Q1 2019 Natural Gas Price up 3.51% At a meeting held behind closed doors on Friday, the Energy and Water Regulatory Commission (EWRC) approved a 3.51 per cent hike of the price of natural gas for the first quarter of 2019. The raise will not reflect on heating and hot water prices. The increase was requested by Bulgargaz and applies to the price at which the public supplier sells natural gas to end-suppliers and clients connected to the gas distribution network. The price of natural gas in the first quarter of the new year will be 44.80 leva/MWh (excise duty and VAT excluded). This does not include the price for access and transmission through the gas distribution network, and clients should pay them to end-suppliers. The regulator specifies that the actual increase for household and business clients using natural gas will be under 2 per cent because the prices of access, transmission, distribution and supply have not been changed. The prices of electric power for household and non-household users on the regulated market also remain unchanged, EWRC specified. Also on Friday, the regulator is expected to approve new prices of water. An increase of up to 10 per cent is expected in most of the country. The Energy and Water Regulatory Commission decides on the next year's water price, reported the Bulgarian National Television. An increase is expected in 27 regions across the country.
Source: mediapool.bg (02.01.2019)

Expansion of Chiren Gas Storage Facility to Be Finished in 2024 - Energy Minister The expansion of the Chiren underground gas storage facility will be concluded in 2024; that is when the construction of the facility's underground and ground installations should be finished, Energy Minister Temenouzka Petkova said during Friday's Question Time in Parliament. She explained that three-dimensional field seismic studies are now being conducted at Chiren to determine the final version of the expansion. The expansion was delayed due to an appeal lodged by one of the participants in the public procurement procedure, Petkova added. Bulgartransgaz EAD signed a contract for the project on May 25, 2018 and is currently implementing it. Petkova also said that once the Southern Gas Corridor and the Interconnector Greece-Bulgaria (IGB) are finished, Bulgaria will be able to receive 1 billion m3 of Azeri gas, as envisaged in the 2013 agreement between Bulgargransgaz and the State Oil Company of Azerbaijan Republic (SOCAR). In her words, this is one-third of Bulgaria's natural gas consumption. The construction of the IGB should begin in two to three months, and it should be finished and put into operation by the second half of 2020, the Energy Minister specified.
Source: Dnevnik (14.01.2019)

Bulgartransgaz makes a final attempt to fill the "Turkish Stream" pipe The state-owned company Bulgartransgaz will make a third and final attempt to fill the planned transit gas pipeline, which is expected to transfer natural gas from the "Turkish Stream" pipeline through Bulgaria to the border with Serbia. It expects to reach acceptable proposals to ensure the financial viability of the project. The third phase of the Open Season Economic Test of the "Project for the Development and Extension of the Gas Transmission System" should be completed by January 31, after the first two phases of the test conducted last week failed. The test should determine the commercial interest in the pipe. The first stage saw only three binding tenders out of the four bidders registered in the procedure, but quantities for transit were insufficient. In the second phase, the capacity declared by the participants in the procedure at the Bulgarian-Turkish border was approximately 100% of the declared input capacity. At the Bulgarian-Serbian border, the participants claimed approximately 90% of the announced capacity.
Source: Sega (28.01.2019)

Bulgartransgaz will give BGN 2.8 billion for Turkish Stream The third phase of the market test for reserving capacity from the Bulgarian expansion of Turkish Stream has been successfully completed, Bulgartransgaz said. That is why the state-owned company has decided to implement the project, which at this stage is estimated at about BGN 2.8 billion. Subsequently, these funds have to be reimbursed by transit fees in the next 15-20 years. Interested candidates for participation in Phase 3 of the economic test have submitted three offers, with engagement capacity contracts pending. "100% of the declared capacity within the Phase 3 capacity of the Bulgarian-Turkish border and 100% of the declared capacity at the Bulgarian-Serbian border are reserved with the submitted requests from the users," the announcement of the state-owned company reveals. The names of the companies interested in transferring gas through the Bulgarian pipeline were not declared. No information is provided as to how much capacity is reserved for the quantity and at what transit fees. According to unofficial information, Russian giant Gazprom and two of its subsidiaries have shown interest.
Source: economic.bg (01.02.2019)

