Bulgaria to hold talks with ContourGlobal for terminating PPA with Maritsa East 3 TPP

Bulgaria to hold talks with ContourGlobal for terminating PPA with Maritsa East 3 TPP

Bulgaria's government said on Wednesday that it has mandated three of its members to hold talks with ContourGlobal for termination of the power purchase agreement (PPA) with ContourGlobal Maritsa East 3 thermal power plant majority owned by the London-listed energy giant.The European Commission has opened proceedings to investigate whether the PPA represents illegal state aid, following a complaint filed by Bulgaria's Energy and Water Regulatory Commission, the government said in a statement following its weekly meeting.The ministers of finance and energy and the deputy prime minister have been mandated to hold meetings with ContourGlobal representatives and communicate with the European Commission's directorate-general for competition with regard to the termination of the contract, the government said.The 15-year PPA was signed in June 2001 by Bulgaria's state-owned National Electricity Company and the power plant operator ContourGlobal  Maritsa East 3. The contract entered into force in February 2009, when ContourGlobal completed the rehabilitation of the Maritsa East 3 coal-fired power plant.The 908 MW ContourGlobal Maritza East 3 TPP is 73%-owned by ContourGlobal, with the National Electricity Company holding the remaining 27% stake.

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