Belene nuclear project restarted
Bulgarian government approved the resumption of construction of an abandoned nuclear power plant project Belene, which could now become one of the largest energy projects in South East Europe in the last few decades. The six year long ban on the development of the 2000 MW Belene NPP has been abolished and the Government made it possible to issue a tender for the selection of a strategic partner for the project. Despite the announcement that no guarantees or preferential price
ČEZ to sell its Bulgarian assets to Intercom
ČEZ granted consent to the sale of its Bulgarian-based assets containing several companies to Inercom Bulgaria. Taking into account sale price, the company's Bulgarian operations reportedly yielded an overall positive return. ČEZ is still in international arbitration against the Republic of Bulgaria and the procedure will not be affected by this transaction. In the following weeks, the sale procedure will be completed ending a 14 year long ČEZ presence in Bulgaria. ČEZ entere
NEK in an effort to revitalise Chaira HPP
Bulgarian utility NEK issued an invitation for tenders to revitalise the 864 MW Chaira pumped storage hydro power plant. Source: Hydro World #Bulgaria #hydro #Chaira
ČEZ offloading its Bulgarian assets
ČEZ is preparing to sell its Bulgarian-based assets and exit its energy market. Reportedly, there are several binding bids. As reported by the company, the sale of TPP Varna (1260 MW coal-fired unit) is very close, as an offer made by the Bulgarian company SIGDA OOD was accepted. Offers for other assets are being evaluated. Source: ČEZ #ČEZ #Bulgaria
ČEZ on a path to leave Bulgaria
Czech based utility ČEZ Group opened talks with potential buyers of its Bulgarian assets. These include distributor ČEZ Distribution Bulgaria AD, supplier ČEZ Electro Bulgaria, trader ČEZ Trade Bulgaria and thermal power plant Varna. As reported by SEE News, in July 2016, ČEZ filed for international arbitration against Bulgaria accusing the country of failing to observe investment protection provisions of the Energy Charter Treaty. Bulgaria already lost an arbitration against
EVN puts Bulgarian hydro project on hold
EVN AG announced it is putting the planned 175 MW cascade hydro power plant Gorna Arda on-hold. EVN and NEK own a joint-company with 70/30 stakes, having signed an Agreement in mid 2010. EVN's announcement followed Turkish construction group Ceylan's departure from the project. Source: Novinite #Bulgaria #EVN #hydro
EVN settles dispute with NEK
Austrian-based EVN reached an out-of-court settlement with the National Electric Company (NEK) of Bulgaria after claiming NEK did not pay BGN 192 million (€98.3 million) for the purchase of energy during 2012-2013. The settled amount is undisclosed, but EVN reported that the funds agreed should raise its net profit for the first quarter 2017 by €38 million. In addition, distribution companies ČEZ and Energo.Pro have also filed similar suits. Source: Novinitie #Bulgaria #EVN #
ČEZ announces plans to invest €66 M in grid ugrades
ČEZ Bulgaria announced intention to invest BGN 130 million (€ 66.5 million) over the course of 2017 in grid improvements of its distribution network in Bulgaria, which is reportedly in dire need of revitalisation. Source: See News #ČEZ #Bulgaria
ČEZ Distribution Bulgaria with ambitious investment plans
According to SEE News, ČEZ Distribution Bulgaria intends to invest €66.5 million in upgrading the electricity grid in 2017, more than any previous. The news comes after a statement by ČEZ claiming it will look into the options of selling their Bulgarian assets just weeks ago. Source: SEE News #ČEZ #Bulgaria
ČEZ looking to offload its Bulgarian assets
ČEZ is looking to offlad its Bulagarian-based assets pressured by frequent regulatory changes, small profit margins and lowered investment interest. ČEZ entered the Bulgarian energy market in 2004 and had a tumultuous relationship with both the regulator of the energy sector KEVR and the national utility company NEK ever since. In July 2016, ČEZ filed a lawsuit against Bulgaria to an arbitration court for noncompliance with investment protection Energy Framework Treaty. At pr
