Bulgarian Power Utility NEK 2010-2014 Liabilities at 1.5 Bln Euro

Bulgarian Power Utility NEK 2010-2014 Liabilities at 1.5 Bln Euro

The head of Bulgaria's energy regulator said the total liabilities accrued by state-owned electricity company NEK in the 2010-2014 period amounted to 2.9 billion levs ($2.0 billion/1.5 billion euro), news portal investor.bg reported.

Some 1.5 billion levs of NEK’s liabilities during the five-year period were related to the purchase of renewable energy and energy produced from ContourGlobal-owned Maritsa Iztok 3 and the AES-owned Maritsa Iztok 1 thermal power plants (TPPs), as well as from the Chaira Pump Storage hydro power plant, investor.bg quoted Boyan Boev as saying at a news briefing.

The company's investment expenditures during the period under review included 694 million levs for the construction of hydropower plant Tsankov Kamak and another 784 million levs for the implementation of the Belene nuclear power plant (NPP) project which was later abandoned, the news portal added.

Earlier this month local media reported that NEK's loss widened to 338 million levs last year, from 99 million levs a year earlier.

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