Maritza East 2 TPP to invest BGN 350,000 to reduce nitrogen oxides The state-owned TPP Maritza East 2, which regularly falls under various air pollution rankings, will invest BGN 350,000 excluding VAT in a system to improve the combustion process and reduce nitrous oxide (NOx) emissions. The public procurement for the purpose was announced on December 27, and it is clear from the documents that the new system will cover the fifth power unit of the plant. The introduction of "algorithms, measurements and control of air valves to improve the combustion process and reduce NOx emissions" is envisaged. According to the latest data from the end of September 2019, the debts of Maritza East 2 TPP are over BGN 1.5 billion and the uncovered loss exceeds BGN 800 million. The government is awaiting the approval of Brussels to release the bailout of the capital through the conversion of BGN 600 million of debt to the Bulgarian Energy Holding, which is the principal of the state-owned company.
Source: Capital (06.01.2020)

AOBE Declaration on Electricity Price for Industry in Bulgaria The Association of the Organizations of Bulgarian Employers (AOBE) called for the immediate resignation of the directors of Bulgarian Energy Holding SPJSC (BEH), TPP Maritza East 2 and Independent Bulgarian Energy Exchange SPJSC (IBEX). The business blames the three state-owned companies for high electricity prices for Bulgarian companies. Since the beginning of the year Bulgaria has seen a sad record - electricity prices in Bulgaria are between 20% and 50% higher than those in the rest of Europe, and the main reason for this is "the dishonest and/or corrupt management of BEH, TPP Maritza East 2 and IBEX, according to a statement sent by AOBE to the media. The association includes the largest employers' organizations - Bulgarian Chamber of Commerce And Industry (BCCI) Bulgarian Industrial Association – Union of the Bulgarian Business (BIA) Bulgarian Industrial Capital Association (BICA) and the Confederation of Employers and Industrialists in Bulgaria (KRIB).
Source: Sega (11.02.2020)

Bulgarian Energy Holding EAD-Sofia (04HA) BSE has received a semi-annual report as at 31 December 2019 on the compliance with the terms and conditions of the bond loan issued by the company, ISIN XS1839682116.
Source: BSE (27.02.2020)

TPP Maritza East 2 increase its capital by BGN 598 million in debts to BEH State-owned TPP Maritza East 2 submited documents to increase its capital by BGN 597.955 million to the Commercial Register. Thus, BEH and the state power station implement the decision of the National Assembly of January 31 for capital increase of the company. This is a measure to save the state-owned TPP from bankruptcy. Employers opposed this decision. The other point is that the Energy Ministry has asked Brussels for permission to increase its equity with some of its debt. As of Thursday, the European Commission has not allowed to do so. The documents submitted to the register are accompanied by a decision on the board of directors of BEH, which owns the plant. It is clear that there is a protocol from the Minister of Energy. The debt increase has consolidated 10 debts of TPP Maritza East 2 from 2015 to 2019. The largest is from 2019, amounting to over BGN 429 million. With this money, the Bulgarian Energy Holding has purchased carbon emissions for the plant to be able to operate. TPP Maritza East 2 started to be in a difficult financial state from the moment the free quotas began to phase out, and in the emission market they rose enormously to EUR 25 per tonne. A reference to its financial status as of February 28 shows that its total liabilities are BGN 1.6 billion.
Source: 24 chasa (05.03.2020)

Environmentalists address the European Commission over TPP Maritsa East 2 Greenpeace-Bulgaria environmentalists, For Earth and Client Earth have filed a complaint with the European Commission, claiming that the Bulgarian state is systematically violating European legislation by supporting the heavily indebted TPP Maritsa East 2. After a vote in parliament on February 29 this year Bulgarian Energy Holding increased the capital of the state-owned coal plant by converting BGN 597 million of debt into equity, environmentalists recall. "Attempts to artificially rescue TPP Maritsa East 2 are to the detriment of everyone - even those working at the plant. The pouring of hundreds of millions of BGN annually violates market principles and hinders the ability to target these funds in the increasingly competitive alternatives for saving energy and production, balancing and storage of energy from renewable sources", commented Genadi Kondarev of For Earth. The TPP continues to accumulate record debts. For 2018, the loss amounted to BGN 332 million - double that of 2017, and is BGN 230 million for 2019. "This means that the 'cheap' electricity that the plant produces is due solely to solid state support," environmentalists say.
Source: Sega (13.03.2020)

