Ex-service minister joins BEH board, casts in Kozloduy NPP The former minister of energy Andrey Zhivkov, who was part of the offices of President Rumen Radev in 2021, has been appointed without competition as a member of the board of directors of the Bulgarian Energy Holding. This happened with the decision of the current Energy Minister Rosen Hristov, taken on January 19, but submitted for entry in the Commercial Register on January 23. Zhivkov has been formally appointed pending a competition procedure, taking the place of Zheko Zhekov - appointed in November 2021, when Zhivkov himself was acting energy minister. Minister Hristov has also decided on another change in the energy holding - in the place of appointment in May 2021, Stelian Koev has been replaced, pending the holding of a competition, by Ivo Ivanov. Meanwhile, on January 20, the old board of directors of BEH (Zhivkov and Todorov are not yet enrolled) decided to appoint a new management of Kozloduy NPP. It is clear from the documents that this is the result of held competitions.
Source: Capital (24.01.2023)

Moody's raised BEH's credit outlook from stable to positive Moody's raised the credit outlook of Bulgarian Energy Holding EAD (BEH EAD) from stable to positive, confirming the long-term rating of the Group at Ba1 and the rating of the senior unsecured bond issues placed by the holding at Ba2. The credit rating outlook has been upgraded from stable to positive due to improved financial indicators, progress in the electricity market liberalization process and the advantages that BEH Group has, including in its portfolio electricity generation and public natural gas supply activities. Despite significant capital expenditures concentrated in gas infrastructure, BEH Group's debt ratios are improving and will remain stable amid high electricity prices. The rating of BEH EAD confirmed by the agency also reflects the current financial support provided by the state (with a long-term rating of Baa1), as the sole owner of the holding's capital.
Source: 3e-news (21.02.2023)

Bulgarian Energy Holding EAD-Sofia (04HA) Bulgarian Energy Holding EAD-Sofia presented a six-month report for the period 01-10-2023 -- 31-12-2023 for compliance with the issuer's obligations to bondholders for issue XS1839682116.
Source: BSE (01.03.2023)

The official cabinet also changes the head of the project for a new reactor at "Kozloduy NPP" After changing the managements of "Bulgargaz" and "Kozloduy NPP", and his predecessor Andrey Zhivkov was appointed as the second executive director of BEH, Energy Minister Rosen Hristov now replaces the manager of "Kozloduy NPP - New Powers". It is a subsidiary of the nuclear power plant, which is responsible for the development of the 7th unit project, around which there has been serious movement in recent months and is expected to be launched this year with the participation of the American "Westinghouse". The previous director of the company, Lyuben Marinov, was replaced by Valentin Iliev, who comes from the nuclear power plant, but was at the head of this company in 2013-2014 during the Oresharski cabinet. The change has been submitted for entry in the Commercial Register.
Source: Capital (21.03.2023)

A new company has been created at BEH to focus on green energy development and storage systems A new company - National Energy Operator - has been created in the Bulgarian Energy Holding (BEH) to focus on systems that contribute to the development and storage of green energy. Bulgaria has one of the largest carbon-intensive economies in Europe, but this also represents a great opportunity for the implementation of new technologies, said the Acting Minister of Energy Rosen Hristov.
Source: BTA (21.04.2023)

Extreme prices wiped out energy debt Despite falling energy prices, state-owned companies have managed to clear their debts, it is clear from the reports on their financial status for the first quarter of 2023. TPP "Maritsa-Iztok 2" has fully repaid its obligations to the Bulgarian Energy Holding (BEH), paying his BGN 1.048 billion. In parallel with this, he deducts 5% of his income from the electricity sold to the "Security of the Electricity System" fund - BGN 38.15 million. There is also a second payment, which goes to compensate businesses for prices over BGN 200 . per megawatt hour for the first quarter, which is BGN 25.27 million. The plant has also paid for the emissions that BEH was obliged to buy. In the first quarter, the state electricity is still in the positive, revenues are BGN 768.98 million against BGN 1.091 billion at peak electricity prices in the first quarter of 2022. The movement of cash flows in BEH's financial statement also shows, that "Bulgargaz" has repaid a BGN 200 million loan from the holding taken on February 25, 2022. A new credit line was opened to the company. "Toplofikatsia Sofia", which is one of BEH's major debtors and the holding periodically assigned its debts to "Bulgargaz", has increased its payments by BGN 33.9 million compared to the previous year. BEH invested BGN 30 million in the capital of the newly established company "National Energy Operator" EAD, whose business is energy storage and system management. In the first quarter, BEH fully repaid the last BGN 179.147 million loan from Kozloduy NPP. It was BGN 350 million and the holding took it in order to provide NEK with BGN 700 million, with which the company, adding its own money, could pay BGN 1.176 billion ahead of schedule. This amount was lent to it in order to paid for the equipment for the Belene NPP. The deadline for payment of the state loan for the two reactors was the end of this year, but Kiril Petkov's office demanded them ahead of schedule, and the motive was initially to buy grain for the state reserve to influence the market. However, this did not happen.
Source: 24 chasa (11.05.2023)

