Sofia Heating Utility’s Debt to BEH Grows to 284 Mln Euro

Sofia Heating Utility’s Debt to BEH Grows to 284 Mln Euro

The state-owned Bulgarian Energy Holding (BEH) said it bought a further 128 million levs ($91 million/65.5 million euro) in debt owed by the Sofia heating utility to gas supplier Bulgargaz, bringing the heating utility's liabilities to the holding company to 555 million levs.

The Sofia municipality, which is the sole owner of Toplofikatsia Sofia heating utility, has failed to come up with any constructive proposals for covering  its outstanding payments to BEH's fully-owned subsidiary Bulgargaz for the natural gas it has bought from it, BEH said. In order to ensure the provision of heating services to the residents of the capital city, which requires gas, and in the absence of any action or payment proposals, BEH was forced to buy a new batch of Toplofikatsia Sofia debt, it added.

BEH incorporates assets of Bulgaria's sole nuclear power plant Kozloduy, gas monopoly Bulgargaz, gas transmission system operator Bulgartransgaz, telecommunications operator Bulgartel, the National Electricity Company and its wholly-owned system operator Electricity System Operator, coal-fired power plant Maritsa East 2 and the Maritsa East coal mines.

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