EWRC confirmed the price of gas for January, heating and electricity will not increase in price The Energy and Water Regulatory Commission approved the price of natural gas for January in the amount of 179.33 /MWh, excluding prices for access, transmission, excise duty and VAT. At this price, Bulgargaz EAD will sell natural gas to final suppliers and to persons who have been issued a license for the production and transmission of thermal energy. The price mix includes the entire agreed quantity of Azeri natural gas delivered via the "Bulgaria - Greece" interconnector/IGB/ at prices according to the current long-term contract with Azerbaijan. These quantities cover about 27% of the country's consumption and are of key importance in achieving favorable prices for the blue fuel.
Source: Trud (03.01.2023)

Another 1.5 billion cubic meters of gas per year is guaranteed to Bulgaria via Turkey Bulgaria guarantees the supply of another 1.5 billion cubic meters of gas per year. This became possible with the signed agreement between "Bulgargaz" and the Turkish company "Botash" for reserving slots at terminals for liquefied gas and transferring it to our border. The liquefied gas that "Bulgargaz" will buy will be able to be delivered to Strandzha - Malkochlar. From this point, before the "Turkish Stream" was built, Russian gas entered Istanbul. Bulgaria's inlet capacity is 4 billion cubic meters per year. Experts say that with commercial interest from "Botash" it can increase to 6 billion. Deducting 1.5 billion cubic meters for the Bulgarian market, there remains the possibility of transporting another 4.5 billion cubic meters.
Source: 24 chasa (04.01.2023)

Bulgargaz is suing Varna TPP for unpaid debts in the amount of BGN 40 million The state company "Bulgargaz" is suing the "Varna" TPP for unpaid supplies of natural gas. The plant continues to be the second largest debtor of Bulgargaz. The plant's debts to the state supplier of natural gas have grown to BGN 40 million. The biggest debtor of Bulgargaz remains "Toplofikatsia Sofia" with over BGN 550 million, which also has debts to BEH, which makes their total amount is BGN 800 million. Despite these problems and despite the low rate of profit, Bulgargaz will end 2022 with a positive operating profit.
Source: Sega (05.01.2023)

"Bulgargaz" sues "TEC Varna" for liabilities of BGN 40 million, but is in no hurry to receive them Nearly BGN 40 million is owed to the state company "Bulgargaz" by the company "TEC Varna", owned by Ahmed Dogan. The amounts are for unpaid gas supplies for January and February of this year. A lawsuit was filed to collect the arrears on April 29, 2022, which is scheduled for February 3 of this year. This is the second case. It turns out that the first hearing in the case filed by "Bulgargaz" took place on November 9 of this year. It is clear from the protocol of the Varna District Court that neither the plaintiff - the state company "Bulgargaz" nor the defendant "TPP Varna" sent their representatives for this meeting. Before the meeting, "Bulgargaz" submitted a request to the court, requesting that the case not proceed. The reason for this is that the conclusion of the appointed forensic accounting expertise had not yet been prepared.
Source: Dnevnik (09.01.2023)

"Bulgargaz" offered a lower gas price for February "Bulgargaz" submitted to the Commission for Energy and Water Regulation an application for approval of the price of natural gas for the month of February 2023. The price, in the amount of BGN 135.38/MWh or EUR 69.22/MWh, calculated based on the fixing of BNB (without access, transmission, excise and VAT) was established in accordance with Art. 17 of Ordinance No. 2 of 19.03.2013 on the regulation of natural gas prices. The price proposed by Bulgargaz is 24.51% lower than the approved regulated price for January 2023.
Source: Banker (12.01.2023)

The interconnector between Serbia and Bulgaria will be ready by the fall of 2023. The director of "Serbiagaz" Dusan Bayatovic stated that the gas connection with Bulgaria will be completed by the beginning of the next heating season, Serbian media reports. At the moment, about 50 percent of the pipes have been purchased, and about 90 percent of the route has been cleared. About 25 percent of the pipes have been welded and laying should begin. The expropriation was completed successfully, Bayatovic said. According to him, the Bulgarian side will make the first welding by February 1. Bayatovic expects the interconnector, which will connect the Serbian and Bulgarian gas systems, will provide an opportunity for diversification. The Bulgarian section is lighter and shorter than the one in Serbia, adds Tanjug.
Source: mediapool.bg (13.01.2023)

MET returned as a gas supplier, but not with mail orders, but after an auction "MET Group" returns to the supply of natural gas to Bulgaria with its Swiss company "MET International". This was confirmed by "Bulgargaz". However, they clarified that this happened after an auction, and not with e-mail orders, as were the first deliveries from "MET Energy" to "Bulgargaz" immediately after the suspension of fuel supplies from "Gazprom Export". The method of gas supplies at the beginning of the gas crisis is the subject of an investigation at the request of deputies, with Delyan Dobrev from GERB being the most active. He published MET invoices with Gazprom and claimed that these purchases made gas more expensive by 30%. Dobrev calculates the price difference with markups for so-called intermediaries at BGN 200 million.
Source: 24 chasa (27.01.2023)

Natural gas became cheaper by nearly 31% for February The Energy and Water Regulatory Commission reduced the price of natural gas by nearly 31% for February. Initially, the state company "Bulgargaz" asked for a lower price of nearly 25%. The main reason for the decrease in price is the filled natural gas storages in Europe, as well as the drop in prices on international exchanges. The new price will not affect the prices of heating, hot water and electricity.
Source: Trud (02.02.2023)

Bulgargaz announced 4% cheaper gas for March "Bulgargaz" submitted its application for the price of natural gas in March, which is for a 4 percent reduction, the state gas supplier announced. The proposed price is BGN 119.33/MWh (excluding prices for access, transmission, excise duty and VAT), but the final value of the blue fuel will become clear on March 1, when "Bulgargaz" submits the final calculations against the European stock indices as of February 28. This is another, albeit small, price reduction, after the drop in price for the current month by 31 percent. In January, however, there was a 22 percent increase compared to the last month of 2022.
Source: mediapool.bg (10.02.2023)