Anti-trust body slaps 7.7 mln euro fine on Metro Cash and Carry Bulgaria Bulgaria's Commission for Protection of Competition (CPC) said on Monday that it has imposed a 15 million levs ($8.8 million/7.7 million euro) fine on retailer Metro Cash and Carry Bulgaria over illegal comparative advertising. Metro Cash and Carry is obliged to halt the advertising campaign and announce the regulator's decision in two national dailies, the CPC said in a statement. The probe was launched following a complaint submitted by local competitor Lidl Bulgaria. Metro Cash and Carry's campaign discredits and tarnishes the reputation of Lidl Bulgaria, and gives the company a possibility to benefit from Lidl's popularity and its practice to hold "thematic weeks", CRC said. The fine is equal to 2% of Metro Cash and Carry Bulgaria's annual turnover in 2017. Metro Cash and Carry Bulgaria is a wholly-owned unit of Dutch-registered Metro Cash and Carry International Holding, and is part of German retail group Metro Cash and Carry. Metro Cash and Carry Bulgaria operates 11 stored across nine of the country's major cities. Lidl, a global discount supermarket chain which is part of Germany's Schwarz-Gruppe, entered the Bulgarian market in 2010. Lidl Bulgaria operates stores in 46 cities.
Source: Capital (05.02.2019)

Bulgarian public gas supplier Bulgargaz plans to propose a 0.49% cut in the wholesale price of natural gas, to be valid in the second quarter of 2019. According to the draft proposal, the price will fall by BGN 0.22 to BGN 44.58 per MWh, excluding VAT and excise duty. Bulgargaz will submit its final proposal for approval by the energy regulator on March 3. Bulgarian energy regulations require Bulgargaz to set the gas price quarterly, taking into account global oil prices and the lev/dollar exchange rate. The Energy and Water Regulatory Commission (EWRC) has the final say on proposed changes in the wholesale price, at which the state-owned company sells natural gas to end-suppliers and customers directly connected to its transmission network. Bulgaria currently imports almost all the natural gas it needs from Russia via a pipeline crossing Ukraine, Moldova and Romania.
Source: Sega (11.02.2019)

BEH will not pay the monopoly fine of EUR 77 million by the deadline of March 19 The Bulgarian Energy Holding (BEH) and its subsidiaries Bulgargaz and Bulgartransgaz have announced procedures for the selection of credit institutions to issue bank guarantees in favor of the European Commission (EC) to secure the fine of EUR 77 million imposed at the end of 2018. The penalty of the so-called gas-case filed by the EC following an Overgas complaint for refusal of access to the gas transmission network will not actually be paid until the due date of 19 March 2019. The reason is the intention to appeal as the EC decision itself, which was subject to the fine for abuse of a state gas monopoly and the amount of the sanction. In case of failure, the corresponding interest for the late payment will be charged, with which the final amount due can increase significantly. If in some way Bulgarian state-owned companies manage to rebut the conclusion of the EC, they will only be offset by the costs of issuing and maintaining bank guarantees.
Source: Capital (21.02.2019)

Gas connection with Greece is a step closer to realization The company, which is preparing the construction of the Bulgarian-Greek gas link ICGB AD, submitted a network code for the IGB gas pipeline to the regulators of Bulgaria and Greece, which made another step towards its certification as an independent gas transmission operator. Documents were filed on February 19, 2019, four months before the deadline of July 1, 2019, not later than 12 months before the date of commercial exploitation of the interconnector. The Network Code contains the rules and procedures for operating the IGB gas transmission system and details of the rights and obligations of the transmission operator and traders. It lists - detailed procedures for normal operation, including requesting capacity at IGB input and output points for straight and reverse flow; all necessary procedures for trading on the secondary market, which will be available to all traders; congestion management procedures and the "use or lose" principle; procedures for publishing data on the functionality and availability of capacity for all pipeline users.
Source: economic.bg (26.02.2019)

Bulgaria's BEH, Bulgargaz, Bulgartransgaz appeal 77 mln euro EC fine State-owned Bulgarian Energy Holding (BEH) said on Friday that, together with its units Bulgartransgaz and Bulgargaz, it has challenged before the EU's General Court the 77.1 million euro ($87.7 million) fine imposed on the three companies by the European Commission for blocking competitors' access to key gas infrastructure. "BEH and its subsidiaries do not accept the Commission’s findings that they have abused a dominant position on the Bulgarian gas market," BEH said in a statement. BEH and its units are seeking annulment of the Commission's decision to fine them. In December, the Commission said that between 2010 and 2015, the BEH group blocked access to the sole import pipeline bringing gas into Bulgaria, the country's only gas storage facility - Chiren, and the domestic gas transmission network. Without access to this essential infrastructure, it was impossible for potential competitors to enter wholesale gas supply markets in Bulgaria. This prevented any development of competition and ensured a near monopoly for Bulgargaz, the EU institution concluded. BEH pools together state-owned energy companies, including gas infrastructure operator Bulgartransgaz and gas supplier Bulgargaz. Bulgaria imports almost all the natural gas it needs from Russia via a pipeline crossing Ukraine, Moldova and Romania.
Source: Dnevnik (05.03.2019)