The open work at the three mines of Mines Maritza-East is being terminated (today), but the mining sections are still in operation. This was decided at a meeting of the operational headquarters for measures to prevent the spread of COVID 19 coronavirus, which was formed in the company. The measure is being introduced until March 31, to prevent the spread of coronavirus infection in the enterprise and will not lead to problems with the rhythmic supply of coal to the TPP of the complex, the company assure. In order to create a good methodology for prevention in the mining complex, given the declared state of emergency in the country, the operational headquarters will be in direct contact with the Regional Operational Headquarters in Stara Zagora. Various forms of absence of work are being undertaken in order to minimize the number of staff required for the normal operation of the complex and to ensure the normal supply of coal to the power plants. CEO Anton Andonov said that the company has 85 million tonnes of open coal ready to go to thermal power plants.
Source: investor.bg (17.03.2020)

Bulgarian Energy Holding EAD-Sofia (04HA) Actual or potential impact of COVID 19 on the activities of Bulgarian Energy Holding EAD and its subsidiary companies The entire piece of news is published in both, Bulgarian and English, on the financial website X3News.
Source: BSE (27.03.2020)

The construction of the Komotini - Stara Zagora gas connection is ongoing The coronavirus has not stopped the construction of the Komotini-Stara Zagora gas link, Greek media reported. The European Investment Bank has granted a loan of EUR 109 million for the construction of the gas connection between Greece and Bulgaria. Despite the spread of the virus, construction on both sides of the border has been successful. The first batch of pipes needed to build the Greek interconnector route arrived at the port of Alexandroupolis just a few days ago, Ethnos newspaper reports. Greek plant Corinth Pipeworks will produce the necessary pipes. Greece-Bulgaria interconnection will carry natural gas between the two countries by connecting to the national gas transmission network of Bulgartransgaz SPJSC near Stara Zagora and the gas transmission network of DESFA SA in Greece in the region of Komotini. The project is implemented by a joint venture company ICGB JSC, with shareholders Bulgarian Energy Holding SPJSC (50%) and the Greek investment company IGI Poseidon (50%). Equity shareholders in IGI Poseidon are the Greek DEPA and the Italian Edison.
Source: Banker (30.03.2020)

Maritza-East 2 TPP will consume BGN 100 million from cheaper gas The decrease in the price of natural gas by over 40% from April 1 will not change the electricity bills. This is foreseen by a report from the Energy and Water Regulatory Commission. The reason is that the savings of about BGN 100 million will offset the increased expenses for the activity of the state-owned TPP Maritza-East 2, whose financial status was temporarily saved this month with the capitalization of BGN 600 million from its debts to BEH. It is ridiculous that because of the economic blockage of the coronavirus, there is currently huge surplus of electricity and stock prices across Europe are at a record low. Experts expect this trend to continue at least until the fall. However, Bulgarian household consumers will not feel any of this, but will continue to pay more to maintain the operation of TPP Maritza-East 2. The state company, unlike all other affected by the virus companies, does not take steps to release some of its more than 2000 employees at its headquarters, or at least put them on unpaid leave. Ombudsman Diana Kovacheva has already declared that she does not support the draft decision on the EWRC and believes that "refusal to reduce the price of electricity is difficult to explain, especially since the emergency situation we are in does not imply making such a decision".
Source: Capital (30.03.2020)

Bulgarian Energy Holding EAD-Sofia (04HA) BSE has received an updated semi-annual report as at 31 December 2019 on the compliance with the terms and conditions of the bond loan issued by the company, ISIN XS1839682116. The report can be found on the financial website X3News.
Source: BSE (15.05.2020)