First tender for gas to the Turkish terminals reserved by "Bulgargaz". First tender for the supply of liquefied natural gas to Bulgaria at one of the raw material regasification terminals in Turkey under the agreement with the Turkish state company BOTAS, "Bulgargaz" announced. 500,000 MWh or nearly 47.4 million cubic meters are sought to be secured in April. When the unloading slots will be will be announced further. However, the deadline for submitting offers is very short – until 10 p.m. on February 28. The applicants are again asked to guarantee that the gas is from countries without sanctions, that they are from countries for which there are no embargoes and other trade restrictions. It is noteworthy that the requirements for experience and quantities of already secured supplies have been reduced. While the previous tenders required them to have delivered a minimum of 5 million MWh in the last three years, now the requirement is for 1.5 million MWh, without specifying a period. "Bulgargaz" is opening a loophole to change the place of delivery and instead of Turkey the tanker will be accepted in Greece, where in April "Bulgargaz" bought two unloading slots - on the 15th and 26th for 500 thousand MWh respectively and for 1.5 million MWh. The selected suppliers will be notified in case of a possible change in the destination of the liquefied gas 15 days before the previously announced date of unloading in Turkey.
Source: mediapool.bg (24.02.2023)

EWRC confirmed a 14% lower gas price for March The Energy and Water Regulatîry Commission (EWRC) confirmed the price of natural gas for March in the amount of BGN 106.74 per megawatt hour - excluding prices for access, transmission, excise duty and VAT. The price reduction is over 14% compared to February (BGN 124.34/MWh) and this is of key importance for heating companies, industry and end users, EWRC announced. At this price, the state company "Bulgargaz" will sell natural gas to final suppliers and to persons who have been issued a license for the production and transmission of thermal energy. The approved price of natural gas includes the component price of natural gas at the entrance to the gas transmission networks, the component for the activity "public supply" and for compensating costs, covering the costs of "Bulgargaz" EAD for storing quantities in the gas storage in "Chiren", in fulfillment of obligations under the Emergency Action Plan.
Source: actualno.com (02.03.2023)

"Varna" TPP is ready to pay over BGN 40 million to the state Ahmed Dogan's "Varna" TPP has agreed to pay more than BGN 40 million to the state along with interest. This was announced by the Acting Energy Minister Rosen Hristov. He stated that the thermal power plant is currently not working because of the accumulated debts. "We are in front of an agreement that will ensure full payment and all interest. They agree to pay over BGN 40 million together with interest," said Hristov. In January, the executive director of "Bulgargaz" Denitsa Zlateva disclosed about the obligations of TPP "Varna", which is owned by the honorary chairman of DPS. Then it became clear that the state-owned company is suing the thermal power plant and is seeking BGN 40 million, which the thermal power plant owes it. From the words of Rosen Hristov, it was also understood that "Bulgargaz" is negotiating with TPP "Varna" to reschedule the obligation. The court case filed by the state-owned company was postponed several times for various reasons. The next meeting is scheduled for April 19.
Source: actualno.com (07.03.2023)

"Bulgargaz" is negotiating with TPP "Varna", which is owned by the honorary chairman of DPS Ahmed Dogan, to reschedule the obligation in the amount of over BGN 40 million. According to the Minister of Energy Rosen Hristov, the private company is not working, and the state-owned "Bulgargaz" is in front of an agreement "that will ensure the full payment of the debts and interest, so that it can start working and pay its debts". The court case filed by "Bulgargaz" was repeatedly postponed for various reasons and the next hearing is scheduled for April 19. Varna Thermal Power Plant was sold at the end of 2017 by the Czech state company CEZ to Sigda - a company of the family of the former transport minister from the Oresharsky cabinet, Danail Papazov. At the time, the deal was financed with a little over 24 million euro loan from First Investment Bank. Months later, in 2018, the honorary chairman of DPS Ahmed Dogan bought 70% of "Sigda" for about BGN 1.5 million, according to Papazov himself. Last month, the website "BIRD.BG" published the text of the contract, according to which the debtor "TPP Varna" transferred on February 15 of this year assets with a balance sheet value of BGN 64 million of the company "Sigda".
Source: Dnevnik (07.03.2023)

The Azeri energy company Socar opens an office in Bulgaria Azerbaijan's state energy company Socar will open its office in Bulgaria in May. The Azerbaijani side has shown serious interest in the Solidarity Ring (String) project initiated by Bulgaria, which allows the transfer of additional quantities of natural gas to Europe from Azerbaijan, using the existing infrastructure of gas transmission networks of Bulgaria, Romania, Hungary, Slovakia. Socar is Azerbaijan's state-owned energy company that produces oil and gas. It was with its subsidiary "Bulgargaz" that it concluded a contract for the first quantities of natural gas from Azerbaijan to Bulgaria. The company has a presence in the United Arab Emirates, Georgia, Russia, Turkey, Ukraine, Romania and Switzerland. In the last three countries, Socar also has a chain of gas stations. Socar produced 6.58 million tonnes of oil and 6.55 billion cubic meters of gas in its own fields between January and October last year – or about a fifth of the country's total oil and gas production.
Source: economic.bg (14.03.2023)

"Bulgargaz" offers 3% cheaper gas for April, expects a reduction of another 10% in May "Bulgargaz" offers to sell natural gas from April for BGN 103.08 per megawatt hour (MWh) - without access, transmission, excise and VAT prices. The public supplier submitted to the Commission for Energy and Water Regulation (KEVR) an application for approval of the price for the next month, the company announced. The price proposed by Bulgargaz is 3.42% lower than the established regulated price for March of BGN 106.74 per megawatt hour. The estimated price of natural gas for the month of May is BGN 92.54/MWh, or 10.23 percent lower than the price submitted for approval for April, Bulgargaz also informs.
Source: Trud (15.03.2023)

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)

