BEH again saved Toplofikacia Sofia The Bulgarian Energy Holding (BEH) has once again bought a debt of Toplofikacia Sofia to Bulgargaz of BGN 110 million. It is about the next debt to Bulgargaz, which is about BGN 144 million. The claim covers the delivery period of February-October of the current year. BEH is currently working on the guarantees needed for Azerbaijani gas, which will start running on January 1, 2021, said the head of the parliamentary energy commission Valentin Nikolov. According to him, in order for the banks to be able to accept the guarantees of Bulgargaz, it is normal to make an assignment - once again BEH to buy the debt of Toplofikacia Sofia to the state gas supplier. The goal is for Bulgargaz to prove its liquidity and for the banks to give a guarantee for it. Toplofikacia Sofia has nearly BGN 800 million in debts and reports nearly as many losses.
Source: Duma (04.01.2021)

Bulgartransgaz registered as a shareholder in the liquefied gas terminal of Alexandroupolis The deal for participation of the Bulgarian gas transmission operator Bulgartransgaz SPJSC in the project for construction of a liquefied gas terminal of Alexandroupolis was finalized and the company has been entered in the shareholders register of Gastrade SA as a full shareholder with all ensuing rights and obligations, according to the signed Agreement between the shareholders, Bulgartransgaz announced. "Alexandroupolis Independent Natural Gas System is a modern high-tech project for a floating terminal for reception, storage and regasification of liquefied natural gas (LNG). The planned capacity of the gas transmission network of Greece amounts to 6.1 billion cub m per year. The storage capacity is 170 thousand cub m. The project contributes to the implementation of the overall concept for the Gas Hub ‘Balkan’, which provides for the construction and development of the necessary gas transmission infrastructure to connect markets of natural gas to the countries in Central and Eastern Europe. It is done entirely in implementation of the policy and priorities for building a single interconnected pan-European energy market. The terminal is in synergy with other infrastructure projects in the region, such as the Interconnector Greece-Bulgaria (IGB) and the Chiren Underground Gas Storage Expansion, which, along with the existing infrastructure of Bulgartransgaz SPJSC, will improve the access of Bulgaria and the countries in the region to liquefied natural gas.
Source: Banker (29.01.2021)

By the summer, the contracts with the American thermal power plants would be terminated By June 30, 2021, Bulgaria must terminate the long-term contracts between the National Electricity Compan (NEC) and the two power plants in the Maritsa basin - ContourGlobal TPP Maritsa East 3 and TPP AES Galabovo Maritsa East 1. This was set less than two months before the end of its mandate by the GERB government in a draft plan for reforms in the Bulgarian energy market, published for discussion by the European Commission. Public consultations on the document will close on February 11th. However, this plan was not discussed by the responsible national institutions, the Institute for Energy Management (IEM) said in an opinion on the document. The experts added that the project was clearly developed by a consultant and there was no clear institutional commitment to the proposed measures. On the occasion of the announced termination of the contracts with the two IEM plants, they recommend a more flexible definition of the deadline, given the expected complex trade negotiations with the companies. They must also be synchronized with the development of the capacity mechanism, ie to compensate for the long-term prices of the electricity produced by the plants. Immediately after that, the role of NEC as a public electricity supplier will be ceased. The opinion recalls a decision of the European Commission from 2015, which states that the Bulgarian energy market is not liquid and transparent and Brussels orders certain quantities of electricity from companies in the structure of BEH to be offered annually on the energy exchange. However, this commitment expired in January 2021. Experts recommend that an analysis of energy market competition be included in the 2030 development plan, because having a dominant player in the electricity wholesale market usually deters investors. With regard to the retail market, two reforms are envisaged - price liberalization and the development of a concept for vulnerable consumers. Full liberalization of households is expected to be completed by 31 December 2024, but no roadmap has been drawn up. By the end of 2021, the definition of vulnerable consumers and energy poverty must be prepared.
Source: Duma (11.02.2021)

BEH will have a new management, none of the current managers applied in the competition None of the current BEH managers applied in the competition for members of the board of directors announced by the Ministry of Energy. The resigned head of the holding, Jacqueline Cohen, has already stated that he will not stay, and Zhivko Dinchev and Andon Andonov have submitted documents for the boards of TPP Maritsa East 2 and Mini Maritsa East respectively. Seven people will fight for 3 seats on the board. Among them well-known in the energy circles are the former MP Valentin Nikolov, Ivan Andreev, who is a former head of NPP Kozloduy, the financial director of Mini Maritsa-East, Stelian Koev, Dimcho Margitov, who works in BEH, and Lyubomira Gancheva. Kozloduy NPP will also have a change of managers, with the possible exception of the plant's director Nasko Mihov, who is participating in the competition. Ivan Yonchev and Jacqueline Cohen did not submit documents. Yonchev is currently the head of NEK and is applying for it.
Source: 24 chasa (24.02.2021)

Bulgarian Energy Holding EAD-Sofia (04HA) Semi-annual report as of 31 December 2020 on the compliance with the obligations of Bulgarian Energy Holding under the terms and conditions of the bond issue, ISIN XS1839682116
Source: BSE (01.03.2021)

Fitch raised the outlook on the credit rating of BEH SPJSC The rating agency Fitch raised the outlook for the long-term foreign and local currency credit rating of BEH SPJSC from stable to positive, keeping the rating at 'BB'. The change is a consequence of the recent revision of the outlook on Bulgaria's credit rating from stable to positive. The rating of the unsecured bond issues of the holding remains unchanged - at the level of 'BB-'. The credit rating of BEH SPJSC is an independent credit profile of the company from 'B+', raised by two steps to the level of 'BB', reflecting the strong ties with the owner of the company's capital - the Bulgarian state. The Bulgarian energy holding has an exposure to carbon-intensive activities through its thermal power plant using lignite, according to the rating agency. However, the overall production mix of the group is diversified, with most of the production coming from nuclear energy and water sources. Thus, Fitch believes that the problems related to environmental, social and corporate governance are neutral in terms of credit or have only a minimal impact on it.
Source: Trud (02.03.2021)

EWRC discusses gas exchange licenses for two companies The energy regulator will discuss the request of two companies to obtain 35-year licenses for natural gas trading. These are the state-owned Balkan Gas Hub and the private Bulgarian Energy Trading Platform. Òhe application of Balkan Gas Hub, which is under the auspices of Bulgartransgaz, shows that since the beginning of last year 39 users have been registered as participants on the exchange market, and the forecasts are that every year they will increase by 10. The company expects the various fees that consumers will pay to account for a large share of revenues, and predicts that 67 percent of Bulgaria's natural gas consumption will be traded through the blue fuel market. Balkan Gas Hub grounds its request to obtain a license for stock exchange trading with the fact that it must ensure the work of the gas transmission network operator Bulgartransgaz, which has been issued a license for 35 years. The purpose of market trading is to achieve a market price based on supply and demand. Balkan Gas Hub also points out that licenses for transmission of natural gas and other gas transmission network operators are expected to be issued in the country. The request of the private company Bulgarian Energy Trading Platform will be considered at a separate meeting. It has also requested a 35-year term on her license. During this time, the company plans to adapt its business to the needs of consumers and market dynamics and gradually expand the type of products offered and support trade in natural gas in the country.
Source: National radio (09.03.2021)

