Sofia’s Heating Utility Plans To Invest 31 mln Euro In 2014

Sofia’s Heating Utility Plans To Invest 31 mln Euro In 2014

Sofia’s heating utility Toplofikatsia Sofia said it intends to invest 31.2 million euro in implementing its business plan for 2014. The company expects a loss of over 52 million levs this year as its total revenues are seen to amount to 567 million levs and its costs are estimated at 619 million levs, Toplofikatsia Sofia said in a notice on Thursday. The negative results have been prompted by the amendments to the bill for the excise duty for natural gas that were adopted earlier this year, the company added. The heating utility will implement its business plan with own funds and funds provided under the Kozloduy International Decommissioning Support Fund (KIDSF), administered by the European Bank for Reconstruction and Development.The company plans to modernize four cogeneration plants and build two new ones, as well as to replace over 37 kilometres of its pipe network. The company’s business plan for this year has been developed based on revenue estimates using prices provided by the country’s energy regulator for the period 2013-2014.

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