Gas consumption in the EU fell by nearly 20% According to the data presented by the EC, Bulgaria managed to reduce gas consumption by 23.9 percent from last August to the beginning of this year. The biggest drop was reported by Finland with 58.5 percent. The European Commission has proposed to extend the agreed voluntary reduction in gas consumption in the EU to ensure the necessary supplies and keep prices stable. In a message from the EC, it is noted that the measures in force until the end of March should be continued. It is necessary for the EU to prepare for next winter from now on, the commission notes. The temporary voluntary measure to curb consumption is said to have been introduced last year following Russia's military invasion of Ukraine. From August 2022 to January this year, gas consumption in the EU fell by an average of 19.2 percent, and thus it became possible to overcome the shocks that followed Moscow's decision to stop gas supplies to European countries
Source: Trud (22.03.2023)

EWRC approved an 8% lower gas price in April The Energy and Water Regulatory Commission confirmed the price of natural gas for the month of April in the amount of 98.16 per megawatt-hour, excluding access, transmission, excise and VAT prices. At this price, Bulgargaz EAD will sell natural gas to final suppliers and to persons who have been issued a license for the production and transmission of thermal energy. It is 8 percent lower than the one in March, which was BGN 106.74. The approved value includes the price of natural gas at the entrance to the gas transmission networks, payment for the "public supply" activity, which covers the costs of Bulgargaz " for storage of quantities in the warehouse in "Chiren".
Source: 24 chasa (03.04.2023)

"Bulgargaz" offers more than 8% cheaper gas for May "Bulgargaz" submitted to KEVR an application for approval of the price for May in the amount of BGN 90.10/MWh (without prices for access, transmission, excise duty and VAT). The offer is 8.21% lower than the established regulated price for April. On May 1, the Commission for Energy and Water Regulation will submit a final proposal for the price of natural gas, taking into account the quotations of the pricing components as of April 30. BGN 74.59/MWh (without access, transmission, excise and VAT) is the estimated price of natural gas for June. It is 17.21% lower than the price submitted for approval for the month of May. The final proposal will be submitted to KEVR on June 1.
Source: Trud (11.04.2023)

The first LNG tanker under the Bulgargaz contract with Botash arrived at a Turkish terminal The first tanker with liquefied natural gas (VPG - Liquefied natural gas - LNG), according to the agreement concluded between "Bulgargaz" EAD and the Turkish company "Botash" for access to the gas infrastructure of Turkey, arrived at the "Marmara Ereglisi LNG" terminal, BNT reported. The 50 million cubic meters of LNG will be regasified and transferred to Bulgaria. The delivery is from the American company "Cheniere Energy, Inc.", which won the tender announced by the public supplier in September 2022 to provide the necessary quantities for 2023, Bulgargaz announced. One of the gas company's conditions for participating in the auction was that the sources of the supply of liquefied natural gas should be from countries without imposed sanctions, embargoes or any trade restrictions.
Source: Other (13.04.2023)

The Azerbaijani SOCAR opened an office in Bulgaria and became a gas trader The Azerbaijani state company SOCAR opened its office in Sofia. Within two weeks, the company SOCAR Trading Gas and Power will receive a license to trade natural gas on the Bulgarian market. It was reported that the parameters in the proposed business plan for the period 2023-2027 provide the applicant company with the necessary material, financial, technical and organizational resources to fulfill the license obligations. Socar is Azerbaijan's state-owned energy company that produces oil and gas. It was with its subsidiary "Bulgargaz" that it concluded a contract for the first quantities of natural gas from Azerbaijan to Bulgaria. The company has a presence in the United Arab Emirates, Georgia, Russia, Turkey, Ukraine, Romania and Switzerland. In the last three Socars there is also a chain of gas stations. Socar produced 6.58 million tonnes of oil and 6.55 billion cubic meters of gas in its own fields between January and October last year – or about a fifth of the country's total oil and gas output.
Source: Standart (26.04.2023)

EWRC confirmed the price of natural gas for May The Energy and Water Regulatory Commission approved the price of natural gas for the city of May in the amount of BGN 77.55/MWh, excluding access, transmission, excise and VAT prices. At this price, Bulgargaz EAD will sell natural gas to final suppliers and to persons who have been issued a license for the production and transmission of thermal energy. The proposed price is 21% lower than the approved price for April. The price mix for the month of May includes the entire agreed amount of Azeri natural gas delivered via the "Bulgaria-Greece" interconnector /IGB/ at prices according to the current long-term contract with Azerbaijan. These amounts cover 62.65% of the country's consumption for the month and are of key importance in achieving favorable prices for the blue fuel.
Source: Trud (02.05.2023)

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)

EWRC issued a 10-year license to "SOKAR" for trading in natural gas The Energy and Water Regulatory Commission (EWRC) issued a license to the Azerbaijani company SOCAR Trading Gas and Power SARL to carry out the activity "trade in natural gas". The license is for a period of up to 10 years, as required by the Energy Act. The business plan provides for the company to manage physical and virtual flow and reverse flow along two strategic corridors - Germany-Eastern Europe and Italy-Bulgaria, purchase, storage and transport of natural gas. Entering the Bulgarian natural gas market is part of the company's general strategic business development with the aim of expanding its activities in EU countries. According to the company, the ten-year term of the license provides the necessary framework for the participation of each segment of the wholesale market, as well as for the construction and maintenance of long-term and strategic projects.
Source: 3e-news (12.05.2023)

"Botash" will build an underground natural gas storage facility in our country The Turkish state energy company Botash will participate in the construction of an underground natural gas storage facility in Bulgaria, BNR announced. An agreement with Bulgargaz has already been signed, Turkish Minister of Energy and Natural Resources Fatih D?nmez announced. He pointed out that there are similar storage facilities in two places in Turkey - in Tuz Gulyu and Silivri. The Turkish minister drew attention to the fact that Bulgargaz has gained access to the Turkish gas transmission system in addition to the gas pipelines. It is also about the five liquefied natural gas terminals available to the Turkish company "Botash", specified D?nmez.
Source: Banker (15.05.2023)