BEH looking for a director The Bulgarian Energy Holding (BEH) has announced competitions for directors of the new state green energy company - "National Energy Operator" EAD, created by the Cabinet. The purpose of the enterprise, which is registered with BGN 30 million capital, is to support the development and storage of green energy. Three people are to be appointed to the Board of Directors - two representatives of the state and one independent. Applicants must have a minimum of 5 years of professional experience, as well as present their vision for the development of the new company. The application deadline is May 16. Plamen Gerdzhikov, Alexander Mihailov and Kostadin Hristov have been appointed to the Board of Directors of the company pending a competition for the selection of management.
Source: Trud (11.05.2023)

The Minister of Energy from the caretaker government appointed by President Rosen Plevneliev after the resignation of the Oresharski cabinet in the summer of 2014, is the new executive director of one of the two so-called American coal-fired power plants - TPP "ConturGlobal Maritsa East 3". He also heads the company "ContourGlobal Operation Bulgaria", which manages the plant. The previous head of the plant, Krasimir Nenov, who held the position since March 2017, was dismissed by the Board of Directors on March 30, 2023, and Quinti Di Fernando, who has been in the management since 2009, took over the company for a very short time. of Nenov, the Frenchman Laurent Yulot entered the board for a three-year term, but only days later Yulot was removed and Vasil Shtonov was appointed in his place. Until the beginning of December 2022, Vasil Shtonov was a member of the supervisory board of the state-owned "Bulgarian Development Bank", where he was appointed by Economy Minister Kiril Petkov, who later became Prime Minister. However, Stonov was removed from Galab Donev's office, together with another future member of the supervisory board - Valentin Mihov, and now he is once again in the field of energy. While he was Minister of Energy, the scandal erupted with the decision taken by "Bulgarian Energy Holding" to pour nearly BGN 200 million into the company for the realization of the Russian gas pipeline "South Stream" in Bulgaria, despite its explicit prohibition, which was, however, terminated. Stonov also has experience in the field of telecommunications, as before becoming acting energy minister he managed the operator "Blizu". Stonov also worked at an American venture capital fund in small and medium enterprises in Los Angeles, at the McKinsey consulting company as a junior partner, where he led commercial bank analysis and management teams, and at the investment bank Bear Stearns in New York York. The change of director of the coal-fired power plant comes months before its long-term contract with the National Electric Company (NEK) for the mandatory purchase of its electricity expires in February 2024. This means that it will have to enter the free electricity market. In addition, options are being sought for a green transformation of the energy power, which, although among the most environmentally friendly thermal power plants in our country, together with the other American coal plant - AES Galabovo, must reduce its greenhouse emissions. The appointment of Stonov also comes after the change of ownership of "ContourGlobal" in May 2022. Then the New York-based fund "KKR" (KKR), which is a shareholder in the owner of the Bulgarian telecom "Vivacom" - "United Group", has agreed to buy London-listed ContourGlobal for 1.75 billion pounds, or $2.16 billion, in a bid to expand its presence in the renewables space. ContourGlobal itself acquired the coal plant in Bulgaria in 2011 from the Italian company Enel, which parted with a significant part of its energy assets due to over-indebtedness. The company owns 73 percent of the coal power, the remaining share belongs to the state-owned National Electric Company. TPP "ConturGlobal Maritsa Iztok 3", which is located in the village of Mednikarovo in Stara Zagora, has a capacity of 908 MW and produces on average 10% of the electricity in Bulgaria.
Source: mediapool.bg (17.05.2023)