Companies from Saudi Arabia, Italy and Hungary want to build Bulgarian Stream Three companies have submitted bids for the Bulgartransgaz auction for the gas pipeline of Turkish stream through Bulgaria, it became clear when the offers were opened. Consortium Varna 1 (established by Bonati and Max Streicher) and Complications Development - Bulgarian branch, participate in ‘Gas Development and Expansion in Bulgaria’ consortium. The second consortium with offer is a union between Fovallakozo and KVV Kivitelezo. The third proposal comes from the Arkad Consortium, where Arkad-ABB together with Arkad Engineering and Construction Company are participants. These are unions between companies from Saudi Arabia, Italy and Hungary, explained the head of state-owned company Vladimir Malinov. For the time being, it is not clear whether there are Bulgarian or Russian companies in the consortia as the tenders continue to open, Malinov said. The auction commission will work until the end of March, when it is also expected to open the price bids.
Source: Sega (08.03.2019)

BEH has chosen a bank guaranteeing the payment of 2/3 of the fine imposed by the EC Bulgarian Energy Holding EAD has chosen a financial institution that will issue a bank guarantee guaranteeing the payment of 2/3 of the fine imposed by the European Commission (EC) to BEH Group in case AT.39849. The Bank will provide a bank guarantee for securing the obligations of BEH and its subsidiary Bulgargaz EAD on the imposed fine. Negotiations between BEH and the bank are under way to clarify the terms of the bank guarantee contract. Bulgartransgaz EAD, Bulgarian Energy Holding EAD and Bulgargaz EAD filed a complaint against the EC decision of 17 December 2018. The companies in the BEH Group did not accept the EC's conclusion that they had abused a dominant position on the Bulgarian gas market. In December, the Commission fined BEH with EUR 77 million for hindering access to the gas transmission network in Bulgaria. Even if it appeals against the EC decision to impose a fine on BEH, Bulgaria will have to implement it.
Source: 24 chasa (11.03.2019)

The gas rises below 1% in April Natural gas to rise by 0.83% on April 1. This is the proposal of the Energy and Water Regulatory Commission's experts in the report to the Commissioners. Now the price is BGN 44.80 per megawatt hours, the proposal of Bulgargaz, which the experts accepted, is to become 45.17 BGN without access and transmission charges through the network, excise and VAT. In its February forecast, the gas company headed by Nikolay Pavlov announced a price of BGN 44.58 per megawatt hour, a decrease of 0.49% compared to the current ones. The company expected lower gas import prices in the second quarter. The cost of supplying natural gas for the domestic market in Bulgaria is estimated at BGN 303.71 million. This amount also includes transit fees through Romania. For reserving capacity in the Negru Voda pipe to the Bulgarian border, Bulgargaz participates in the auctions of the Romanian transmission company Transgaz. The rate of return on capital (profit) is projected to be 7.26%.
Source: 24 chasa (18.03.2019)

Bulgargaz will look for cheap non-Russian gas For the first time in its history, Bulgargaz announces an auction for non-Russia natural gas supplier, Nikolay Pavlov, CEO of the company announced. The auction was announced on March 15th. "There are clearly defined criteria and requirements for participants in the procedure, all are invited to submit their offer," he said after the discussion of new gas prices to be set by the energy regulator on March 28th. The head of Bulgargaz described the competition as "something new and important, which will be in the interest of Bulgarian consumers". Asked why Bulgargaz is launching this auction right now, Pavlov replied that currently there are conditions for purchasing blue fuel at a lower price. The company has asked the regulator for a price increase of about BGN 45 per megawatt hour from April 1. This is an increase of 0.83% and the demand is due to the situation on the international markets.
Source: Sega (22.03.2019)