"Bulgargaz" has contracts with 7 suppliers of blue fuel There are seven natural gas suppliers with which "Bulgargaz" has concluded contracts for the period from August 1, 2022 to March 31, 2023: Azerbaijan Gas Supply Company Limited - LNG Total Energies Gas&Power Limited - Depa Commercial SA - MET International AG - Mytilineos Holdings SA - Chenier Marketing International LLP - Kolmar Group AG. For the period 01.08.2022 - 31.03.2023, "Bulgargaz" has also agreed on quantities of natural gas on an anonymous exchange segment from the following suppliers: Gruppo Societa Gas Rimini SpA - "Energiko Trading Bulgarit EOOD/"Sustainable Energy Supply" EOOD - " Overgas Inc" AD - "Global Commerce-1" OOD.
Source: actualno.com (25.05.2023)

"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)

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)

"Bulgargaz" offers 15% cheaper gas in June BGN 65.82/MWh (without excise duty and VAT) is the final proposed price for the month of June 2023 at which Bulgargaz will sell natural gas to final suppliers and to persons who have been issued a license for the production and transmission of heat energy. The proposed price is 15% lower than the approved price for May 2023.
Source: Trud (02.06.2023)

"Bulgargaz" requested a nearly 12% lower gas price in July In the application submitted to the Commission for Energy and Water Regulation, "Bulgargaz" proposes that gas in July cost BGN 58.01 per megawatt hour. This is 11.87% lower than the price in June, for this month KEVR decided that gas will cost BGN 65.82. The final proposal will be submitted to KEVR on July 1, and the company will report the quotes as of June 30 , the company reports. However, "Bulgargaz" predicts a higher price in August - BGN 59.34 per megawatt hour. It is calculated based on the TTF gas hub quotations as of July 12.
Source: 24 chasa (13.06.2023)

The contract with the Turkish company Botash is for access to certain quantities of natural gas, Denitsa Zlateva said The contract with the Turkish company "Botash" is not for gas, but for access to certain quantities of natural gas - from zero to the maximum, which gives flexibility on a daily basis. This is what the executive director of "Bulgargaz" Denitsa Zlateva answered to the question of what Bulgaria will do with so many quantities of gas that will enter our country - from Azerbaijan, as well as from the terminals in Turkey and Greece. According to her, this contract provides security and flexibility of supplies. In recent years, Bulgaria had a consumption of natural gas of 3.5 billion cubic meters per year, as well as 3 billion cubic meters, Zlateva pointed out. According to her, the contract with the Turkish company "Botash" provides an opportunity that Bulgaria does not have at the liquefied natural gas terminals of Revitusa and Alexandroupolis - for flexibility of supplies. In addition, there is a possibility that part of the natural gas supplies from one calendar year can be transferred to the next. "Bulgargaz" can realize quantities of natural gas not only on the Bulgarian market, but also in the region, added Zlateva. She drew attention to the fact that the company already offers considerable quantities to the Greek market. "Bulgargaz" is about to register in Hungary, Slovakia and Romania. There is also registration in Serbia. "Let's look at this contract from a strategic point of view," said the executive director of Bulgargaz.
Source: BTA (29.06.2023)

EWRC approved the price of natural gas for the month of July at BGN 60.58/MWh The Energy and Water Regulatory Commission approved the price of natural gas for the month of July in the amount of BGN 60.58/MWh, excluding access, transmission, excise, and VAT prices. At this price, Bulgargaz EAD will sell natural gas to final suppliers and to persons who have been issued a license for the production and transmission of thermal energy. The approved price of natural gas includes the component price of natural gas at the entrance to the gas transmission networks, the component for the activity "public supply" and the component for compensating costs, covering the costs of "Bulgargaz" EAD for storing quantities in the gas storage in "Chiren", in fulfillment of obligations under the Emergency Action Plan. The price mix for the month of July includes the entire agreed amount of Azeri natural gas delivered via the "Bulgaria - Greece" interconnector /IGB/, according to the current long-term contract with Azerbaijan. These amounts cover 72.2% of the consumption for the month and are of key importance in achieving favorable prices for blue fuel.
Source: Company information (03.07.2023)

EWRC confirmed a 1.4% lower price of natural gas for August compared to July The Energy and Water Regulatory Commission (EWRC) approved the price of natural gas for August of BGN 59.67 per megawatt hour (MWh), excluding access, transmission, excise and VAT prices, the regulator announced. The established price is 1.4% lower than in July. At this price, "Bulgargaz" will sell natural gas to final suppliers and to persons who have been issued a license for the production and transmission of thermal energy. KEVR confirmed the price of natural gas for last month of BGN 60.58/MWh, excluding prices for access, transmission, excise duty and VAT. At the open meeting held at the end of last month, KEVR chairman Ivan Ivanov commented that the initial estimates predicted a 3 percent increase in prices, but after the price drop on the Dutch stock exchange began in the last three weeks, this trend changed in a favorable direction.
Source: profit.bg (02.08.2023)

"Varna" TPP must pay BGN 35.5 million to "Bulgargaz" A month and a half after the last hearing in the case of "Bulgargaz" against Ahmed Dogan's Varna TPP for unpaid bills for natural gas, the District Court in Varna issued a decision on the case. It was announced on August 3, and with it the plant is condemned to pay BGN 35.5 million to the state gas supplier, as well as BGN 1.5 million in costs in the case. However, this is not the final decision, as the company can appeal to a higher instance - Court of Appeal - Varna. TPP "Varna" does not dispute the delivered and consumed gas, which it did not pay for, but still, for a year and a half, the state-owned company has not been able to receive the money on the invoices. "Varna" TPP began to delay its payments to "Bulgargaz" as early as 2021, as the price of gas began to rise. At the end of the same year, the then director of the company, Nikolay Pavlov, froze its accounts due to unpaid invoices for BGN 25 million. Then the headquarters was able to pay, but the situation repeated itself in January 2022, with the amount due then being BGN 36 million. On February 25, 2022, "Bulgargaz" officially invited TPP "Varna" to pay off the debt, the amount having already reached BGN 37.4 million due to interest. Work is currently underway to conclude a court settlement.
Source: Capital (04.08.2023)

TPP "Varna" was sentenced by the District Court in Varna to pay BGN 35.5 million to Bulgargaz, as well as BGN 1.5 million in costs in the case. The obligation of TPP "Varna" is already from 2021, as the price of gas started to rise. The decision of the court can be appealed to a higher instance - Court of Appeal - Varna.
Source: Capital (07.08.2023)