A state-owned company is targeting a share of a future market for stored energy Less than a month ago, a new state-owned company was created to enter the emerging Bulgarian market for green energy storage and the balancing of renewable energy sources. It is about "National Energy Operator" (NEO), a subsidiary of the state-owned "Bulgarian Energy Holding". The company has BGN 30 million capital and temporary management until the selection of a permanent one through a competition. For now, the activity of NEO is focused on the preparation of public procurements for carrying out feasibility studies for the construction of electricity storage systems. By using them, solar and wind energy producers will not fall into imbalances with respect to the quantities requested to the electricity grid in case of unfavorable weather. All possible European grant schemes that would provide funding for future projects are being explored. 562 companies apply for European subsidies for projects for their own RES and batteries to store this current. Separately, in the Recovery and Sustainability Plan, there is a project for the construction of a battery park for the storage of 6 thousand MWh of energy with BGN 1.6 billion in free financing from the EC. It was supposed to be built by another subsidiary of BEH - the "Electricity System Operator" (ESO), but the previous parliament obliged the caretaker government to renegotiate this project with Brussels and the money to go to batteries for electricity for companies and households. However, NEO intends to apply under the possibly reorganized battery mechanism under the Recovery and Resilience Plan. "National Energy Operator" is managed by a three-member board of directors, which includes the executive director Alexander Mihailov, its chairman Plamen Gerdzhikov and non-executive member Kostadin Hristov. Gerdzhikov was in the supervision of ESO until the end of March 2023.
Source: mediapool.bg (22.05.2023)

"Toplofikatsia" Sofia accumulated a debt of BGN 1.6 billion The liabilities of the municipal company "Toplofikatsia Sofia" have reached BGN 1.6 billion. The sum of the liabilities exceeds the annual budget of the Capital Municipality by BGN 300 million. It is also greater than the total amount of revenues of "Toplofikatsia - Sofia", which for the last year were about BGN 1.26 billion. The obligations are mainly to the state companies "Bulgarian Energy Holding" and the gas supplier "Bulgargaz". They have been accumulating for years, and at the moment there is no sustainable solution to reduce them. It is likely that the problem will continue to deepen, since according to the company's estimates, a loss of nearly BGN 150 million is expected for 2023. The increase in income is by 58%, and in expenses by 90%. The company continues to pay large sums for greenhouse gas quotas - nearly BGN 230 million for last year. BGN 70 million per year was given for interest due to BEH and Bulgargaz. Production efficiency is only 76%. Separately, 18% of the energy goes for own needs, and 13% is lost during transmission.
Source: mediapool.bg (29.05.2023)

Bulgarian Energy Holding EAD-Sofia (04HA) Bulgarian Energy Holding EAD-Sofia presented a six-month report for the period 01-01-2023 -- 03-31-2023 for compliance with the issuer's obligations to bondholders for issue XS1839682116.
Source: BSE (31.05.2023)

The profit of the Bulgarian Energy Holding before taxes is improving and has reached BGN 224.3 million for the first three months of the year. Compared to the same period last year, the profits of the financial holding jumped by more than 300%. The holding is the owner of the largest coal-fired power plant in the Balkans - TPP "Maritsa Iztok 2", for which it purchased quotas for CO2 emissions of the plant for BGN 178.8 million in the first quarter of the year. For the same period last year, quota purchases amounted to BGN 835.5 million. The largest loans granted to BEH are to "National Electric Company". As of the end of March 2023, the funds owed are over BGN 1.6 billion, and the company manages to repay them regularly. Maritsa East 2 TPP's liabilities to BEH amounted to over BGN 1.13 billion. However, they were all repaid by the end of March this year. The project company ICGB has also been granted a loan by the holding company. The funds amount to BGN 215.1 million at the end of March and are regularly repaid by the gas company. This is actually the loan granted by the EIB for the construction of the gas interconnector, as it is now being repaid by BEH. The obligations of "Bulgartransgaz" under loan agreements with BEH amount to over BGN 122.6 million. The gas trader "Bulgargaz" also manages to repay its obligations on loans to BEH on time. BEH also has trade receivables from "Toplofikatsia Sofia", which at the end of March amounted to BGN 8.9 million. Compared to the same period last year, these liabilities have increased dramatically - in March 2022 they were for over 46, BGN 2 million
Source: 3e-news (02.06.2023)

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: 28.06.2023 - Coupon rate: 3.5 % - All bondholders registered with the Central Depository as of 27.06.2023 (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 23.06.2023 (Ex Date: 26.06.2023).
Source: BSE (23.06.2023)

