Bulgaria’s NEK To Seek 15% Increase in Electricity Prices

Bulgaria’s NEK To Seek 15% Increase in Electricity Prices

Bulgarian power grid operator NEK will seek an increase in electricity prices of at least 15% from July 1, the company's former head Mihail Andonov, who was appointed executive director of the state-owned Bulgarian Energy Holding (BEH) over the weekend, said.

The tariff approved by the state energy regulator by the end of June does not allow the company to service its debts on time, Andonov said in an interview for the state-run Bulgarian National Radio (BNR).

Andonov added that some of the most pressing issues that need to be addressed are to liberalise the market and set up an energy stock exchange.

In early March, NEK announced it will seek a 8.5% hike in wholesale electricity prices to 0.08105 levs ($0.055/0.04144 euro) per kilowatthour (kWh) from 0.07469 levs per kWh at present.

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