BEH is preparing a lawsuit against the Sofia heating company for nearly BGN 700 million The Bulgarian Energy Holding (BEH) is preparing to file a lawsuit against the Sofia district heating company if the company does not start paying its debt of nearly BGN 700 million by the end of next month.This became clear from a letter from BEH to the supervisory board of Toplofikatsiya-Sofia with copies to the Prime Minister, the Energy Minister and the Deputy Prime Minister. In it, the holding refuses the new renegotiation requested by the Sofia heating company with an additional postponement and reduction of the interest rates on the debt of almost BGN 700 million for unpaid gas. Last year, it was transferred from Bulgargaz to the state-owned energy holding. BEH therefore demand that the district heating company sign the debt agreement by April 30, 2021 at the latest. The holding will sue Toplofikatsiya if the agreement with the specified repayment plan and offer for reliable collateral (pledge of the receivables of Toplofikatsiya-Sofia) or another precautionary measure in favor of BEH is not concluded by that date. Toplofikatsiya-Sofia has written in its business plan for 2021 a loan of BGN 500 million for the construction of cogeneration plants to increase electricity production. This is expected to stabilize the company.
Source: 3e-news (10.03.2021)

BEH will sue Toplofikacia Sofia for BGN 700 million The Bulgarian Energy Holding (BEH) is preparing to file a lawsuit against Sofia's heating utility Toplofikacia Sofia if the company does not start paying off its nearly BGN 700 mln debt by the end of next month. This shows a letter from BEH to the supervisory board of Toplofikacia Sofia with copies to Prime Minister Boyko Borissov, Energy Minister Temenuzhka Petkova and Deputy Prime Minister Tomislav Donchev. In it, the holding refuses the new renegotiation requested by the Sofia heating company with an additional postponement and reduction of the interest rates on the debt of almost BGN 700 million for unpaid gas. Last year, it was transferred from Bulgargaz to the state-owned energy holding, the Politika newspaper recalls. 'BEH does not accept Toplofikacia Sofia's proposal to renegotiate the two existing agreements from 2015 and 2019. We believe that the terms of the signed agreements reflect the maximum allowable compromises from BEH that the holding can make for Toplofikacia-Sofia, taking into account both the economic and social dependence of district heating for the country', the letter of the energy holding reads. They therefore demand that the district heating company sign the debt agreement by April 30, 2021 at the latest.
Source: expert.bg (11.03.2021)

The Ministry of Energy will check the activity of Bulgargaz for 2020 The Energy and Water Regulatory Commission found a positive difference between the estimated and reported by Bulgargaz SPJSC costs for natural gas supply for 2020. As a result, the price of natural gas offered by the company for the month of April 2021, in its capacity as a public supplier, has been reduced by the amount of the overstated revenue established by the EWRC, the Ministry of Energy announced. In this regard, representatives of the Ministry of Energy and Bulgarian Energy Holding SPJSC, as of March 26, 2021, will inspect the activities of Bulgargaz for 2020, including the realized revenues and reported costs, as well as their impact on the price of natural gas offered by the public supplier for April this year.
Source: Trud (29.03.2021)

Bulgargaz forecasts new gas price for June The price will be BGN 35.74 / MWh, and it does not include prices for access, transmission, excise and VAT. The company points out that the estimated price of natural gas reflects the development of European gas markets and quotations of alternative fuels to natural gas as of April 9 this year. The estimated price of natural gas for May 2021 is BGN 34.44 / Mwh. On April 1, the Energy and Water Regulatory Commission (EWRC) had to rule on the price of natural gas for the month, but the decision was postponed until later. The reason was the extension of BEH's inspection of the April gas price. Most likely, the EWRC will rule on the possible rise in the price of natural gas around mid-April.
Source: Trud (12.04.2021)

The trustees of CCB have reimbursed 25% of the money Over BGN 1.25 billion are the funds distributed to creditors by the trustees of the bankrupt Corporate Commercial Bank as of the end of March 2021, according to the Bank Deposit Guarantee Fund (BDGF). The amount allocated for recovery is significantly higher than the forecasts for no more than BGN 800 million of the specialized international investigation company AlixPartners Services UK LLP. The data show that for more than 6 years the trustees have managed to collect about 25% of the assets of the looted bank. There is no data on how many of the BGN 1.25 billion in question are the result of the collection of loans provided by the Corporate Commercial Bank, the liquidation of the bank's assets or the declaration of invalidity of set-offs after its bankruptcy. Most of the money allocated for the return - BGN 928 million, actually goes to the BDGF, which is the largest creditor of CCB, after paying off protected deposits in 2015 for BGN 3.7 billion. So far, the bank has returned money to unprotected depositors (those with savings over BGN 196,000) and other creditors with four partial accounts. The list of major unprotected investors includes Sofia District Heating, Bulgargaz and Bulgartransgaz, BDB, BEH, NEK, Kozloduy NPP, Maritza Iztok Mini, NRIC, as well as government agencies such as the Privatization Agency and the Diplomatic Properties Agency. All of them have so far received no more than 20% of their former savings in the bank.
Source: Sega (15.04.2021)

The inspection did not find a problem in Bulgargaz The inspection carried out by experts of the Ministry of Energy and Bulgarian Energy Holding SPJSC on the activities of Bulgargaz SPJSC for 2020 has been completed, the Ministry of Energy announced. The working group reported that no discrepancies were found related to the realized revenues and reported expenses last year, as well as their impact on the proposed by the company and subsequently reduced by the EWRC price of natural gas for April 2021. In this regard, the public supplier Bulgargaz SPJSC should take action to submit an application for initiating administrative proceedings for approval of a price for the month of April this year to the Energy and Water Regulatory Commission. Representatives of the Ministry of Energy and Bulgarian Energy Holding SPJSC entered Bulgargaz EAD on March 26, 2021 to inspect the activities of the state company for 2020, including the revenues and reported costs, as well as their impact on the price of natural gas offered by the public supplier for April this year. This happened after the Energy and Water Regulatory Commission found a positive difference for 2020 between the estimated and reported by Bulgargaz SPJSC costs for natural gas supply. As a result, the price of natural gas offered by the company for the month of April 2021, in its capacity as a public supplier, was reduced by the amount of the overstated revenue established by the EWRC.
Source: Banker (20.04.2021)

Valentin Nikolov is head of BEH Former MP and chairman of the Energy Committee in Parliament Valentin Nikolov is the new head of the Bulgarian Energy Holding. The chairman of the board of directors of BEH is Diyan Dimitrov, who comes from the board of directors of TPP Maritsa Iztok 2. This is clear from the documents submitted to the Commercial Register after a decision of the Minister of Energy. The other three members of BEH's board are Ivan Andreev, former head of Kozloduy NPP, Stelian Koev, former CFO of Maritza Iztok Mines, and Alexander Tsarnorechki, who was a spokesman for BEH years ago. All of them successfully went through the three stages of the procedure for selecting new members of the board of directors of the state holding.
Source: 3e-news (21.04.2021)