BEH has written off nearly BGN 700 million of Bulgargaz's debt, due to which its profit for 2022 has dropped drastically From nearly BGN 1.6 billion in the preliminary report, the profit of the Bulgarian Energy Holding shrinks to less than BGN 600 million in the final audited individual annual financial report. BEH's final report shows that the decrease in profit is mainly due to the impairment of Bulgargaz's debts, which were due in the second half of 2022. In fact, in the coffers of the energy holding, the profit of BGN 1.6 billion remains available, just not can be withdrawn from the state as a dividend. In addition, BEH itself still has nearly BGN 1 billion in cash reserves from previous years, so there is no question of exsanguination. Moreover, BEH has not yet received dividends from the huge profits of its companies for 2022, which in total exceed an impressive 3.38 billion BGN. In February of this year, the energy holding, which includes Kozloduy NPP, Maritsa East 2 TPP, NEK, Bulgargaz, Mini Maritsa-East, ESO and Bulgartransgaz, published a preliminary individual report in which for 2022 reported a net profit in the amount of BGN 1.59 billion. It was formed by BGN 1 billion in dividend income (mainly paid from the profit generated by the companies in 2021) and financial income of BGN 720 million, and the reported main expenses are for taxes and interest and total almost BGN 140 million. In the same report, it is stated that the available cash and cash equivalents at the beginning of 2023 are a little over BGN 2.29 billion. A few months later, however, in the already audited report, which was submitted for entry in the Commercial Register on June 26, the profit is now only BGN 582 million. Revenues remain the same, but expenses swell by over BGN 1 billion - in the pen" impairments". The available funds, logically, still remain 2.29 billion BGN. In other words, the money does not disappear, only the accounting profit shrinks. However, the finance minister cannot withdraw the available cash as a dividend for the state budget and the money remains available to the companies themselves.
Source: Capital (28.06.2023)

BEH will make additional deductions in favor of the state "Bulgarian Energy Holding" EAD will make additional deductions for the benefit of the state, it is clear from the decisions of the Council of Ministers. BEH EAD will distribute and contribute in full as a dividend to the state and its undistributed profit from previous years, reported in its annual financial report as of December 31, 2022. For the first half of 2023, the Holding will pay a dividend of BGN 800,000,000. The amount is expected to be paid by July 31, 2023. The contribution of additional funds by BEH EAD to the state budget is a measure in the revenue part of the budget.
Source: Banker (14.07.2023)

Changes in the management of the state energy sector One of the directors of the state company "Bulgarian Energy Holding" has been acquitted. By decision of the Minister of Energy Rumen Radev, Andrei Zhivkov was removed from the management of the company. Zhivkov entered the management of BEH at the beginning of 2023 by decision of the then acting minister Rosen Hristov until a competition was held. Subsequently, it turned out that one had been held, but without it being publicly announced. Thus, Hristov became the second director of the holding together with Ivan Andreev, previously appointed by GERB. Zhivkov was acting Minister of Energy in one of the previous acting governments of President Rumen Radev. In addition to him, Angel Yankov, who joined the BEH board of directors in April 2022, is leaving the board of directors. The two were removed after a decision to reduce the number of members in the management of the energy holding from 7 to 5 people. The expansion of the board took place in November 2021 at the insistence of Andrey Zhivkov himself, who was the energy minister at the time and wanted to bring his own people into the management of the state energy company. The current return to the old number (up to five members) means that no people are expected to be appointed to replace the removed Zhivkov and Yankov.
Source: mediapool.bg (09.08.2023)

Valentin Nikolov will be the new executive director of Kozloduy NPP Valentin Nikolov will be the new executive director of Kozloduy NPP. Nikolov will replace Georgi Kirkov in the post by decision of the board of directors of the nuclear power plant. The change will be entered in the Commercial Register within three days and will take effect next Wednesday, August 16. Valentin Nikolov was already at the head of the Kozloduy NPP in the period between 2012 and 2013, and in 2021 he was also the executive director of the Bulgarian Energy Holding.
Source: National radio (11.08.2023)

Valentin Nikolov, former deputy from GERB, former deputy minister of energy in Borisov's first cabinet, former director of the Bulgarian Energy Holding and former head of the nuclear power plant, returns to the Kozloduy NPP. This is done by a decision of the board of directors of the Kozloduy NPP, with which Georgi Kirkov is dismissed and Valentin Nikolov is elected as director of the plant. Nikolov was head of the plant from 2012 to 2013. Current head Georgi Kirkov remains on the board of directors of the Kozloduy NPP.
Source: 24 chasa (14.08.2023)