Dogan’s TPP Varna owes more than BGN 6 mln to Bulgargaz TPP Varna Jsc. owes BGN 6.63 million to state-owned Bulgargaz for consumed but unpaid natural gas as of March 31, 2019. This is clear from the financial statement of the state-owned supplier for the first quarter of the year. Overdue liabilities are estimated at BGN 5.26 million. The latest data in the Commercial Register show that Ahmed Dogan, honorary chairman of the Movement for Rights and Freedoms, is part of the board of directors of TPP Varna. The mandate of the council expires on December 21, 2022. The owner of the plant is Sigda Ltd. Ahmed Dogan has the largest share in it. His partners are the children of the former transport minister Danail Papazov. Otherwise, Toplofikatsia Sofia has the biggest debts to Bulgargaz for unpaid gas - a claim amounting to nearly BGN 94 million, out of which over BGN 51 million are overdue. Toplofikatsia Burgas and Toplofikatsia Vratsa owe BGN 6.04 million and BGN 5.81 million respectively. The other counterparty with the largest obligations is Lukoil Neftochim Burgas - BGN 14.21 mln.
Source: Banker (07.05.2019)

Plan to launch the gas hub and exchange next year with nearly 1 billion cubic meters Plan to start the Balkan gas hub as a virtual point of trade together with the blue-fuel exchange with an initial volume of nearly 1 billion cubic meters in early 2020 was presented to the Energy Committee of Bulgartransgaz and the subsidiary its gas hub Balkan company on a discussion in the National Assembly. In order to realize these intentions, amendments will be made to the Energy Act, which will oblige the state gas supplier to sell its unrealized quantities on the domestic market under the long-term contract with the Russian monopoly Gazprom, said Valentin Nikolov, Chairman of the Committee. The changes will be published for discussion on the World Energy Council website on Wednesday, but some of them sparked criticism from the industry as soon as they were presented and the views will be reflected immediately, explained Nikolov. Vladimir Malinov, head of Bulgartransgaz, reminded that his company has an agreement with the operator of the gas trading platform at the Baumgarten hub in Austria and will use the exchange model there for the Bulgarian stock exchange.
Source: mediapool.bg (05.06.2019)

Foreign investments remain negative in April Foreign Direct Investment reported in Bulgaria remained negative in April. The net amount at the end of the fourth month of 2019 is negative at the amount of EUR 54.8 million, preliminary data of the Bulgarian National Bank (BNB) show. For reference, a month earlier FDI was a negative EUR 254.4 million, but data for the first-quarter were revised upwards and will continue to be revised in the coming months. The negative value this year comes largely from the transaction on the purchase of Societe Generale Expressbank from DSK - the Bulgarian branch of the Hungarian OTP. The finalization of the transaction in January 2019 led to the payment of nearly EUR 600 million (in the form of equity capital) to the French Societe Generale. There is no real outflow of investment, as at the end of 2018 DSK's capital was increased for the same purpose, but this operation remained in the data for last year. The net amount of foreign investment in the country is negative, but investments in the form of debt instruments are plus EUR 656.5 million, of which almost EUR 123 million were received only in April.
Source: Capital (20.06.2019)

EC asked Bulgaria to fully introduce market prices for electricity Bulgaria's energy plans are chaotic, the numbers are shuffled, and sources of funding - unclear. The country does not say exactly how it will be able to fight energy poverty, how it will make the air cleaner by using clean energy to heat or cool. At the same time, gas plans are lagging behind, and diversification of sources is still in the future. This is understood by the EC report on the extent to which the Bulgarian draft of the national energy and climate plan for 2030, announced last week, is adequate. It is important because on that basis the Energy Strategy of Bulgaria will be renewed by 2050. It will determine to a great extent how the country will develop in the coming decades. Brussels points out that Bulgaria must move on to market, rather than regulated, electricity prices - a critique that has been repeated over the years by the World Bank. How much it will cost to implement all of these plans is still unclear, but unofficial accounts show that it's billions of BGN, but it is unclear where they would come from.
Source: Sega (24.06.2019)