EWRC approved a price of natural gas from April 1, 2021 of BGN 33.19 per MWh, The Energy and Water Regulatory Commission (EWRC) approved a price of natural gas from April 1, 2021 in the amount of BGN 33.19 / MWh (excluding prices for access, transmission, excise and VAT). The prices of heating, hot water and electricity remain unchanged, the press center of the energy regulator announced. This price is lower than the ones indicated in the application of Bulgargaz - BGN 33.38 / MWh. As it is known, at the end of March the Ministry of Energy and BEH started an inspection in the state gas company, which imposed a postponement of the decision by the energy regulator. The Energy and Water Regulatory Commission held a closed meeting, at which it adopted a decision in connection with the application submitted by Bulgargaz for approval of a price for April 2021, at which the public supplier will sell natural gas to final suppliers and individuals, which have been issued a license for production and transmission of heat. The decision of the Commission was adopted in accordance with the terms of the contract between Bulgargaz and OOO Gazprom Export and the terms of the contract with the Azerbaijani company and its agreements, the statement said. The details that led to the later decision of the EWRC are also specified. By a letter to the energy regulator dated 01.04.2021, Bulgargaz informed the Commission that it will provide up-to-date data in connection with the price of natural gas for April 2021 after the completion of the inspection of the company appointed by the Minister of Energy. The subject of the inspection is the activity of Bulgargaz for 2020, including the generated revenues and the reported expenses, as well as their impact on the price of natural gas offered by the public supplier for April this year.
Source: 3e-news (22.04.2021)

Bulgargaz increases its profit to BGN 39.6 million in 2020 About 14% less purchased quantities of natural gas and 50% decrease in revenues are reported by the state company Bulgargaz for 2020. However, the company registered a profit of BGN 39.6 million compared to BGN 34.4 million for the same period of 2019. This is clear from the annual financial report of the gas supplier, which is published on its website. In principle, all state-owned companies had to publish their reports, but so far only a few have fulfilled their legal obligation. It is also noteworthy that Bulgargaz's receivables have been significantly reduced - to a total of BGN 57 million. Of this amount, BGN 47 million belong to Toplofikacia Sofia, which has accumulated in the last two years over BGN 100 million worth of debts to the gas supplier, which BEH then repaid. According to Capital, the liabilities are now over BGN 60 million, which shows that despite the help from the state, the arrears continue. In 2020, the main quantities of natural gas will be provided through a long-term contract with Gazprom. Deliveries from Azerbaijan started only in early 2021, with Bulgargaz receiving limited quantities through a temporary delivery point at the Tower, as the gas connection with Greece (Stara Zagora - Komotini) is not yet complete.
Source: Capital (29.04.2021)

Bulgargaz increases its profit to BGN 39.6 million in 2020 About 14% less purchased quantities of natural gas and 50% decrease in revenues are reported by the state company Bulgargaz for 2020. However, the company registered a profit of BGN 39.6 million compared to BGN 34.4 million for the same period of 2019. This is clear from the annual financial report of the gas supplier, which is published on its website. In principle, all state-owned companies had to publish their reports, but so far only a few have fulfilled their legal obligation. It is also noteworthy that Bulgargaz's receivables have been significantly reduced to a total of BGN 57 million. Of this amount, BGN 47 million belong to Toplofikacia Sofia, which has accumulated over BGN 100 million in the last two years. debts to the gas supplier, which BEH then repaid. According to Capital, the liabilities are now over BGN 60 million, which shows that despite the help from the state, the arrears continue. In 2020, the main quantities of natural gas will be provided through a long-term contract with Gazprom. Deliveries from Azerbaijan started only in early 2021, with Bulgargaz receiving limited quantities through a temporary delivery point at the Tower, as the gas connection with Greece (Stara Zagora - Komotini) is not yet complete. The 25-year agreement with Azerbaijan provides for the supply of 1 billion cubic meters of Caspian gas per year. For comparison - the annual consumption of natural gas in our country is about 3 billion cubic meters.
Source: Capital (05.05.2021)

Fitch raised BEH's subordinated debt rating The rating agency Fitch raised the credit rating of unsecured and non-subordinated bonds of Bulgarian Energy Holding (BEH) to the level of ‘BB’ from ‘BB-’. The agency also assigns a debt recovery rating of 'RR4' to debt instruments. BEH's credit rating in foreign and local currency remains unchanged - with a "positive outlook" at the "BB" level. The rating has been removed from the "Criteria under observation". Another factor that favors the increase of the credit rating is the expected reduction of the liabilities of the subsidiaries in the structure of BEH. The rating agency estimates that by the end of 2020, about 40% of the debt at the consolidated level belongs to the parent company, and the remaining 60% - to the subsidiaries. The expectations are that the debt at the level of subsidiaries will shrink to 50% by the end of 2021 and to less than 20% by the end of 2023, respectively, as a result of the maturity of the state financing provided in 2016 to NEK.
Source: economic.bg (12.05.2021)

The energy companies owe a total of BGN 2.5 billion The companies in the energy sector, united under the Bulgarian Energy Holding, have debts of BGN 2.5 billion, said caretaker Minister of Energy Andrey Zhivkov. He specified that the servicing of these obligations alone costs the state EUR 100 million a year. Andrey Zhivkov criticizes the style of work of BEH. "BEH has access to attractive financing, but instead of investing in strategic projects and becoming a regional player, it uses them to solve current problems. In other words, with long-term liabilities BEH solves short-term problems. This is a path to a debt spiral," the minister pointed out. To refinance its liabilities in July, BEH will issue a bond issue of EUR 550 million, but no base investor has been found for it to give the company an image, said Minister Zhivkov. His deputy, Alexander Nikolov, added that the problem was that BEH continued to accumulate deficits. Among BEH's biggest debtors is the National Electricity Company with a debt of over BGN 2 billion, which the company does not service, but only renegotiates. TPP Maritsa East 2 is another large debtor with BGN 580 million. Bulgartransgaz's liabilities are also growing year by year, amounting to BGN 920 million, the main reason being the investment of BGN 2.6 billion in the project for the construction of the route of the Balkan Stream gas pipeline. The minister expressed doubts about the profitability of the project, but promised to give more details by getting acquainted in detail with the financial estimates. Bulgargaz also has liquidity difficulties due to Toplofikacia-Sofia, which is failing to pay its debts, Minister Zhivkov added. As a problem, the Minister pointed out that BEH seizes extraordinary dividends from the profitable companies and thus "the problem is transferred from the sick head to the healthy one". He pointed out that in 2019 and 2020 an additional BGN 200 million and 270 million were taken from the NPP Kozloduy, and from the Electricity System Operator twice BGN 50 million each.
Source: Dnevnik (28.05.2021)

Bulgarian Energy Holding EAD-Sofia (04HA) Semi-annual report as of 31 March 2021 on the compliance with the obligations of Bulgarian Energy Holding under the terms and conditions of the bond issue, ISIN XS1839682116
Source: BSE (01.06.2021)

Bulgartransgaz ranks first Canpipe BG's 70 mln euro offer to build gas link with Serbia Bulgarian gas transmission system operator Bulgartransgaz said it ranked first a BGN 136.8 million offer by Canpipe BG, a company established by local subsidiaries of Canada-based Canpipe Industries International Inc., to supply equipment and build the Bulgarian section of a gas link with Serbia. Canpipe BG, a tie-up of Canpipe Industries International Inc. - Bulgaria Branch and Canpipe Industries International Bulgaria EAD, received an overall score of 97.79 points in the procurement tender. The price does not include VAT. A consortium comprising Bulgarian companies Glavbolgarstroy and Glavbolgarstroy International was ranked second with an offer of BGN 129.8 million and an overall score of 97.14 points. The ranking was carried out on the basis of quality-to-price ratio. Four more participants were ranked lower, with scores between 90.00 and 69.03 points Bulgartransgaz said earlier this year that its BGN 143.6 million tender for the supply of equipment and construction of the respective gas link section attracted 11 offers. Bids were submitted by nine tie-ups and the Bulgarian branches of Italy-registered companies Arkad and Bonatti, Bulgartransgaz said in a notice at the time. The length of the Bulgarian section of the gas link with Serbia is 62 kilometres.
Source: SeeNews (14.06.2021)

