Bulgarian Energy Ministry Set to Help Businesses Affected by High Electricity Prices

The Energy Ministry and other government departments will prepare measures in support of businesses that have been put in a tight corner by the high electricity prices in recent months. This transpired after a meeting of Energy Minister Andrei Zhivkov with businesses representatives Friday.

The current daily electricity consumption in Bulgaria is 4,000 MWh and another 2,000 MWh are exported from this country.

The Minister said that there is panic on the energy markets across the EU and Bulgaria is not spared. The price of electricity on September 17 reached 330 leva/MWh.

Zhivkov also said that from the beginning of September, the price of electricity in Bulgaria is among the lowest in the EU but that is no reason for consolation as prices are going up across the EU.

The Maritsa East 2 coal-fuelled power plant, which produces cheap electricity normally sold on the regulated market but now also going to the free market to ease prices, works at near-full capacity with only two of its eight power units off for scheduled maintenance.

“It is important for us that industry remains competitive and make sure there are no bankruptcies and shocks in the economy,” said Zhivkov.

According to Konstantin Simeonov, President of the Bulgarian Federation of Industrial Capital, said that industry will need “several hundred million of euro until the end of 2021 to mitigate the shocks in the economy. /BT