"Bulgargaz" expects a negligible reduction in the price of gas from September "Bulgargaz" submitted a proposal for the price of gas from September 1 in the amount of BGN 59.27 per megawatt hour, which is a negligible reduction compared to the price this month - BGN 59.67 per megawatt hour. The company's forecast is based on gas prices in European markets and the final application will be submitted on the morning of September 1. The company expects a price increase in the fall - up to BGN 64.43 per megawatt hour from October 1. These calculations were made on the basis of quotations on the Dutch TTF exchange on August 11, the public provider added. On August 9, the price of gas rose sharply by 30% on comments about a possible strike in the gas sector in Australia.
Source: investor.bg (15.08.2023)

Instead of a slight decrease in price, gas will be 6% more expensive next month The recent increase in natural gas stock prices thwarts the intention of "Bulgargaz" to lower the price of the blue fuel, albeit by a paltry 0.7 percent. Instead, the raw material will increase its price by nearly 6 percent. This is according to the latest calculations of the state gas supplier, presented by its executive director Denitsa Zlateva at the open meeting on Thursday at the energy regulator regarding the application submitted on August 10 for a price of BGN 59.27/MWh without taxes and fees in September. Currently, the tariff is BGN 59.67, but the planned slight price reduction will not happen. Instead, Bulgargaz expects the price to be close to BGN 63/MWh. The reason is that after the submission of the application on August 10, the TTF - month-ahead stock index rose by nearly 13% and reached 44 euros/MWh. Since yesterday, however, it has started to decrease and is at levels of 34-35 euros/MWh. The final price will be declared on September 1 and the Commission for Energy and Water Regulation will decide on it. "Bulgargaz" states that their aspiration is to minimize the increase in the stock indices and to have only a partial effect on the regulated price for September.
Source: mediapool.bg (25.08.2023)

The companies with the lowest debt Companies that practically do not use borrowed resources are diverse. Often at the top of the ranking are simply intermediate holding companies that have almost no staff, activities (and, accordingly, expenses) of their own, but receive huge income from dividends. This is also the case with this year's number 1 "Sell" - a company that directly owns the shares of the mining company "Elatsite-med". The other type of business that usually does not need debt are non-manufacturing sectors where there is no need for substantial assets, but at the same time there is a high rate of profit. The second place in the ranking goes to "Industrial Software" - a company that offers automation solutions with a worldwide market. In recent years, it has been growing rapidly, with its revenues for 2022 being 88 million BGN, and the profit - nearly 41 million BGN. #3 is "Salina 7", a distributor of fuels, oils and batteries, which mainly serves large corporate clients. The company is small in terms of staff and is really more of a middleman based on good relationships and service that also doesn't need to lock up a lot of funds in inventory. The ranking traditionally includes other retailers such as the local company of the Jumbo toy chain and the supermarkets "Fantastico". The other typical representative are established enterprises from mature industries - fertilizer enterprises ("Neokhim" and "Agropolyhim"), cement plants ("Zlatna Panega"), etc. There, the cash flows are largely predictable and usually sufficient to cover the depreciation of the machinery and possible upgrades. At the bottom of the table of the most indebted companies should also be those to which there is a particular focus, as levels close to and above 100% debt to assets portend servicing problems. This is not necessarily the case and there are often exceptions. For example, the operator of the metropolitan metro "Metropolitan" with only BGN 0.7 million equity capital has over BGN 3 billion in liabilities. However, this is not so much a question of real loans, since the metro is mostly being built with Euro funds, and the huge part of this amount in the company's reports is classified as grants provided by the state. Among the indebted companies there are other state-owned companies where there are distortions. "Bulgarian Post" is chronically at a loss because of the social functions it performs, despite compensation from the budget for this. "Automagistrali" is the company through which many of the funds surrounding the in-house procurement have passed in recent years. There, the huge liabilities are mainly advances from API for road construction, which it in turn subcontracted to construction companies, bypassing the requirements of the Public Procurement Law. The largest reductions in debts are seen by electricity companies from the BEH structure, and in both cases it is primarily a matter of covering claims from the parent company. At NEK, the decrease is almost BGN 1.5 billion, with the debt-to-assets ratio improving from 68% to 46%. At Maritsa-Iztok 2 TPP, the repaid liabilities amount to nearly BGN 1 billion, and the ratio changes from 81% to 27%. The biggest jump in liabilities is also in a BEH company - "Bulgargaz". There, it is conditioned by the sharply changed environment due to the war in Ukraine and the suspension of gas supplies from Russia.
Source: Capital (30.08.2023)

"Bulgargaz" offers a 9.36% lower gas price in October "Bulgargaz" offers a gas price in October of BGN 57.42 per MWh. This represents a decrease of 9.36%, the gas company announced. "Bulgargaz" EAD submitted to KEVR an application for approval of the price for the month of October 2023 in the amount of BGN 57.42/MWh (without prices for access, transmission, excise duty and VAT). The proposed price for the month of October is 9.36% lower than the one approved for the month of September," the gas company said in the announcement. As is known, on September 1, KEVR set a price of BGN 63.35/MWh for the current month - about 6% higher than the price of natural gas in the city of August in the amount of BGN 59.67/MWh. A final proposal for the price of natural gas for the city of October 2023 will be submitted to KEVR on October 1 taking into account the quotations of the pricing components as of 09/30/2023, Bulgargaz also reports that BGN 70.20/MWh (without access, transmission, excise and VAT) is the estimated price of natural gas for the city of November 2023, calculated according to TTF gas hub quotes as of 09/08/2023.
Source: 3e-news (12.09.2023)