Bulatom: Completion of Belene NPP will cost EUR 8 - 9.5 billion Between EUR 8 billion and EUR 9.5 billion will be necessary for the completion of the two units of Belene NPP, according to calculations by the Bulatom construction association. About EUR 1.5 billion have been spent on the project so far. Bulatom estimates that this investment will be repaid about 15 years after the units are put into operation, and the price of electricity from the plant may be lower than the prices on the exchange. According to Bulatom's accounts, if the two units at the Belene NPP are fully loaded, they will be able to produce about 16 million megawatt-hours of electricity a year. The electricity from the plant will have to cost at least EUR 60 per megawatt-hour, so that the annual financial inflow to the Belene NPP can be around EUR 960 million and the investment will pay off in 14-15 years. Currently, the stock market price of electricity is EUR 55 per megawatt hour, as this price is expected to be over EUR 60 per megawatt hour in 2028 - 2029. This means that the plant will be able to operate on the exchange market. According to Bulatom, the Belene NPP project is economically feasible, as the units can operate for at least another 45 years after the investment pays off.
Source: National radio (16.06.2021)

The last obstacle to the unification of the energy market with Romania is falling Bulgaria is now only one step closer to unifying the electricity market with Romania, as the bloc of the Czech Republic, Hungary, Romania and Slovakia will connect to the common European electricity trade system today (June 17th). The first day of delivery will be Friday (June 18). This is important for Bulgaria, as it will allow the country to contact Romania within three months. Currently, the unification between the two countries is only for the "Within the day" segment. A month ago, Bulgaria and Greece merged their market segments "Day Ahead". Market mergers are important because in times of crisis (in case of overproduction or accidents, technical interruptions in production, lack of wind or sun, etc.) there will be no sharp rise or fall in prices, as it will be possible to quickly import or export energy to one of the neighboring markets. The mergers will also increase competition, which is also an additional advantage. ‘After the official connection of the two markets, the process is expected to be automated and thus to facilitate trade. And all this has been delayed due to the local unification of Romania, Hungary, the Czech Republic and Slovakia, which now have to join the rest of Europe, where Bulgaria has been since the founding of IBEX. The delay is more than 10 months,’ the director of the Independent Bulgarian Energy Exchange (IBEX) Konstantin Konstantinov pointed out.
Source: Capital (17.06.2021)

TPPs switch to gas with EUR 700 million TPPs in the Maritsa Basin to switch from coal to gas, according to the plan of the caretaker cabinet to save TPP Maritsa East 2, which is at a loss of millions. To this end, EUR 700 million will be earmarked in the recovery and sustainability plan. However, power plants must provide 40% deductible. This was announced at a press conference by Energy Minister Andrey Zhivkov. The money from the plan will be used after project tenders. Minister Zhivkov is about to issue an order to assign certain electricity quotas to TPP Maritsa East 2, which the plant will produce for the regulated market. However, he could not answer whether this would not lead to a greater than the projected rise in electricity prices for households from July 1. According to a report of the EWRC, the price of electricity should increase by between 2 and 4 percent.
Source: Trud (21.06.2021)

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: 28.06.2021 - Coupon rate: 3.5 % - All bondholders registered with the Central Depository as of 25.06.2021 (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 23.06.2021 (Ex Date: 24.06.2021).
Source: BSE (23.06.2021)

TPP Maritsa East 2 with a quota of 1 million MWh for the regulated market TPP Maritsa East 2 will have a total annual quota for electricity production of 1 million MWh for the next regulatory period July 1, 2021 - June 30, 2022. The Minister of Energy Andrey Zhivkov signed an order that determines this quantity for compulsory purchase by the public supplier for the regulated market. The order was issued on the grounds of Art. 4, para. 2, item 8 of the Energy Act and Art. 25, para. 4 of the Administration Act. It is motivated by the implementation of item 2 of a decision of the National Assembly of 31 January 2020, which obliges the Council of Ministers to take all necessary measures to prevent termination or limitation of the production capacity of coal-fired power plants from the group of Bulgarian Energy Holding. The Ministry of Energy has received opinions from the executive directors of National Electric Company EAD and Electricity System Operator on the need to ensure reliable operation, security and sustainability of the country's electricity system, which necessitates maintaining the efficiency of TPPs. Maritsa East 2.
Source: Trud (29.06.2021)

Bulgarian Energy Holding EAD-Sofia (04HA) The report can be found on the financial web-site X3News
Source: BSE (05.07.2021)

The construction of Balkan Stream has been completed The Serbian company Srbijagas and the Hungarian FGSZ connected the pipes of the Balkan Stream gas pipeline to the border with Hungary, RTS reported. In the future, gas will pass through it from Turkey to Central Europe through Bulgaria and Serbia. The first quantities of transit gas for Central Europe are expected on October 1. In this industry, connecting two pipes that come from two different countries is called a golden connection. When it comes to the golden connection, it means the project is nearing completion and gas supplies will begin soon, explained Ferenc Szabolcs, chairman of the FGSZ board. Srbijagas General Manager Dusan Bayatovic said it put an end to years of efforts by the country to finally resolve the issue of gas supplies from another source, not just Ukraine. Bulgaria has invested between BGN 2 and 3 billion for the construction of its part of Balkan Stream. The gas that will pass through it will be almost entirely Russian, which means that its role in diversifying energy sources for the country will be virtually zero. The servicing of the loans taken for the construction of the pipeline on Bulgarian territory will weigh on the Bulgarian taxpayers for many years. In addition, the pipeline will be used only for gas transit from Turkey to Serbia, but not for gas supply to customers in northwestern Bulgaria.
Source: Sega (05.07.2021)

BEH is considering asking for a capital share of Toplofikacia Sofia in exchange for debt Bulgarian Energy Holding is seriously considering solving the problem of gas debts of Toplofikacia Sofia by acquiring property against its obligations. This was said by the executive director of the state company Valentin Nikolov. However, the report, funded free of charge by the US Trade and Development Agency, is awaited, which should recommend measures for the rehabilitation and modernization of Toplofikacia Sofia, Nikolov said. According to him, the entry of the state with a share in the heat supply company is the only way to settle the debts, and as a shareholder the Bulgarian Energy Holding (BEH) can offer an investment program for the development of the company. The municipal district heating company owes BEH BGN 760 million èí debts of the heating company purchased over the years for gas supplied by the holding's subsidiary Bulgargaz, announced in early June the caretaker Minister of Energy Andrey Zhivkov. Separately is the new debt of nearly BGN 80 million accumulated since the end of last year to the gas supplier, which may again be subject of lawsuits by Bulgargaz.
Source: mediapool.bg (05.07.2021)

BEH will introduce innovations in the Bulgarian energy sector Working group 'Innovations in Energy' was established in the Bulgarian Energy Holding (BEH) by order of the Executive Director Valentin Nikolov. The aim is to enhance the innovation potential of energy companies in Bulgaria, the holding said in a statement. The main focus is on the introduction of innovative energy technologies, digitalization and ensuring a smooth energy transition to the use of clean and low carbon energy. The format should identify appropriate project ideas and will assist in the preparation of project proposals to funding institutions and organizations for the implementation of energy innovations and research in order to achieve competitiveness and high added value in the energy sector in the country. The working group includes representatives of the energy companies from the BEH group, providing for the involvement of stakeholders involved in national, European and international ecosystems, in order to exchange experience, expertise, knowledge, good practices and know-how in the field of energy innovation.
Source: economic.bg (12.07.2021)