KEVR confirmed the decline of natural gas by 0.6% The energy regulator is about to approve a 0.6% reduction in gas from July 1. The Energy and Water Regulatory Commission has already agreed with the accounts of the state-owned Bulgargaz, and an open session was held yesterday. Thus, the proposed price for the third quarter of 2019 will be 44.90 BGN per megawatt hour (excluding access, transit, excise and VAT rates). However, if there is a new gas depreciation, it will also affect the prices of heating and hot water. "The KEVR has the right to a change every three months - when the price of natural gas is first updated, the Commission can make a decision for the price of the heat. If this occurs before the heating season, the commission will without hesitation take into account the decrease in the price of the natural gas, "explained Ivan Ivanov. In the coming days, the regulator will decide on the prices of electricity, steam and gas. The new prices will come into force on July 1st.
Source: Sega (26.06.2019)

Bulgarian energy regulator approves 0.60% cut in Q3 wholesale gas price Bulgaria's energy regulator has approved a 0.60% decrease in the regulated wholesale gas price for the third quarter of 2019, in line with the proposal of state-owned gas supplier Bulgargaz. The new price will be BGN 44.90 per MWh, free of VAT and excise. Bulgarian energy regulations require Bulgargaz to set the gas price quarterly, taking into account global oil prices and the lev/dollar exchange rate. The Energy and Water Regulatory Commission has the final say on proposed changes in the wholesale price, at which the company sells natural gas to end-suppliers and customers directly connected to its transmission network. Bulgaria imports most of the natural gas it needs from Russia through a pipeline crossing the territories of Ukraine, Moldova and Romania.
Source: Monitor (01.07.2019)

The obligations of Toplofikatsia Sofia to Bulgargaz are BGN 113 million The obligations of Toplofikatsia Sofia to Bulgargaz are currently BGN 113 million, but in the coming days it will increase to BGN 127 million. The reason is the forthcoming accrual of the amounts for another gas supply, explained the executive director of the district heating company Kremen Georgiev. "Neither I am pleased, nor Bulgargaz itself, of course, but I would like to point out that the debt has not been increased during this period, it even slightly decreased," he said. Toplofikatsia Sofia appeals the decision of the energy regulator on electricity prices, which the company produces in a highly efficient way. "In the price statement we submitted, the price of thermal energy is approximately what was finally confirmed by the EWRC. As far a the price of electricity is concerned, the price statement was BGN 255, and at present we are given a price of BGN 200," Kremen Georgiev said.
Source: National radio (02.08.2019)

Neochim complains about high gas prices and carbon emissions quotas Bulgarian joint-stock company Neochim warned that high natural gas prices in Bulgaria, as well as rising prices of the carbon emissions quotas, could lead to "massive staff cuts" and "the possibility of indefinite postponement of relaunching ammonia production facilities after scheduled repair”. In a message to the Bulgarian Stock Exchange and the Financial Supervision Commission, the mineral fertilizers and chemical products plant Neochim stated that their concerns were related to the price of natural gas. "Currently, Bulgarian industrial consumers are paying one of the highest values for natural resources in the European Union," the statement said. The company recalls that it is the second largest consumer of natural gas in Bulgaria after Toplofikacia Sofia and a large part of the company's expenses is directed to this item. Another major issue is the ever-increasing price of carbon emissions. Neochim JSC is subject to carbon costs through the European Emissions Trading Scheme (ETS). For this reason, the fertilizer producer pays over EUR 25 per ton.
Source: money.bg (12.08.2019)

Bulgargaz sues Toplofikacia Sofia for BGN 35 million Bulgargaz sues Toplofikacia Sofia for BGN 35 million. The executive director of the gas company Nikolay Pavlov said. This amount is only a part of the total debt of BGN 120 million, which the Sofia-based district heating company company owes Bulgargaz. The liabilities have been accumulated within one year after the Bulgarian Energy Holding purchased in full the debt of the heating company in 2018. Pavlov explained that Bulgargaz has already filed a lawsuit because it is in danger of not being able to pay for the fuel to its supplier, Russia's Gazprom Export. Bulgargaz cannot and should not cover the obligations of a client on its own account, including Toplofikacia Sofia, the head of the gas company underlined. He explained that no company can simultaneously cover huge debt while fulfilling its obligations.
Source: news.bg (12.08.2019)

Bulgargaz ended the half-year with a profit of BGN 27.9 million The state-owned Bulgargaz significantly increased its net profit in the first six months of this year and reached BGN 27.9 million. This was recorded in the financial statement of the company, which was recently published. The profit of the company increased by 187.5%, and in the same period last year the profit was only BGN 9.3 million. The company managed to pay their imposed fine in the BEH gas case. The company jointly with BEH and Bulgartransgaz paid one third of the imposed fine, which amounts to BGN 50.2 million. The amount was paid at the end of 2018, explained Bulgargaz. Since the beginning of the year Bulgargaz has signed several contracts for the supply of natural gas through a virtual outlet.
Source: 3e-news (16.08.2019)

