energy, Dragomir Stoynev , has assured that discharges will not be made in the Maritza Iztok Complex – the largest energy complex in Bulgaria, located in Stara Zagora Province. Miners working in the Maritza Iztok Complex will keep their jobs and they will still receive their salaries on regular basis, as increase in the price of coal is expected in September, stated the Bulgarian Energy minister in an interview to Bulgarian TV channel Nova. Just a day ago, Bulgarian trade unions warned that 3500 miners across the country are under threat of being discharged due to implementation of a new model for price forming of electric power.
Source: Struma - Blagoevgrad (08.08.2013)

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)

Production of largest BG coal mine decreases by 5m tons y/y in H1 2013 Because of the energy crisis, Mini Maritsa Iztok produced 5 million tons less in the first half of 2013 as compared to the same period last year. The 9.39 million volume in the first six months this year is also 1.3 million tons less than the estimates. Even more worrying is the 69% year-on-year decrease in the debris land mass before the miners get to the coal itself. With 31 million cubic meters, the total landmass digged out in the first half was 5.6 million cubic meters less than prevised. Maritsa Iztok's repair program was also seriously stripped: as compared to the planned BGN 37 million, actually only BGN 24.6 million were spent on repair and maintenance of the heavy mining equipment, processing machinery, and vehicles. Most alarming was the lack of realization of the investment program. As opposed to the originally estimated BGN 100 million for 6 months, only BGN 36 million were invested indeed. Mini Maritsa Iztok EAD is the largest coal mining company in the Republic of Bulgaria. It works the Maritsa Iztok lignite field and has been of decisive importance for the national energy balance since over 50 years.
Source: Standart (12.08.2013)

Bulgaria's Maritsa Iztok Mines to Remain State Owned, No Job Cuts Foreseen Maritsa Iztok Mines (Mini Maritsa Iztok EAD) will remain a state-owned company and there will be no staff cuts, according to Dragomir Stoynev, Bulgaria's Economy and Energy Minister. Stoynev visited Bulgaria's largest coal mining company on Friday. On the eve of the professional holiday of miners, he visited the Troyanovo-north Mine and launched a new coal re-loading facility worth over BGN 10 M, which is to cut the total length of the railway lines for coal supplies to the AES Galabovo Thermal Power Plant AES by 5 km. "We have started increasing the coal output. In June, I promised you a new price of coal and it is already a fact," Stoynev told miners, according ti the Bulgarian Telegraph Agency (BTA). According to a media statement of the government, Friday's talks between Stoynev, the management of the state-owned coal mining company, and trade union representatives, made it clear that the measures adopted to boost output and increase coal prices had eliminated tension among miners. On Thursday, Bulgaria's Economy and Energy Minister approved an increase in the price of coal produced at the Maritsa Iztok Mines from BGN 71.50 per tonne of conditional fuel to BGN 75 per tonne of conditional fuel. "A bigger increase is not possible at this stage. Our goal is to get the system functioning so that by January 2014 at the earliest we are be able to prepare an analysis about a new increase in coal prices," he added. Coal prices are also tied to electricity prices, which dropped as of August 1 by slightly less than 4%. According to the media statement of the government, the recent changes to the Energy Act, which resulted in a spike in electricity exports, contributed to the production of a total of 1 133 487 tonnes of coal at the Maritsa Iztok Mines in the first 15 days of August, while the output on August 15 reached 85 349 tonnes.
Source: econ.bg (19.08.2013)

State coal extracting company Mines Maritsa Iztok needs BGN 8 million for working capital. This became clear from an announced public order for an overdraft. The news comes several weeks after energy minister increased by order the price at which the company sells its coals. The company looks for a bank, which is to render unsecured loan under the form of overdraft up to a pointed sum. The loan will be used for payment of expenditures on the company’s current activity, as well as in cases of temporary lack of funds. The order will be set under negotiations. Invitation has been sent to fourteen banks that worked with the state company. Borrowing working capital is a common procedure for the state company. This method of financing of current needs is in use since 2004, when the company received overdrafts from Raiffeisenbank and BNP "Paribas".
Source: Capital (24.09.2013)

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)

Workers at Bulgaria’s Maritsa Iztok Mine ready to strike Workers at the Mini Maritsa Iztok EAD, the largest coal mining company in Bulgaria, are ready for protests and strikes, the press office of the Confederation of Independent Trade Unions in Bulgaria (CITUB) announced. “The financial instability of the company increases the social tension among the workers and raises many questions about the future of the mine. The lack of money for spare parts, technological equipment and servicing, as well as the lack for personal protection means and investments for development of the major activities of the mine, will soon bring a situation in which it will be impossible to provide the needed fuel (coal) for the power plants. Securing only the money for the salaries of the workers does not guarantee the security of the employment, neither does in guarantee the healthy and safe working conditions,” a declaration of the trade unions of the miners reads. The declaration was sent to Bulgarian Prime Minister Plamen Oresharski, Minister of Economy and Energy Dragomir Stoynev, and the head offices of the two major trade unions in Bulgaria.
Source: Agency Focus (12.11.2013)

Maritsa Iztok mines will receive 60 million BGN by Monday at the latest Maritsa Iztok mines will receive 60 million BGN by the end of the week, or in the beginning of next week at the latest, Minister of Economy, Energy and Tourism Dragomir Stoynev said at an extraordinary brief conference. The Minister specified that the management of Mini Maritsa Iztok EAD was informed about the amount, as well as all trade union representatives, Focus News agency announced. Regarding decaled willingness for launching striking activities Minister Stoynev said: "This reality change is worrying, because the government is working, because there will be economic growth next year which is confirmed by the European Commission, the World Bank and hopefully by the International Monetary Fund, whose mission is currently visiting our country."
Source: investor.bg (14.11.2013)