Moody's assigns Ba2 rating to Bulgarian Energy Holding's senior unsecured bonds Moody's Investors Service said on Monday it assigned a Ba2 long-term debt rating to the senior unsecured bonds to be issued by state-owned Bulgarian Energy Holding (BEH). BEH's outlook is stable, Moody's Investors Service said in a statement. For the financial year 2020, Bulgarian Energy Holding reported consolidated total revenues of BGN 5.6 billion and EBITDA of BGN 898 million. The Ba2 rating assigned to the new bonds is in line with that of the existing bonds of BEH, reflecting their senior unsecured ranking. The issuance amount is expected to be EUR 600 million but execution is subject to market conditions. Moody's expects the proceeds of the issuance to be largely used to repay the company's outstanding EUR 550 million bond which matures on 2 August 2021. BEH has a corporate family rating of Ba1, which is underpinned by growing income from the liberalized power market, given its competitive generation mix featuring high output from low-variable cost nuclear and hydro power; by significant earnings from regulated electricity and gas grid operations; and by a history of relatively low investment expenditures and dividend restraint from BEH's 100% owner, the Government of Bulgaria (Baa1 stable).
Source: SeeNews (13.07.2021)

Bulgartransgaz has joined the European Clean Hydrogen Alliance The state-owned gas operator Bulgartransgaz became a member of the European Clean Hydrogen Alliance, in which more than half of European gas transmission operators participate to co-operate in the implementation of hydrogen as a clean and carbon-free fuel. This was announced by the company, which already has plans to build a pipeline to transport alternatives to natural gas such as biogas and hydrogen to the Maritza Iztok complex, where coal power plants intend to receive a European subsidy for transformation to gas, and then to hydrogen. The initiative to establish the European Clean Hydrogen Alliance was launched in July 2020 by the European Commission as part of the implementation of the objectives and priorities set in the European Strategy for the Use of Hydrogen and the new Strategy for Industry. The organization must help meet the EU's climate and energy goals for a climate-neutral economy by 2050. The alliance plans to build an investment channel for large-scale production and support for the demand for clean hydrogen in the EU. The ambition is to widely implement hydrogen technologies by 2030, promoting the production of low-carbon and green hydrogen, as well as its transport and distribution. The initiative involves 23 of the 45 European transmission operators that are members of the European organization ENTSOG, including: Bayernets, Conexus Baltic Grid, DESFA, Energinet, Enag?s, Åustream, Fluxys, Gasunie, GRTgaz, Gas Connect Austria, GAS-SYSTEM,GASCADE Gastransport, Gas Networks Ireland, NET4GAS, Nowega, REN Gasodutos, OGE, ONTRANS, Plinacro, Snam, TRANSGAZ, Ter?ga, Thyssengas è Elering. Bulgartransgaz joined them on July 13.
Source: mediapool.bg (15.07.2021)

BEH issues EUR 600 million in Eurobonds to repay old debts The Bulgarian Energy Holding (BEH) has managed to successfully place its fourth bond issue in the amount of EUR 600 million at an annual interest rate of 2.45%.The proceeds from the newly issued bonds will be used to refinance the 2016 issue, amounting to EUR 550 million and with an interest rate of 4.875%, maturing in August 2021. The remaining funds will be used for "general corporate purposes", but explicitly states that coal - related activities will not be included. This is important because in recent years BEH has purchased for TPP Maritsa East 2 the necessary carbon allowances (which were formally entered as debt, which was then capitalized) in the amount of over BGN 300 million. If the holding now does not have cash (dividends from state-owned companies are much less and instead of BGN 584 million, as it was in 2019, BEH's profit for 2020 is only BGN 3 million) it is very likely that problems will arise for TPPs as well. The holding points out that there was extremely high interest from investors, as the bond was re-subscribed 2.3 times. The lowest interest rate since BEH played on international financial markets was also achieved. The issue was placed on July 15, and on the same day BEH reached a 7-year maturity of Eurobonds, which will occur in August 2028.
Source: Capital (19.07.2021)

Bulgarian Energy Holding EAD-Sofia (04HA) The report can be found on the financial web-site X3News
Source: BSE (26.07.2021)

The dismissal of the management of Bulgarian Energy Holding EAD creates an impossibility to make a payment on a bond issue maturing on 02.08.2021 in the amount of EUR 550 million. This is stated in a press release of the Bulgarian Energy Holding (BEH). As it is known earlier today, the Minister of Energy from the caretaker cabinet Andrey Zhivkov released the management of the holding. Just a few days ago, on July 15, BEH placed its fourth issue of Eurobonds in the amount of EUR 600 million at an annual interest rate of 2.45%. Now the energy holding is commenting that the dismissal of the management actually threatens the deal. Today, with a decision under Protocol ¹Å-26-Á-456 of 23.07.2021 of the Minister of Energy, the members of the Board of Directors of Bulgarian Energy Holding EAD (BEH EAD) are dismissed, as it is explicitly mentioned that from the date of issuance of the above-mentioned protocol, their powers under the contracts for assignment of management shall be terminated.
Source: 24 chasa (26.07.2021)

After the business revolt over electricity prices, the ministry and BEH explained After the position of the Association of Bulgarian Employers' Organizations, sent to Prime Minister Stefan Yanev and their warning that they are suspending proceedings due to record electricity prices and that they are going to a national protest, the Ministry of Energy announced that from August 3, it was launched at full capacity. third unit of TPP "Maritsa East 2" - 210 megawatts (standard so far it worked with two units - one to cover the production of the allocated quota of 1 million megawatt hours of electricity for the regulated market and the second - for the free market). The amount of electricity produced is sold on the Day Ahead market of the Bulgarian Independent Energy Exchange. As a result of this inclusion, the price of the day ahead segment of the IBEX is already BGN 258 / MWh, which is a decrease of about BGN 70 compared to yesterday values.
Source: 24 chasa (05.08.2021)

The state-owned TPP will launch a fifth unit tomorrow to influence electricity prices on the stock exchange TPP Maritsa East 2 launches another unit, so the operating units become five. The other three are undergoing major repairs. Two units in the US-owned ContourGlobal Maritsa East 3 are also under repair, and after its completion, its capacity will be traded on the free market. The Bulgarian Energy Holding leaked this information to the media after a working meeting of the subsidiaries in the group. It was also attended by Deputy Minister of Energy Miroslav Damyanov and Chairman of the Energy and Water Regulatory Commission Ivan Ivanov. The possibilities for reaction on the part of the state-owned companies in the conditions of the rising electricity prices on the Independent Bulgarian Energy Exchange were discussed. The state power plant has also published three tenders for the sale of electricity, which will be held tomorrow - for the period 16.08.2021 - 22.08.2021 - 150 megawatts, for 23.08.2021 - 29.08.2021 - 150 megawatts and for September for 150 megawatts. BEH reports that in the first 9 days of August the average daily consumption of final suppliers exceeds that set in the EWRC decision by 5984 mWh. To compensate for this overrun, the National Electricity Company uses more energy from the plants with long-term contracts - TPP AES-3C Maritza East 1 and TPP ContourGlobal Maritza East 3, providing full utilization of all operating units, after securing of the required reserve for the electricity system. Currently, two of the units in TPP ContourGlobal Maritsa East 3 are under annual planned repairs, agreed between NEK, the plant and the Electricity System Operator. The operation of NEK's HPP is in compliance with the allocated quotas for water consumption by the MoEW and the same is within the set limits. An invitation to participate in the meeting was also extended to employers' organizations in order to create a dialogue and seek workable solutions. According to "24 Chasa", the employers did not appear at the meeting.
Source: 24 chasa (10.08.2021)