Bulgargaz and Hungarian MVM will cooperate on LNG supplies A memorandum of understanding and cooperation in the field of supply and trade with liquefied natural gas was signed on Thursday by the Bulgarian and Hungarian companies "Bulgargaz" and MVM CEEnergy. This opens up an opportunity for Bulgaria to participate in the liquefied natural gas market for Central and Eastern Europe, President Rumen Radev told journalists, during whose visit to Budapest the agreement was concluded. MVM CEEnergy deals in natural gas trading and is part of the state-owned MVM Group, which is among the major regional energy players. According to the agreement concluded with Turkey's BOTASH for access to Turkish terminals for regasification of liquefied gas and to the transmission network of our southern neighbor, "Bulgargaz" can unload in Turkey and transport nearly 1.8 billion cubic meters per year if it secures supplies . So far this year, there is only one tanker unloaded in April, and the state-owned company's promised tenders for capacity next year and remaining until 2036 have not yet been announced.
Source: mediapool.bg (15.09.2023)

EWRC confirmed 4.6% cheaper gas for October The Energy and Water Regulatory Commission approved the price of natural gas for October in the amount of 60.41/MWh, excluding prices for access, transmission, excise duty and VAT. As predicted by "Bulgargaz" during the last open meeting of EWRC, the price for October is 4.6% lower than for the previous month. This is due to the successful tender held by Bulgargaz at the end of 2022 for the supply of quantities of liquefied natural gas for 2023, Nova TV reported.
Source: 24 chasa (02.10.2023)

The high price of gas in "Chiren" led "Bulgargaz" to a loss of BGN 36.3 million. A loss of BGN 36.3 million in the first half of the year against the background of a profit of BGN 47 million a year earlier was reported by the public supplier Bulgargaz. This is mainly due to the fact that the company recognized a loss from the depreciation of natural gas pumped and available in the storage in "Chiren" towards the end of the six months. The company realized revenues in the amount of BGN 1.5 billion compared to BGN 2.3 billion for the same period last year. The decrease is BGN 711,086 thousand, or 30.78%, and is mainly due to the lower price of gas compared to the previous reporting period, with a drastic decrease in the levels of natural gas stock market indices. The company's expenses are also decreasing, and by the end of June this year their amount is BGN 1.6 billion, or about 28.65% less compared to the same period last year, when they were BGN 2.2 billion. The consumption of natural gas in Bulgaria has dropped significantly. The decrease in Bulgaria in 2022 is 18% lower than the consumption in the previous year 2021.
Source: Capital (04.10.2023)

The EC approved a EUR 400 million measure to support Bulgargaz The European Commission has approved a measure granted by Bulgaria, worth around 400 million euros (800 million leva) in support of Bulgaria's public natural gas supplier, Bulgargaz EAD, in the context of Russia's war against Ukraine. The scheme was approved under the Temporary Framework for State Aid in Crisis, adopted by the EC on 23 March 2022 and amended on 20 July 2022, based on Article 107(3)(b) of the Treaty on the Functioning of the European Union ( TFEU), which recognizes that the EU economy is experiencing serious difficulties. This Temporary Crisis Framework was amended again on 28 October 2022 and replaced by the Temporary Framework for State Aid in Crisis and Transition, adopted by the Commission on 9 March 2023, to support measures in sectors that are key to accelerating the ecological transition and reducing dependence on fuels. Bulgaria notified the EC under the temporary crisis framework of a measure of around 400 million euros (800 million leva) to support Bulgargaz EAD in the context of Russia's war against Ukraine. Bulgargaz EAD is an exclusive public supplier of natural gas in Bulgaria, indirectly wholly owned by the Bulgarian state. Due to Russia's suspension of Bulgargaz EAD's long-term contract with Gazprom Export OOO, which covers 90% of the natural gas volumes supplied by Bulgargaz EAD to customers, this beneficiary is facing unusual liquidity needs, for to secure its natural gas supplies in the context of rising gas prices on European energy markets.
Source: 24 chasa (11.10.2023)

The European Commission approved the measure proposed by Bulgaria, worth 400 million euros (800 million leva) in support of the public supplier of natural gas, "Bulgargaz" EAD. The main reason for this measure is the termination of the contract of "Bulgargaz" EAD with the Russian company "Gazprom Export", as the latter provided 90% of the volumes of natural gas for Bulgaria. This shutdown caused severe liquidity needs for Bulgargaz due to sharply rising gas prices in European markets. The assistance will be provided in the form of a subsidized loan from the Bulgarian Ministry of Energy, which covers urgent liquidity needs and is in line with the temporary framework for state aid in crises, adopted by the European Commission.
Source: news.bg (12.10.2023)

"Bulgargaz" offers an 11% increase in the price of natural gas for November "Bulgargaz" submitted to the Energy and Water Regulatory Commission (KEVR) an application for approval of the price of natural gas for November in the amount of BGN 67.27 per megawatt hour (MWh) - without access, transmission, excise and VAT prices, reported the company. KEVR confirmed the price of natural gas for the month of October of 60.41/MWh, excluding prices for access, transmission, excise duty and VAT. This means that the price offered for November by "Bulgargaz" is 11.36 percent higher than the current one. Prices traded for November delivery on the Dutch gas hub TTF, a benchmark for natural gas price levels in Europe, rose to 49 euros per megawatt hour, or more than 25 percent in a week, the public supplier said. According to Bulgargaz, this is due to several factors, among which are the situation in Israel, threats of strikes among some employees in the liquefied natural gas sector in Australia and the detected leak in the Baltic gas pipeline serving the Scandinavian countries.
Source: 24 chasa (12.10.2023)

380 million cubic meters of liquefied gas are being sought under the agreement with BOTASH A tender for the supply of about 380 million cubic meters of liquefied gas to Turkish terminals in 2024 has been announced by the state gas supplier Bulgargaz. It was announced on the company's website on October 9, expressions of interest were submitted until 10 p.m. Central European Time (CET) on Sunday, October 15, and according to the procedure, the participants allowed to submit binding offers should have been notified the next day , which should be available by 22:00 CET on October 19. We are talking about quantities under the agreement concluded by the last caretaker government with the Turkish gas operator BOTAS to reserve 1.8 billion cubic meters of annual capacity from the Turkish LNG regasification terminals and the transmission network of Turkey. Although it has been operating for the tenth month, so far only 100 million cubic meters have been realized on it, unloaded last April at the "Marmara Ereglisi" terminal. However, most of the blue fuel remained in storage in a Turkish gas storage facility, which is part of the agreement, and Bulgargaz said that they would import it if needed. Other procedures for filling the 2023 capacity, for which fees are paid regardless of whether it is used, have not been announced so far, although Bulgargaz told Mediapool in August that there will be procedures for autumn deliveries under the BOTASH agreement. but those for this year have not been announced. Instead, gas is being sought for next year's Turkish terminals. The announced months are January, February, June and July. For each of them, 1 million MWh of natural gas is requested, or about 93 million cubic meters, which makes a total of just over 379 million cubic meters - or less than a fifth of the quantities that Bulgargaz has committed to offloading of Turkish terminals annually and to transit to the "Strandja-Malkochlar" connection on the Turkish-Bulgarian border.
Source: mediapool.bg (17.10.2023)