The "rescue" of TPP Maritsa-East 2 for three months costs almost BGN 1 billion The state continues to pour huge resources into the troubled TPP Maritsa East 2, and the bill for the "rescue" is already about BGN 1 billion. At the beginning of the week, the Bulgarian Energy Holding (BEH) bought the necessary greenhouse gas quotas for 2019 for the state power plant, which according to the company's report are worth a total of BGN 306 million. This became clear at a meeting between the line minister Temenuzhka Petkova and the leaders of the two trade unions CITUB and Podkrepa - Plamen Dimitrov and Dimitar Manolov, in connection with the consequences for the energy sector of the COVID-19 pandemic. With this financial aid, the state financing of the debt-ridden TPP Maritsa-East 2, which reported a new loss of BGN 210 million last year, is approaching BGN 1 billion within less than three months. On March 4, BEH decided to increase the capital of the plant by BGN 597 million, transforming part of the TPP's debt to the holding. Although on the verge of bankruptcy, the company is not cutting costs, and high energy prices deprive it of the opportunity to participate in the free market. Against this background, the state is persistently trying to support its work, mostly for political reasons - it employs about 2,400 people, and in addition to its activities, several hundred more people are employed in the state Maritsa East Mines.
Source: investor.bg (21.05.2020)

Bulgarian Energy Holding EAD-Sofia (04HA) BSE has received a semi-annual report as at 31 March 2020 on the compliance with the terms and conditions of the bond loan issued by the company, ISIN XS1839682116. The report can be found in English on the financial website X3News.
Source: BSE (01.06.2020)

Bulgarian Energy Holding EAD-Sofia (04HA) In view of a forthcoming interest payment on an issue of bonds, please, be informed of the following: - Issuer: Bulgarian Energy Holding EAD-Sofia - BSE code: 04HA - ISIN: XS1839682116 - Date of interest payment: 28.06.2020 - Coupon rate: 3.5 % - All bondholders registered with the Central Depository as of 26.06.2020 (Record Date) will be entitled to receive the payment. - The final date for transacting in bonds of this issue on BSE-Sofia, as a result of which the buyer will have the right to the interest payment, will be 24.06.2020 (Ex Date: 25.06.2020).
Source: BSE (24.06.2020)

NEK made a profit of BGN 50 million The National Electricity Company (NEK) reported a profit of BGN 50.3 million for the first half of 2020, according to the company's financial report. This is a significant improvement compared to the same period last year, when the profit was BGN 32.2 million. The reason for the improved finances of NEK is the increased consumption of electricity by household consumers after the introduction of the state of emergency in March. People started working from their homes, and kindergartens and schools switched to online mode, which shifted electricity consumption from the free to the regulated market. Despite the positive result, however, there is no significant improvement in the general condition of NEK, as the company is again experiencing difficulties in servicing its obligations, most of which are to BEH. NEK continues to operate in conditions of negative working capital and deteriorating cash flow, the report shows. As of the end of June it amounts to BGN -997.3 million, as compared to the same period last year. a slight deterioration is reported (-989.2 million BGN). The sold electricity for the final suppliers (CEZ, EVN and Energo-pro) in the first half of 2020 is 7.8 million mWh, which is an increase of 2%.
Source: Capital (11.08.2020)

Bulgarian Energy Holding EAD-Sofia (04HA) BSE has received a semi-annual report as at 30 June 2020 on the compliance with the terms and conditions of the bond loan issued by the company, ISIN XS1839682116.
Source: BSE (01.09.2020)