Enterprises fall into a liquidity crisis and close due to expensive electricity The Chairman of the Management Board of the Bulgarian Federation of Industrial Energy Consumers (BFIEC), Konstantin Stamenov, commented on the high price of electricity. "Unfortunately, we have held the leading position since the beginning of August, excluding the traditionally expensive market in Greece. Compared to Germany, our main export partner, the difference is 76% higher price in Bulgaria", explained Stamenov. The actions of TPP Maritsa East 2, which has already launched 4 power units and increased the amount produced for the free market to normalize the price of electricity for business, do not satisfy the Chairman of the Board of BFIEC. "Business consumers in the country overpaid BGN 64 million due to artificially maintained deficit and market manipulation in the period July 27 - August 9. In a year when we are trying to overcome the negatives of the pandemic. I expect companies to fall into a liquidity crisis and join those that stopped working last week. I'm afraid these are base capacities and the shutdown could destabilize the entire power system. Not only the energy-intensive industry has suffered, but also the medium and small businesses, which will see their invoices in September," Stamenov commented. Prices for August 9 are BGN 303 / MWh for base power and refuted the claim of the Ministry of Energy that with the launch of the third unit, they fell by BGN 70 / MWh.
Source: economic.bg (10.08.2021)

The employers gave BEH and TPP "Maritsa East 2" to Geshev The four nationally represented employers' organizations - BICA, CEIBG, BIA and BCCI - submitted a signal to the Chief Prosecutor Ivan Geshev for a crime of a general nature committed by the management of BEH and TPP "Maritsa East 2". The business believes that the two state-owned companies deliberately keep the liquidity of the energy system low, which harms the interest of the state and its company TPP "Maritsa East 2", as well as electricity consumers - industrial enterprises, hospitals, schools, municipal and state administrations. and others. "Once again, Bulgarian citizens and Bulgarian businesses will pay for the irresponsibility and mismanagement that has become a practice in Bulgarian state-owned companies, including and especially in the energy sector," the signal from employers' organizations said. According to them, the grounds for referring to the prosecutor's office are established data, allowing to make a reasonable assumption of a crime of a general nature, which with its size and scope threatens the economy and national security of the Republic of Bulgaria.
Source: economic.bg (16.08.2021)

Expensive electricity is threatening with bankruptcy the water operators Expensive electricity is also threatening water supply and sewerage companies. The management of the Bulgarian Water and Sewerage Holding warned the deputies about this. The critically high electricity costs of the water and sewerage operators for July and August drastically deplete their financial reserves, said Asya Stoyanova, chairwoman of the Water and Sewerage Holding's Management Board before the temporary parliamentary commission on the revision of GERB's government in the parliament, headed by Maya Manolova. The electricity bills of the water supply and sewerage operators have increased between two and three times in July. Record high invoices are expected for August as well, warned the management of the Holding. Water and sewerage operators buy electricity on the free market, and the price of water for end customers is regulated. In recent months, the price of electricity has risen sharply, forcing businesses to shut down. State railways also complained about high prices. At the meeting of the Audit Commission of Boyko Borissov's management were heard the managements of the Independent Bulgarian Energy Exchange (IBEX), the employers' organizations and trade unions, BEH, ESO, NEK, Kozloduy NPP, TPP Maritsa-East 2 and others.
Source: mediapool.bg (25.08.2021)

Due to expensive electricity, business overpaid BGN 53 million The business paid BGN 53 million more for electricity due to the strong variation in the prices of the energy exchange from July 27 to the beginning of August, as it reached BGN 330 per megawatt hour. This is shown by data from employers' organizations, which were presented at a meeting of the Audit Committee in Parliament. The managements of the state energy companies, the Independent Bulgarian Electricity Exchange (IBEX) and the Energy and Water Regulatory Commission were heard at it. According to business, one of the reasons for the sharp rise in exchange electricity prices in the Day Ahead segment was that the IBEX joined the market union of Greece without waiting for the union with Romania, which would allow trading much more electricity across borders, therefore lower prices. According to the executive director of the exchange Konstantin Konstantinov, however, market combinations do not affect prices - they only facilitate trade and make efficient use of cross-border network transmission capacity. The MPs also asked why at the beginning of the sharp rise in exchange prices an artificial deficit was created by the state TPP Maritsa East 2, which worked with only one unit. Its director, Zhivko Dinchev, justified by saying that many of the plant's units were under repair. In addition, the plant produces basic electricity, which has nothing to do with the electricity traded in the Day Ahead segment. According to BEH Executive Director Valentin Nikolov, there are ways to help businesses, one of which is to return some of the money through carbon emissions. He also responded to accusations that expensive electricity is sold in Bulgaria and cheap electricity is exported, saying that this is how the deficit in the region is satisfied, because there is no deficit in Bulgaria.
Source: Trud (26.08.2021)

TPP Varna received BGN 20 million for cold reserve from the state in 2020 TPP Varna has received BGN 20 million from the state for a cold reserve. This happened by a tender by the Electricity System Operator (ESO) for the period January 1 - July 31, 2020. Since the beginning of this year, the system operator has paid BGN 10.5 million to the plant for balancing energy. The information was given by the caretaker Minister Andrey Zhivkov to a question of the MPS from "Democratic Bulgaria" Martin Dimitrov and Stella Nikolova. They requested information about the amounts that the plant received last year and within the first seven months of 2021. With changes in the Energy Act since 2020, the cold reserve is distributed according to a new methodology and market principle. As part of the measures to save the TPP Maritsa East 2, the former government had identified the state power plant as the only source of cold reserve for the energy system. Legislative changes were made urgently in mid-July after suspicions of abuse of cold reserve tenders arose. According to allegations, one of those involved is TPP Varna.
Source: investor.bg (27.08.2021)

The use of another natural gas supply point has been agreed with the Azerbaijani supplier The contract for the supply of natural gas from Azerbaijan and the documents on its implementation envisage Bulgargaz to receive the supplies at the Komotini point in Greece, BTA reports. This is the connecting point between the Trans-Adriatic Pipeline (TAP) and the Greece-Bulgaria Interconnection (IGB), through which natural gas is expected to reach Bulgaria. This is stated in the position of Bulgarian Energy Holding (BEH) regarding the supply of natural gas from Azerbaijan to Bulgaria. The contract does not provide for the right of the Bulgarian side to unilaterally determine or change the delivery point, which means that a temporary change in the delivery point requires the consent of the Azeri supplier. Due to the ongoing construction of the interconnection, Komotini point was not put into operation as of the date of commencement of deliveries under the contract - 31 December 2020 and is expected to be put into operation in mid-2022. This has necessitated negotiations with the Azerbaijani supplier, as a result of which an agreement was reached for temporary use of another delivery point on the territory of Greece and transmission of natural gas to Bulgaria on an alternative route for the period from 31 December 2020 to 30 September 2021. The possible quantities of natural gas were agreed with the Azerbaijani side, as well as the conditions under which they would be delivered to the temporary point. The free capacities, the applicable procedures and the trade conditions of all gas pipeline systems through which the natural gas passes on the alternative route to the Bulgarian gas transmission system were taken into account. Similar negotiations to reach an agreement are currently underway with regard to supplies for the period October 1, 2021 - June 30, 2022, according to BEH. BEH expects the Greece-Bulgaria interconnection to be put into commercial operation within the deadline announced by the project company by July 1, 2022, which will allow the full volume of Azeri gas supplies to reach Bulgaria under the terms of the contract. The Holding continues to provide financial and other support to its subsidiaries, in compliance with their operational independence - as a shareholder in ICGB AD - to complete the construction of the interconnection as soon as possible and to extend the temporary agreements for receiving natural gas from Azerbaijan until its completion, including as a guarantor for the obligations of BEH EAD under the issued bank guarantee to ensure the fulfillment of its obligations under the contract.
Source: 24 chasa (31.08.2021)