The court in Varna ordered TEC Varna to pay 35.5 million BGN debts to Bulgargaz The Varna District Court has ordered the issuance of a writ of execution in favor of "Bulgargaz" EAD in order to collect the amount owed by "TEC Varna" EAD of BGN 35,540,900. The heating plant, which is owned by the honorary chairman of DPS Ahmed Dogan, must pay and over BGN 1.5 million in costs in the case. The decision of the court in Varna was made already in the summer of this year and was not appealed by TEC Varna. For this reason, it is now final and on October 19, the judge ordered the issuance of the writ of execution. In January of this year, just a few days after the expiration of the contract between "TPP Varna" and "Bulgargaz", it was found out that "TPP Varna" did not pay "Bulgargaz" for the supply of fuel in 2022 and thus accumulated his huge debt. "Bulgargaz" is a key enterprise in the country's energy sector, while "TEC Varna" was for many years among the sites that the state used for functions such as "cold reserve" and electricity production to balance the energy system.
Source: Dnevnik (24.10.2023)

"Bulgargaz" on the inspection by the EC: It spans several years and is not only for BOTAS The European Commission's inspection of the state-owned gas supplier Bulgargaz, which the ICIS portal reported on Thursday evening as being related to the agreement with the Turkish operator BOTAS, also concerns relations with other suppliers and partners, as details of supplies for the latter have been requested. several years. This was announced by "Bulgargaz", specifying that they received questions from the General Directorate "Competition" of the European Commission regarding the supply of natural gas to Bulgaria. The company explains that it is "preparing and will provide the information within the deadline agreed with the EC", but the message does not indicate what this deadline is, nor for what period of time the information is requested. It adds that it maintains regular contact with the Commission and periodically provides assistance on various issues within its competence. The information so far is that Bulgargaz is being asked to send a comprehensive list of documents, including information related to the agreement to reserve capacity at Turkish LNG regasification terminals and to the Turkish gas transmission network of 1.85 billion cubic meters per year to 2036 with the Turkish state operator BOTAS and reservation of capacity on the Turkish-Bulgarian border. There are concerns that Bulgargaz may be the only company in the EU that has access to natural gas through Turkish infrastructure and potentially acts as an intermediary for gas secured in Turkey and delivered to the region. In fact, part of the concerns are that our country could become a route for strengthening the supply of Russian gas through Turkey to Europe based on the commitment of "Bulgargaz" to act as an agent of BOTAS and reserve capacity on its behalf in the Bulgarian transmission network. The Turkish operator some time ago concluded contracts with Moldova, Hungary and Romania for deliveries, which it is logical to assume will pass through Bulgaria.
Source: mediapool.bg (24.10.2023)

The largest Bulgarian companies in Southeast Europe Fourteen Bulgarian companies are among the hundred largest companies in Southeast Europe in this year's SEE TOP 100 ranking, which ranks companies based on total revenue for the fiscal year ending on December 31, 2022. Eleventh among the Bulgarian participants is the copper processor and one of the world's leading suppliers of non-ferrous metals, "Aurubis Bulgaria" with revenues of 4.2 billion euros for 2022. In last year's ranking of the publication, "Aurubis Bulgaria" was in the 5th position with revenues of 3.8 billion euros. In this year's ranking, the biodiesel producer "Astra Bioplant" again falls. With total revenues of 3.9 billion euros, the company climbs from 28th position (for 2021) to 12th position. In the 14th position we find "LUKOIL Bulgaria" with total revenues of 3.7 billion euros. The fuel trader was also in the Seenews ranking for 2021 - at number 30. Kozloduy NPP is also among the largest companies in CEE - in 20th position (40th position for 2021). The total revenues of our nuclear power plant for the past year amounted to more than 3 billion euros. The ranking also includes a company that was absent in 2021 - the renewable energy and gas trader "Expo Bulgaria". The subsidiary of the Swiss "Expo Group" occupies the 21st position, with revenues of 3 billion euros. In 2022, "National Electric Company" falls 6 positions to 26th position, with total revenues of 2.6 billion euros. With 2.5 billion euros for 2022, "Bulgargaz" occupies the 28th position (54th position for 2021). "Maritsa Iztok 2 TPP" occupies the 36th position. The energy trading company "MET Energy Trading Bulgaria", which in 2021 fell behind the ranking, falls to the 42nd position in its latest edition, with total revenues of 1.9 billion euros. Also new to the ranking is the manufacturer of glass packaging "BE Glass Bulgaria", which with 1.4 billion euros in revenue occupies the 59th position. With 1.3 billion euros in revenue for 2022, the sunflower processor "Oliva" reaches the 65th position (from 90th in 2021). The commercial chain "Kaufland Bulgaria" occupies the 81st position (64th position for 2021), with a total income of 1.1. billion euros. The oil refining company "LUKOIL Neftohim Burgas", which was not among the largest companies in CEE for 2021, a year later realized a total revenue of 1.1 billion euros, which ranked it in 83rd place for 2022. The Lidl Bulgaria retail chain, which with a total revenue of over 1 billion euros, took the 93rd position (84th for 2021). In last year's edition of the study, 12 Bulgarian companies were included, of which "Bulgarian Independent Energy Exchange", "Saksa" and "Sofia Med" are absent this year. For the second year in a row, the Romanian gas and oil giant OMV Petrom, part of the Austrian group OMV, tops the ranking with 13.4 billion euros in revenue - almost twice as much as in 2021. The company is in first place in the region and profit - in 2022 it will grow more than three times and reach 2 billion euros. The total revenue of the 100 largest companies in South-Eastern Europe increased by 46 percent and reached 223.9 billion euros, and the profit jumped by 61 percent to 10.3 billion euros, shows SEE TOP 100. SEE TOP 100 is an annual ranking of the largest companies by total revenue registered in Albania, Bosnia and Herzegovina, Bulgaria, Moldova, Romania, North Macedonia, Slovenia, Serbia, Croatia and Montenegro. The threshold for entering the ranking is also raised and reaches EUR 975.6 million. For comparison, it was 699 million euros a year earlier and half as low - only 441.9 million euros - ten years ago.
Source: money.bg (25.10.2023)

