Bulgaria to Renegotiate Long-Term Contracts with AES, ContourGlobal TPPs

Bulgaria to Renegotiate Long-Term Contracts with AES, ContourGlobal TPPs

Bulgarian Energy Minister Temenuzhka Petkova announced that the long-term contracts between the National Electricity Company (NEK) and the two thermal power plants AES Maritza East 1 and ContourGlobal Maritsa East 3 will be renegotiated. Petkova stated this during a conference at which she presented account of her first 100 days in office, Focus news agency reports. The minister revealed that NEK and the two thermal power stations had signed a memorandum for understanding. Petkova noted that since the new government entered into office, it started negotiations with the two thermal power plants. NEK undertakes the commitment to transfer overdue payments, amounting to 600 million levs to the two thermal power stations. Under the present contracts, NEK purchases electricity from the two power stations at prices higher than the average market price paid to other producers. It is expected that lower prices for the purchase of electricity from the two power plants will be negotiated. The minister added that the Bulgarian energy sector was faced with heavy financial problems and the reasons for its current state have accumulated over the years. Petkova pointed to the determination of the incumbent government to seek solutions of the problems rather than their postponement. 
 
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