The liberalization of the natural gas market in Bulgaria starts in October Liberalization of the natural gas market starts in October. Until then, amendments to the energy law on the gas part are expected to receive final approval by MPs. This was made clear at the meeting of the Energy Committee at the National Assembly, at which the already refined amendments were adopted on second reading without any major obstacles. The changes make it possible to diversify natural gas supplies, which will subsequently be reflected in price levels. The changes start the gas exchange, introducing the concept of "organized natural gas market". In discussing the changes, MPs hoped that the formation of the natural gas market would avoid the faults in the electricity market. Of course, for the most part the changes will depend on the Rules of Procedure, which will have to be prepared by the operator of the organized natural gas market.
Source: 3e-news (20.09.2019)

EWRC approved the lower price of natural gas The Energy and Water Regulatory Commission (EWRC) approved a 0.11% lower natural gas price for the period October-December 2019. With this decision, the regulator agrees with Bulgargaz's proposal, made three weeks ago. The price at which the public provider sells natural gas to the final suppliers and to customers connected to the gas transmission network is BGN 44.85 / MWh (excluding prices for access, transmission, excise duty and VAT). EWRC leaves unchanged the prices of heat and electricity "due to the slight change in the price of natural gas”. The approved price of natural gas includes the component "price of natural gas at the entrance of the transmission networks" in the amount of BGN 44.03 / MWh, the component for the activity "public supply" under Art. 17, para. 6 of the NRCG in the amount of BGN 0.69 / MWh, as well as the component for compensation of expenses arising from imposed obligations to the society under Art. 11a, para. 2 of the NRCG in the amount of BGN 0.13 / MWh, covering the expenses of Bulgargaz SPJSC for storage of quantities in the Chiren underground gas storage facility in fulfillment of its obligations under the Emergency Plan.
Source: 24 chasa (01.10.2019)

For the twelfth consecutive year, SeeNews ranked the biggest companies in Southeast Europe (SEE) by total revenue in its Top 100 list. Ten Bulgarian companies ranked among the biggest businesses, with two making it into the top 10. For a second consecutive year, Lukoil Neftochim Burgas and Aurubis Bulgaria were among the leading 10 companies in the region, ranking sixth and eighth, respectively. Aurubis Bulgaria was the biggest metals producer in SEE despite a slight decrease in revenue and drop in profit in 2018. Both companies, however, dropped in the TOP 100 SEE ranking from fifth and sixth position, respectively. Kozloduy NPP was the only Bulgarian company to make it into the top 10 most profitable businesses in 2018, assuming eighth place in the ranking, which remained dominated by Romania in terms of entrants, but was led by Serbia's Aerodrom Nikola Tesla and Serbia Zijin Bor Copper. Three of the 10 companies in the money losers ranking were Bulgarian - Lukoil Neftochim, National Electricity Company and Bulgargaz, holding the second, sixth and eighth positions, respectively.
Source: Banker (09.10.2019)

KPKONPI found conflict of interest with a former BEH chief Former head of the Bulgarian Energy Holding (BEH) Petio Ivanov found himself in a conflict of interest. The reason is that he combined this post with his participation on the board of directors of Bulgargaz. This was made clear by a decision of the Anti Committee for Combating Corruption and the Withdrawal of Illegally Acquired Property (KPKONPI). As director of the holding Iliev voted for himself during his appointment at Bulgargaz and determined his salary. Therefore, he was fined BGN 15,000 and ordered to forfeit the received remuneration of BGN 60,000. Other former and current managers of BEH, such as Jacquelin Cohen, Zhivko Dinchev and Andon Andonov, are in a similar situation, but there are no known decisions made about conflicts of interest. Cohen, in addition to the director of the holding, is also a member of the Board of Directors of Kozloduy NPP. Dinchev is the executive director of TPP Maritza-East 2 and Andonov directs Mini Maritza-East.
Source: Sega (15.10.2019)