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)

The gas storage in Chiren is nearly 98 percent full Underground gas storage facilities in the European Union (EU) are on average 99.55 percent full as of November 5, according to the latest data from the specialized platform Aggregated Gas Storage Inventory (AGSI). The Bulgarian gas storage facility in Chiren is 97.66 percent full. According to data from "European Gas Analytics" in Europe, 66.70% of natural gas is LNG (liquefied natural gas). In the EU, the storage facilities in Germany, Spain and France are currently the most full. The dedicated platform reported an occupancy rate of 100.03 percent at its German facilities. In Spain, the gas storages are also completely filled - at 100.36 percent, while in France the filling rate is 99.88 percent. According to the Association of Gas Storage Operators in Germany (INES), 100 percent capacity reflects facility capacity under reference conditions. If the gas cools, its volume decreases and the storages can hold more gas, at which point the filling exceeds 100 percent. According to the European regulation on measures to guarantee the security of gas supplies in order to guarantee the energy security of the countries of the European Union, an obligation was introduced for storage facilities to be filled to 90 percent of their volume no later than November 1 this year.
Source: 24 chasa (07.11.2023)

Record state guarantees for the last ten years to be included in the budget for 2024, the Ministry of Finance proposes. The amount is up to BGN 4.5 billion, with the government guarantee mainly intended for energy projects. The majority of the amount - about BGN 3 billion or EUR 1,500,417,089 - is earmarked for the construction of the Seventh Block of the Kozloduy NPP. The state guarantee is necessary for borrowing by the project company for the construction of the new nuclear power plant based on Westinghouse's AP-1000 technology. At the end of October, the government decided that "Bulgarian Energy Holding" will contribute BGN 500 million to the capital of the project company "NPP Kozloduy New Capacities" and thus become a co-shareholder of the nuclear power plant in this company. The other major state guarantee is actually transferred from last year a guarantee for the loan for 207.5 million euros already taken by the state gas operator "Bulgartransgaz" from the European Bank for Reconstruction and Development. The funds are for the project to expand the gas storage in Chiren and increase its capacity for useful use of reserves to 1 billion cubic meters. Its total value will be around 308 million euros according to the latest data. The state guarantee, included last year in the budget update, in favor of the state gas supplier "Bulgargaz" is also preserved. The company then received a guarantee for a loan of about BGN 300 million or EUR 150 million for the provision of alternative quantities of blue fuel after the suspension of Russian supplies at the end of April 2022. Two new guarantees are included in next year's budget in favor of " The National Electric Company (NEC) and its water projects. One is for the modernization and rehabilitation of the Chaira Paving Plant, which is not working after a serious accident, and is for BGN 80 million. In April 2022, during preparations for commissioning after rehabilitation, one of the four units was permanently damaged. The other repaired facility was never launched for security reasons, and the other two were already shut down. The next guarantee for NEK is for BGN 75 million and is also for new loans to increase the volume of the lower leveler of the Chaira Pavement Plant with the construction of the Yadenica dam and a reversible pressure tunnel to connect with the Chaira dam. EUR 300 million have been pledged to guarantee loans to "BDZ - Passenger Transport" for the acquisition of rolling stock. In the period 2020-2022, the state guarantees were between BGN 760 and 840 million, and in 2019 they were only for BGN 215 million, in 2018 and 2017 they were for BGN 700 million each, and in the previous two years they reached BGN 3 billion.
Source: Duma (16.11.2023)

Gas cheaper by 8% in January, said "Bulgargaz" Natural gas will become cheaper by about 8 percent in January, suggests the state gas supplier Bulgargaz. The submitted price application is for BGN 80.71/MWh, without taxes and fees, but including a fee for the company's activities and for the storage of gas reserves. Currently, the price of blue fuel is BGN 87.50 per megawatt hour. However, the requested price only reflects the movement of the gas exchanges until December 12, what the final price will be depends on the indices until the end of this month. In the statement of "Bulgargaz" it is stated that at the moment the demand and supply of natural gas on the benchmark for the Bulgarian price Dutch gas exchange TTF for January is about 36 euros/MWh. This is above the one claimed by the supplier. In January, the main quantities for the country will be liquefied gas, contracted by "Bulgargaz" with the French "Total" for unloading at a Turkish terminal under the agreement with BOTASH. It is about 1 million MWh. According to the Azeri contract, 888,790 MWh will be imported, and those quantities of liquefied gas provided by the American Shanir in April at the Ereglisi terminal as the first and only for 2022 volumes under the contract with BOTASH will be delivered from Turkey. Only a part of the 100 million cubic meters in question was then imported, and the rest remained for storage in Turkish gas storage facilities.
Source: mediapool.bg (15.12.2023)

The EC grants 120 million euros of state aid to Bulgargaz The European Commission announced that it approves the provision of 120 million euros of state aid to the Bulgargaz company because of the war in Ukraine. The Commission has found that this measure complies with the conditions and is necessary, appropriate and proportionate to remedy the economic disturbances that have occurred. Guarantees are provided for new loans; the accumulated amount of the loan covered by the guarantees under the measure does not exceed the company's liquidity needs for the next six months; the state can guarantee up to 90 percent of the loan principal with a maximum maturity of up to six years; the guarantees will be provided no later than December 31, 2023.
Source: 24 chasa (21.12.2023)