Electricity Prices to be Cut by Less than 8.0% - Regulator

Electricity Prices to be Cut by Less than 8.0% - Regulator

Electricity prices will be reduced by less than 8.0%, the head of the energy regulator, Yuliana Ivanova, told reporters.

The exact date from which the price cut will become effective has not been determined yet, daily Dnevnik reported.

Parliament adopted on Wednesday amendments to the Energy Act providing for a regular review of electricity prices, which cleared the way to a proposed cut in the tariff, as so far electricity prices in the country have been updated once a year.

The amendments allow the regulator to adjust electricity prices by revising the bill components.

A few days before resigning last week prime minister Boiko Borisov proposed to the energy regulator a series of measures which, he said, would lead to an 8.0% drop in electricity prices as of March 1. These include reducing the energy distribution companies' regulator-approved costs and increasing the share of cheap electricity generated by the country's Kozloduy nuclear power plant in the energy mix, on the basis of which the bills of end-consumers are calculated.

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