Gas prices cheaper by 0.71% since January State-owned gas supplier Bulgargaz predicts a fall in the price of natural gas from January 2020 by a paltry 0.71%, and announced that it has requested from Gazprom Export a tariff reduction and greater supply flexibility from 2020, without however, indicating something more specific. According to the calculations of the gas supplier, natural gas in our country should cost 44.53 BGN / MWh in the next quarter (excluding prices for access, transmission, excise duty and VAT). This is by BGN 0.32 cheaper than the current price and this is due to the influence of pricing factors. In a month, it will become clear what value Bulgargaz will want the energy regulator to approve from January 1, 2020.
Source: mediapool.bg (12.11.2019)

Debt of Toplofikacia Sofia BGN 756 million A total of BGN 756 million is the debts of Toplofikacia Sofia SPJSC. The municipal company has to pay BGN 596 million to the Bulgarian Energy Holding. The debt to Bulgargaz is BGN 147 million and includes a BGN 50 million advance invoice for November. This was made clear at the meeting of the Finance Committee of the Sofia Municipal Council, at which the management of Toplofikacia Sofia was heard. The new boss of the company Alexander Alexandrov assured that it is servicing its duties correctly and there is no cause for concern. According to him, the solution to the problem is for Toplofikacia Sofia to produce more electricity and diversify the supply of fuel. By March, all the necessary analysis must be ready so that the search for an outside strategic investor may start.
Source: Trud (27.11.2019)

Eurostat: Bulgaria had largest increase in household gas prices in EU Between the first half of 2018 and the first half of 2019, the largest increase in household gas prices in the European Union was in Bulgaria, EU statistics agency Eurostat said. Between the first half of 2018 and the first half of 2019, the largest decreases in household gas prices, in national currencies, were in Denmark (-1.7 per cent), Hungary (-1.6 per cent) and Austria (-1.3 per cent). By contrast, the largest increase was registered in Bulgaria (+18.3 per cent), ahead of Latvia (+15.8 per cent), and Estonia (+14.2 per cent). Expressed in euro, average household gas prices in the first half of 2019 were lowest in Hungary and Romania (both 3.5 euro per 100 kWh) and Croatia (3.8 euro) and highest in Sweden (11.8 euro), the Netherlands (9.2 euro) and Denmark (8.6 euro), Eurostat said. In the first half of 2019, average household electricity prices in the EU increased slightly compared with the first half of 2018 (20 euro per 100 kWh), standing at 21 euro per 100 kWh, the statistics agency said.
Source: Sofia Globe (27.11.2019)

The Greece-Bulgaria interconnector will be ready by the end of 2020, Energy Minister Temenuzhka Petkova assured at a session of the Energy Commission in Parliament. Construction of the interconnector between Greece and Bulgaria should be completed in parallel with the completion of the Trans-Adriatic gas pipeline. In this way, the contract between Bulgargaz and the Azerbaijan company SOCAR for the supply of 1 billion cubic meters of gas from the Shah Deniz 2 deposit will be fulfilled. MEPs approved a bill ratifying a guarantee agreement between Bulgaria and the European Investment Bank (EIB) in connection with a contract for financing the Greece-Bulgaria interconnection gas link between the EIB and Bulgarian Energy Holding signed on October 10, 2019. The loan is up to EUR 109.9 million and the repayment period is three years.
Source: 24 chasa (29.11.2019)

The remains of Agrobiochim's assets in Stara Zagora are being... gifted away now Dimitar Smilenov, bailiff of the former largest nitrogen fertilizer plant in Bulgaria, Agrobiochim JSC in Stara Zagora, is trying to raise any funds by selling "last pieces" of the assets of the bankrupt plant. On December 11, he announced eight auctions for the sale of properties owned by the company. After dozens of sales attempts, their price has already become more than ridiculous. For example 18,132 sq.m. agricultural land in the area of the village of Hrishteni near Stara Zagora, will be traded at a price of BGN 9660. Or two decares per BGN 1. The same is the situation with other sites of Agrobiochim JSC. The debts of the bankrupt chemical industry enterprises, amounting to tens of millions BGN, are mainly to the state-owned companies Bulgargaz, NEK, and Mini Maritsa Iztok, and at these levels of trade they would never be repaid. The liabilities in question as of September 30, 2000, when the Stara Zagora-based plant went bankrupt, exceeded BGN 90 million. The liabilities to workers alone amounted to BGN 5 million at that time. Available tangible assets did not exceed BGN 10-12 million then, before dozens of revaluations.
Source: Banker (11.12.2019)