BEH gives BGN 50 million loan to Mini Maritsa Iztok, grants BGN 5 million to employees Bulgarian Energy Holding will allocate BGN 50 million to the Maritza Iztok complex, Energy Minister Temenuzhka Petkova said after a meeting of the Branch Council for Tripartite Cooperation, Mining and Geology. Separately, another BGN 5 million is allocated for updating the salaries of the people working in the companies, she added. The salaries of the people working in the mines of the complex have not been increased for 30 months, said the President of CITUB Plamen Dimitrov. Earlier, Prime Minister Boyko Borissov also met with CITUB President Plamen Dimitrov and representatives of the Mini Maritsa Iztok trade unions. The talks focused on the future of the Maritza Iztok complex, as well as the government's measures to deal with the socio-economic crisis caused by the COVID-19 pandemic. The meeting with the Prime Minister was attended by Deputy Prime Minister Tomislav Donchev and Deputy Minister of Energy Zhecho Stankov. "and the third topic is the 'Green Deal', prepared by the European Commission," said Minister Petkova. 'Our government has clearly declared its attitude to the Maritza Iztok complex and the coal-fired power plants. Bulgaria will continue to rely on these power plants at least until 2030, with a horizon of 2050,' Temenuzhka Petkova said. 'The thermal power plants of the Maritza Iztok complex produce 46 percent of the energy Bulgaria needs,' Temenujka Petkova reminded.
Source: Darik Radio (09.09.2020)

Bulgarian Energy Holding EAD-Sofia (04HA) The report can be found on the financial web-site X3News
Source: BSE (09.10.2020)

Bulgargaz announced the estimated price of natural gas for December Bulgargaz SPJSC notifies its customers that the estimated price of natural gas for December 2020 is BGN 27.64 / MWh (excluding prices for access, transmission, excise and VAT), formed in accordance with Art. 17 of Ordinance ¹ 2 for regulation of natural gas prices of 19.03.2013. The company clarifies that in accordance with the requirements of Article 36a of the Energy Act, Bulgargaz EAD, a subsidiary of Bulgarian Energy Holding, within one month before submitting to the EWRC the application for change of the current prices, shall publish it in the mass media.
Source: Trud (12.10.2020)

Bulgarian Energy Holding EAD-Sofia (04HA) Report as of 30 September 2020 on the compliance with the obligations of Bulgarian Energy Holding under the terms and conditions of the bond issue, ISIN XS1839682116
Source: BSE (27.11.2020)

There is a risk for Azeri gas due to the dispute between Toplofikacia Sofia and Bulgargaz The drama with the debt of the municipal district heating company Toplofikacia Sofia to the state gas supplier Bulgargaz continues for another year, but this time the stakes for its resolution are much higher. This is the contract for the supply of natural gas from Azerbaijan, which would violate the Russian monopoly in the region and is strongly supported by the United States. The plan is for Bulgaria to start receiving Azeri gas from the beginning of 2021, first through the existing pipeline through Kulata, and at a later stage through the gas connection with Greece. But for that to happen, Bulgargaz needs to provide a bank guarantee for Azeri gas. Such a guarantee was provided in July, and its delay became an informal reason for the resignation of Jacqueline Cohen as director of the Bulgarian Energy Holding. According to Capital, this guarantee must be renewed at the beginning of 2021, but the condition of the banking institutions for this is the repayment of at least part of the debt of Toplofikacia Sofia to Bulgargaz, which, however, can hardly happen, even less at the beginning of the heating season. According to the latest data, the debt is BGN 148.6 million. Toplofikacia Sofia is the largest consumer of natural gas in the country (nearly 30% of total consumption) and, accordingly, the largest customer of the state gas supplier. At the moment, however, it does not have enough funds to pay off its debts and also wants changes in its contractual relationship with the gas supplier. On the other hand, Bulgargaz claims that it cannot bear such a financial burden for a long period of time and will have difficulties not only with securing the guarantee for Azeri gas, but also with payments under the contract with Gazprom. It is currently known that Bulgargaz has warned Toplofikacia Sofia in a letter that if the debt is not repaid, the gas company will have no alternative but to file a lawsuit to collect its receivables in order to secure the supply contracts of gas and guaranteeing the supply in the country. The Ministry of Energy, which is the principal of Bulgargaz, refused to comment. There is also silence from the Sofia Municipality, which owns the district heating. For the time being, the EWRC only says that a change in the contracts or heating prices is not necessary, although the non-fulfillment of licensing obligations, such as the payment of natural gas bills, should be analyzed in more depth by the regulator.
Source: Capital (30.11.2020)