The international rating agency Standard & Poor's raised the credit rating of "National Electric Company" EAD from "BB-" to "BB", with a stable outlook, due to the improvement of the company's credit indicators. The rating increase is the result of the exceptional performance in 2022 of NEK EAD and the sole owner of the company - "Bulgarian Energy Holding" EAD. Standard & Poor's also indicated that they expect an improvement in BEH EAD's revenue profile. S&P considers NEK EAD as a subsidiary of strategic importance for BEH Group, given its important role in Bulgaria's energy system as a producer of zero-emission electricity from hydroelectricity, a supplier of last resort and a public electricity supplier, as well as the fact that the company was able to transformed from a loss-making enterprise to a company contributing to nearly 20% of BEH Group's EBITDA (operating profit before interest, taxes and depreciation).
Source: 3e-news (22.08.2023)

S&P raised NEK's credit rating to a stable outlook The international rating agency Standard & Poor's (S&P) raised last week the credit rating of the "National Electric Company" (NEK) - from "BB-" to "BB", with a stable outlook. The reason is the improvement of the credit indicators of the company, which last year took advantage of the high electricity prices and achieved a serious profit. The financial performance in 2022 of the owner of NEC - "Bulgarian Energy Holding" (BEH) also contributes. The stable outlook reflects the rating agency's expectation that BEH will continue to provide liquidity support to NEK and that leverage will continue to be kept low until 2025. S&P also indicated that they expect an improvement in BEH's revenue profile. Postponing the liberalization of the retail electricity market until 2025 limits NEK's independent credit profile, the rating agency notes. She predicts that due to the performance of the function of Public Supplier, NEK EAD may be faced with variable financial results. S&P's analysis emphasizes that the BEH group retains its strategic importance for the security of electricity and natural gas supplies in the country, and ie indicates that the probability of government support has increased. Evidence of this is provided by state loans and guarantees to companies from the holding structure.
Source: mediapool.bg (22.08.2023)

Bulgarian Energy Holding EAD-Sofia (04HA) Semi-annual report as of 30 June 2023 on compliance with the terms and conditions of the bond issue, ISIN XS1839682116
Source: BSE (01.09.2023)

The "Bulgarian Energy Holding" (BEH), which includes the state energy companies, reports a positive financial result of BGN 865 million for the half-year, last year for the same period the amount was BGN 985 million. The main reason for this is the decrease in revenues from its subsidiaries, since by order of the government, 50% of the dividend for 2023 and 100% of the profit for 2022 are collected for the state from the energy companies. As of June, dividend income from Kozloduy NPP, NEK and ESO in the amount of BGN 630.377 million, which is 50% of the reported net profits of the companies in 2022. For comparison, in the first half of 2022, only Kozloduy NPP paid a dividend in the amount of BGN 890.304 million ., or 100% of the company's reported record profit in 2021.
Source: 24 chasa (04.09.2023)

The equipment for "Belene" has already been estimated, it costs over 1 billion euros The equipment stored at the Belene NPP site has already been assessed by the company hired to do the audit - Mazars Consulting EOOD, which is the Bulgarian division of the French Mazars. The amount is more than 1 billion euros, sources close to the valuation reported. It was done in about three weeks and the results were given to the National Electric Company. Not only the value of the reactor housings, the eight steam generators, circulation pumps, pipelines and other items of equipment with a long production cycle, but also the technical design have been reported. The procedure for hiring an evaluator was carried out by the Bulgarian Energy Holding with invitations. According to people in the know, those were sent to the biggest auditors, and the ranking was based on the lowest offer. Due to the short term, NEK was not going to succeed with a public procurement, and therefore the procedure is carried out by the principal - BEH, since the holding has the right to conduct a procedure with invitations. The evaluation of the equipment was prepared in connection with the decision to sell it to Ukraine.
Source: 24 chasa (05.09.2023)

Bulgarian Energy Holding EAD-Sofia (04HA) Bulgarian Energy Holding EAD-Sofia presented a six-month report for the period 01-04-2023 -- 30-06-2023 for compliance with the issuer's obligations to bondholders for issue XS1839682116.
Source: BSE (29.09.2023)