Bulgarian Energy Holding EAD-Sofia (04HA) The report can be found on the financial web-site X3News
Source: BSE (01.09.2021)

BEH: Sofia District Heating owes us nearly BGN 700 million Toplofikacia Sofia's debt to the Bulgarian Energy Holding amounts to nearly BGN 700 million, and since March the Sofia-based company has not transferred money to repay even the interest on them. This was stated for BNR by the executive director of BEH Valentin Nikolov. Over the years, the Bulgarian Energy Holding (BEH) has repeatedly bought the debt of Toplofikacia Sofia to Bulgargaz, but currently such an opportunity is not envisaged. A possible increase in the price of heating by 20%, as required by district heating due to the gas jump, also cannot solve the problem, said Valentin Nikolov. "Even if they increase the price by 20%, which I hope will not happen, it will solve the problem with their current obligations, not with past ones." According to Nikolov, granting a low-interest loan by the municipality or the state is an option to deal with the situation. "Since Sofia also has a good rating, the credit rating of the state is also good, they can provide a loan to Toplofikacia Sofia so that it can service the loans that are with us. In order for it to be able to realize its investment program later.” The director of BEH believes that “district heating as it is now cannot service its current liabilities, let alone the accumulated liabilities over the years”. "Even interest has not been paid since March. They want renegotiation - well, we will sit down and renegotiate, but this in no way solves the problem, "said Valentin Nikolov.
Source: Sega (03.09.2021)

Toplofikacia Sofia again demanded a price increase Toplofikacia Sofia has again submitted an application for revision of the price of heating in the EWRC. Earlier, the company sent two letters to the regulator, but there was no response. This is the second request of the district heating company for higher prices. The first was submitted in August and a price increase was required from September. The EWRC did not comment on the application, but reiterated that according to the regulations, the price of heating can be changed once every six months, ie from January 1. Even if a change in the regulation on the pricing of thermal energy begins, it will take months. Due to the record high prices of natural gas, Toplofikacia Sofia could not raise money and pay Bulgargaz. The head of the gas company Nikolay Pavlov said that Bulgargaz has filed a second lawsuit against Toplofikacia Sofia, this time claiming BGN 54 million. The arrears of the capital's heating company for natural gas are BGN 105 million, he said. The purpose of the lawsuit was to secure Bulgargaz's cash flows so that it could pay in advance to the Russian and Azeri suppliers.
Source: 24 chasa (27.09.2021)

BEH: All power plants currently produce electricity. The companies are ready for winter The companies are ready for the winter. At the moment, all the installations in the country that produce electricity are working at full capacity and actions must be taken to ensure stocks in unfavorable winter climatic conditions. Record levels of exports of about 2,000 megawatts per hour from Bulgaria to countries in the region. This was the subject of a debate during a working meeting of the management of the Bulgarian Energy Holding and the energy companies in the group. The readiness of the energy sites for the winter season was discussed at it, BEH announced. Among the priorities of the state energy sector is the planning and forecasting of gas supplies and the production of electricity needed to meet the needs of the Bulgarian economy and consumers. There must also be better predictability on the part of licensed suppliers to reserve the quantities they need in a timely manner. According to the schedule for injection, storage and extraction under the Emergency Action Plan by the end of the injection season in UGS Chiren will be injected and more gas will be extracted during the winter months, which will contribute to lowering the regulated price. During the discussion, the current and upcoming planned repair activities were presented in order to coordinate the processes and ensure sufficient capacity for the needs of the Bulgarian energy market. All necessary measures related to the preparation of the enterprises of the BEH group for the winter season have been carried out, as the energy system is ready and the companies are in very good condition.
Source: 24 chasa (29.09.2021)

Bulgarian Energy Holding EAD-Sofia (04HA) Updated semi-annual report as of 30 June 2021 on the compliance with the obligations of Bulgarian Energy Holding under the terms and conditions of the bond issue, ISIN XS1839682116 The report can be found on the financial website X3News.
Source: BSE (20.10.2021)

BEH wants to acquire Toplofikacia Sofia The Bulgarian Energy Holding (BEH) wants to acquire part or even the entire Toplofikacia Sofia, which is currently municipal property. The reason is that during the last decade the company has been managed very poorly and has not stopped accumulating debts to Bulgargaz, which are then bought by BEH. Thus, the company will actually become state-owned again, after it was given to the municipality in 2010. It is not yet clear what percentage of the ownership BEH will acquire, but due to the large liabilities of Toplofikacia Sofia, the ownership can be changed without the approval of the Sofia Municipality. The executive director of BEH and former GERB MP Valentin Nikolov confirmed the poor management of Sofia Municipality and announced that currently the district heating company owes it nearly BGN 720 million, and another cession for BGN 131 million will take place in the coming days, with which BEH will buy part of the overdue liabilities of Toplofikacia Sofia to Bulgargaz. Nikolov explained that the principal of the district heating company - Sofia Municipality, has expressed a negative opinion about the next cession of debts, as it insists on gratuitous state aid. However, Deputy Energy Minister Miroslav Damyanov explained that at the moment the state has not provided measures to support businesses for the high price of gas, but only for electricity.
Source: economic.bg (26.10.2021)

Bulgartransgaz can pay for its gas pipelines Bulgartransgaz can service its loans for Balkan Stream and pay off the contractors, moreover - implement its investment program. It includes the expansion of the Chiren storage facility, the connection with Serbia, the participation in the liquefied gas terminal at Alexandroupolis, the expansion of the infrastructure. The conclusions are from a report adopted by the EWRC, which examined the danger of over-indebtedness of the gas transmission operator. The inspection was appointed after a report by the regulator to the Minister of Energy Andrey Zhivkov that Bulgartransgaz had concluded contracts with the contractors of Balkan Stream - Arkad and Ferrostaàl Balkangaz, and with the creditor banks, without requesting the EWRC's consent. This was the reason for the minister to request resignations from Bulgartransgaz, which was not approved by the supervisory board. That is why he then demanded the dismissal of the BEH managers. EWRC fined the gas operator BGN 427,000. The report shows that Bulgartransgaz's money will increase fourfold from 2021 to 2030 and the company can pay the contractors and creditors. The document also focuses on the advance payment of BGN 683 million in fees from Gazprom Export by the middle of 2023. With them, the gas operator has paid BGN 461 million to Arêad, which saves over BGN 80 million.
Source: 24 chasa (27.10.2021)