Bulgaria’s Mini Maritsa Iztok invites bids for 5.4 mln euro soil-stripping contract Bulgarian mining company Mini Maritsa Iztok has invited bids for a soil-stripping work contract, estimated at BGN 10.5 billion, a notice in the EU's procurement journal indicated. The contract is planned to be completed in 24 months, according to the notice published in the Tenders Electronic Daily (TED) on Saturday. The value of the contract does not include value added tax. Bids can be submitted by January 10, 2014. Mini Maritsa Iztok EAD is 100% state-owned company with main activities coal production and sale; industrial, commercial, leasing, repair, foreign trade activities; training and retraining of coal mining personnel. It is a subsidiary of BEH.
Source: Capital (18.11.2013)

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)

Extraction of sand from the Anastasia deposit canceled Council of Ministers decided to unilaterally terminate the concession contract for the extraction of sand from the Anastasia deposit (municipality Burgas). The contract from 2007, signed between the Minister of Regional Development and Public Works and Eurocar LTD is terminated because of non-fulfillment of obligations by the concessionaire. In another decision, the government provide Mines Maritsa Iztok SPJSC the properties included in the concession area as belonging to the "Maritsa East coal basin". After termination of the concession contract, properties will be returned to the state in the terms and conditions specified in the agreement to the concession contract.
Source: econ.bg (21.11.2013)

BG machinery old-timer Remotex on the edge of bankruptcy? For more than a month, Remontex workers in Radnevo have been staging a protest over their unpaid wages. The majority of employees out of the total of 600 have not received a penny of salary since February. Many of the protesters are on the brink of despair. A worker fainted at one of the rallies and was hospitalized because he had not eaten anything for 2-3 days. Another desperate worker had to sell the iron springs of the bed on which his children sleep in order to be able to feed them. The machinery complex is owing more than BGN 2.5 million to the state in obligations for social and health insurance. More importantly, however, the owners find it increasingly difficult to manage its largest credit: BGN 15 million to the First Investment Bank. REMOTEX-RADNEVO EAD was established in 1966 as a basic machine building, engineering and production unit of Maritsa Iztok Complex dealing with repair and spare parts production for heavy mining, transportation and power engineering equipment. Since 2002 REMOTEX-RADNEVO EAD has differentiated as one of the largest repair and restoration companies in the countrywith a complete cycle of metal treatment, steel output, steel casting, forging, heat treatment, mechanical processing, finishing and welded structures roduction. The privatization of the compex in 2002 happened under the then-PM tsar Simeon Saxe-Coburg at a public auction for a suppressed price of BGN 9.3 million. According to experts, only the orders from mines and thermal power plants for 2002 were over BGN 10 million. A stock company named "Flight 2" won the tender. However, it turned out that one of its partners was the wife of then- Minister of State Administration Dimitar Kaltchev. Over the years, shareholders came and went, but instead of strengthening and developing it, they were only looking for how to drain it. Before Remontex was privatized, it used to have a relatively modern equipment and a unique technology for the repair of heavy equipment in mining and thermal power equipment. Practically, it had no competitors, at least not for Maritsa - East. The new owners, however, did not invest in its maintenance and modernization , and directed the earnings to other branches, including overseas. The staff of 1400 people gradually melted to 600. Because of the irregular payments of salaries over the years, most specialists have left the complex, pushing it into a total decay.
Source: Standart (08.12.2013)

Bulgaria eyes majority stake in troubled machine repair company Bulgaria's economy ministry and the state-run Bulgarian Energy Holding are holding preliminary talks on the acquisition of a majority stake in troubled industrial machine repair company Remotex-Radnevo. The move would make it possible to retain the workers and pay them their wages regularly, the ministry said in an statement made available to SeeNews on Friday. Remotex-Radnevo employs 561 and currently owes its workers some BGN 3.5 million in back wages, it added. "The economy ministry and BEH plan to rehabilitate Remotex-Radnevo, which would contribute to the company's sustained development in the long term," the ministry said. Remotex-Radnevo is one of the largest repair companies for heavy mining, transport and energy equipment in Bulgaria. According to Sofia-based Capital Daily, it was privatised by a local company Polet 21 in 2002.
Source: expert.bg (14.12.2013)

Bulgarian energy branch reshuffle: Ivan Jonchev named as new director of Bulgarian Energy Holding Financier Ivan Jonchev is the new director of the Bulgarian Energy Holding (BEH). He is taking the place of Bojan Boev, who resigned as he was elected President of the State Energy and Water Regulatory Commission on Wednesday. Ivan Jonchev has been a member of the Board of Directors of Mini Maritsa Iztok since October. His appointment is the latest chapter of the major reshuffle in the Bulgarian energy sector which started a few days ago. State Energy and Water Regulatory Commission President Angela Toneva handed in her resignation allegedly to become a governmental advisor. Bulgargas head Shishman Chaoushev also resigned last week, after only being appointed in November. His chair will be taken by Dafinka Iankova, the head of BEH's auditory body. Chaoushev, in turn, will become the new director of the Electricity System Operator.
Source: Novinar (16.12.2013)

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)