The EU Court overturned the fine of 77 million euros on the Bulgarian Energy Holding The General Court of the EU overturned the decision of the European Commission against the Bulgarian Energy Holding (BEH), by which it was fined 77 million euros in 2018 for violating the competition rules on the European market. According to the court, the European Commission did not properly prove that the BEH group abused its dominant position on the gas supply market in Bulgaria by not granting third parties access to the Romanian gas pipeline 1, through which natural gas was mainly imported at the time. The case was brought by BEH after the European Commission ruled on a complaint by Overgaz against its subsidiaries Bulgargaz and Bulgartransgaz for blocking competitors' access to key gas infrastructure and thus depriving consumers of choice providers. However, according to the General Court of the EU, it is not clear that the lack of access to the Romanian route "is at the root of the difficulties faced by third parties who want to gain access to the said gas pipeline in order to supply gas from Russia to Bulgaria". The General Court also accepted that the Commission had not given the BEH group the opportunity to fully develop the position about the offense of which she is accused and thus violated her right to defence. In 2018, the European Commission decided that BEH had blocked access to Bulgaria's internal gas transmission network, to the gas storage facility in Chiren and to the then only gas import pipeline in Bulgaria, which was fully reserved by the holding. The violation was carried out between 2010 and 2015. Thus, the state company's competitors could not enter the wholesale gas supply market and this ensured an almost monopoly position for Bulgargaz, according to the Commission's now canceled decision. As the General Court is the first instance for the Court of Justice of the EU, the parties can appeal the decision, but only on points of law.
Source: Dnevnik (26.10.2023)

BEH's expenses for impairments are a total of BGN 1.13 billion. Net profit of BGN 582 million. with impairment costs in the amount of BGN 1.13 billion. - this is how the financial year 2022 looks like for the Bulgarian Energy Holding (BEH). This means that if there were no similar "write-offs" of loans or receivables, the holding's profit would be significantly higher - about BGN 1.7 billion. A substantial part of the impairment costs are taken up by the "simplified" loans and receivables of related parties - mostly "Bulgargaz", which is a total of BGN 899.7 million, according to a report by the State Financial Inspection Agency (FSAI) about the holding's money in 2022. ADFI has analyzed the company's receivables, liabilities and impairments, the dividend transferred to the budget (a total of BGN 639.7 million for 2022) has also been checked. The operational costs of BEH are BGN 1.15 billion. at BGN 536 million a year earlier. With the largest share in this amount (98.78%) are the costs for depreciation - BGN 1.13 billion. at only BGN 527 million a year earlier. The most burdensome are the expenses of BGN 899.7 million, related to impairment of loans and receivables of related parties such as "Bulgargaz", NEK and "Toplofikatsia Sofia". The public supplier has "received" impairment on three of its loans - for BGN 443 million, BGN 191 million. and BGN 59 million or roughly BGN 700 million, ADFI's report also shows. To a large extent, these loans were made necessary as a result of the suspension of supplies by Gazprom in April 2022, which, combined with significantly increased natural gas prices, faced Bulgargaz with a liquidity crisis. This necessitated the intervention of BEH, through which the state provided funds for the payment of gas supplies on several occasions. Impairment of a total amount of BGN 205 million. was also made on loan from NEK. There is also one for receivables from "Toplofikatsia Sofia" in the amount of BGN 262 million. It is evident from ADFI's report that BEH has receivables from related parties in the amount of BGN 3.1 billion. Even if some of them are not actually paid, the amount remains significant. The company's revenues are in the amount of BGN 1 billion.
Source: Capital (03.11.2023)

BGN 1.6 billion for the purchase of the debt of "Toplofikatsia - Sofia" to BEH has been recorded in the budget The state can acquire debts of the capital heating system to "Bulgarian Energy Holding" and "Bulgargaz" in the amount of BGN 1.6 billion. This possibility is foreseen in the draft budget for 2024, the condition being compliance with the legislation on state aid. It is recorded that this can be done by an act of the government, at the proposal of the Minister of Energy. The cost of the debt will be determined by an independent appraiser. The debts of the municipal heating system accumulated according to the scheme - in case of non-payment to "Bulgargaz", BEH buys them, and they accumulate interest. If this opportunity for the state to acquire the debt is realized, BEH will become richer by BGN 1.6 billion. It is not clear whether they will remain with the holding or will be collected as a dividend in the treasury. However, there are many projects to be financed in the energy sector - starting with the repair of the Chaira Pavement Plant, through the expansion of the gas storage in Chiren, the construction of the gas connection with Serbia, not to mention the intention to build two pumped-storage hydroelectric plants plants and two units at Kozloduy NPP. So money is needed, experts comment.
Source: 24 chasa (28.11.2023)