BEH took over the debt of BGN 121 million of Toplofikacia Sofia to Bulgargaz The Bulgarian Energy Holding (BEH) has assumed Toplofikacia Sofia's debt of BGN 121 million to Bulgargaz This was announced by the executive director of the gas company Nikolay Pavlov at a meeting of the energy regulator, quoted by BNR. The information was confirmed for "Capital" by the executive director of the holding Valentin Nikolov, who specified that the money has already been transferred. According to Pavlov, the signed contract for cession between Bulgargaz and BEH guarantees the supply of natural gas for November, but a longer-term solution is needed so that the district heating company can pay its obligations regularly.
Source: Capital (29.10.2021)

BEH signed a memorandum with an US construction corporation A memorandum of cooperation was signed between Bulgarian Energy Holding SPJSC and the US corporation Fluor. It was signed by the executive director of the Bulgarian Energy Holding Valentin Nikolov and Frank Dishon, a representative of Fluor. The document is for the exchange of information and preliminary assistance in connection with the transition of Bulgaria to zero-emission energy and the implementation of the objectives for a sustainable and reliable electricity system. In this way, BEH expands its portfolio of partnerships with the most renowned global energy companies in the context of pan-European and national goals and priorities for the transition to a low-carbon economy. The ceremony was attended by Deputy Minister of Energy Miroslav Damyanov and Executive Director of Kozloduy NPP - New Builds, Lyuben Marinov.
Source: 24 chasa (29.10.2021)

The construction of the Belene NPP will cost BGN 10 billion Despite the changes in prices, the construction of the Belene NPP will cost about BGN 10 billion, because the main equipment for the plant has been purchased. This was said in an interview with BTA by the chairman of "Bulatom" Bogomil Manchev. He said if the equipment had been bought now, the nuclear power plant would have cost twice as much. He noted that copper is still more expensive at the moment. In every power plant that produces electricity, about 25% are cables and rotating mechanisms, and there is a lot of copper. Therefore, it is possible to increase the price a little more than these BGN 10 billion, but not much. Regarding the cost of the construction of Units 7 and 8 of Kozloduy NPP, nothing in particular can be said, because the process has not yet begun. The site of Unit 7 is completely new to the European community. Everything has to start all over again. The Belene NPP project cannot be adapted for Unit 7.
Source: 24 chasa (01.11.2021)

22 Bulgarian companies are among the largest 500 in Eastern Europe 22 Bulgarian companies rank into this year's TOP 500 of the largest companies in Central and Eastern Europe, which for the 13th year is prepared by the international credit insurance and risk management agency Coface. For comparison, in the previous year Bulgaria was represented in the TOP 500 in CEE with 18 companies. Now the total turnover of the 22 largest Bulgarian companies is EUR 20.748 billion (according to financial statements for 2020) and so the country ranks 7th. Bulgarian companies that rank in the TOP 500 are mainly from the chemical, oil and pharmaceutical industries, along with financial, information and telecommunications services. For another year, the largest Bulgarian company is Bulgarian Energy Holding, which ranks 34th with a turnover in 2020 of EUR 2.861 billion and a profit of EUR 80 million. The second largest Bulgarian company is the metallurgical Aurubis Bulgaria - in 38th place, with 12% sales growth to EUR 2.7 billion and a profit of 135 million euros. LUKoil Neftochim dropped to 111th place (38th last year).
Source: Sega (12.11.2021)

EC left 4 Bulgarian gas projects on its priority list The European Commission published the Fifth List of Projects of Common Interest (PCIs) with Bulgarian participation. It is clear from the document that the four gas ventures remain in it - three of Bulgartransgaz and one of ICGB. They are all part of the North-South Corridor between the gas transmission networks in Central Eastern and South-Eastern Europe. As was the case with the fourth list, published in March 2020, the following are now identified as priorities for Brussels: • Greece-Bulgaria gas interconnection, known as IGB, between Komotini (Greece) and Stara Zagora (Bulgaria) and Kipi compressor station (Greece); • Rehabilitation, modernization and expansion of the Bulgarian gas transmission system; • Interconnection gas connection Bulgaria - Serbia, IBS; • Expansion of the capacity of Chiren UGS. The first of these projects is implemented by the joint investment company ICGB JSC, which is the owner of the project and future owner of the pipeline, as the share of Bulgarian Energy Holding is 50% and the other share of 50% is owned by the Greek-Italian company IGI Poseidon (50% DEPA SA; 50% Edison SpA). The other three belong to Bulgartransgaz. By including a project in the list of projects of "common interest", the European Commission has identified it as an investment of particular importance for security and diversification of natural gas supplies in Europe, as well as for building an integrated and competitive market. The EU-wide list of PCIs has been updated every nearly two years since 2013. All PCIs are subject to streamlined authorization and regulatory procedures and are eligible for financial support under the EU's Connecting Europe Facility (CEF).
Source: economic.bg (25.11.2021)

Bulgarian Energy Holding EAD-Sofia (04HA) The report can be found on the financial web-site X3News
Source: BSE (01.12.2021)

Kozloduy NPP reports a record BGN 717.5 million profit for the first nine months While some are losing out because of rising electricity prices, others, such as electricity producers, are gaining. This is most clearly seen at Kozloduy NPP, whose production costs are relatively low and constant (due to the long-paid investment in the plant), and the energy it sells on the stock exchange has risen sharply in recent months. Thus, although record electricity prices were registered in November, and October is 50% more expensive than in September, the NPP's interim financial report at the end of the nine months is still impressive. With equal production of electricity, revenues increased by over 70% on an annual basis - up to BGN 1.57 billion. However, the profit was almost three times higher - from BGN 245 million it increased to BGN 717.5 million. But much of that money doesn't stay at headquarters. The NPP's surplus profit, which significantly exceeds the forecast estimates, is literally taken away from the state in order to compensate the business for the expensive electricity with BGN 110 / mWh in October and November. It is clear from the report that a dividend of BGN 138 million was paid to BEH, which was deducted from the profit for 2020, and at the same time an additional dividend of BGN 470 million was paid - in February BGN 220 million. at the expense of the Other Reserves Fund and in August BGN 250 million at the expense of retained earnings from previous years and the Other Reserves Fund.
Source: Capital (01.12.2021)

BEH hinders Bulgaria's Recovery Plan The European Commission has made 43 recommendations to Bulgaria's Recovery and Sustainability Plan, but according to Deputy Prime Minister for European Affairs Atanas Pekanov, this is not surprising or worrying. Despite the seemingly large number of remarks, Pekanov said there were two major issues in the recommendations made by Brussels. "The EC is pushing for more reforms. One of the important parts is the reform of the Bulgarian Energy Holding - something that the caretaker cabinet cannot take on as a commitment now," Pekanov explained. The problem of the European Commission is that there is no guarantee in the Plan that if there is cross-subsidization (between individual companies) within the Bulgarian Energy Holding, it should be subject only to the objectives of the green transition (editor note - which means, for example, that TPP Maritza East 2 should not be supported). Pekanov told lawmakers that the caretaker government could not provide such a guarantee. "We will defend this position. Ultimately, these are recommendations from the European Commission, but if the ministry thinks this is not the right option, it does not need to accept them. It does not have to accept every feedback", Pekanov commented. According to the Sega newspaper, which has a copy of the letter from the ECFIN directorate to the caretaker Deputy Prime Minister, energy measures are indeed one of Brussels' main remarks. The argument is that the goals and the set reforms are not specific and definite enough, and that they are not tied to a schedule. The EC also notes that there are no guarantees that Bulgaria will not allow double funding - ie. for the same project to use funds from both the operational programs and the EU reconstruction fund.
Source: economic.bg (10.12.2021)