Financial and business news from Bulgaria

Minister Petkova with important news about Balkan Stream and the interconnector with Greece

“Each country, in accordance with its economic parameters and capabilities, may take such measures as it deems most appropriate. We have made our assessment and the measures that we believe are relevant to the situation have already been materialised in the Law on Emergency.” This is what Minister of Energy Temenuzhka Petkova said on BNR.
According to her, the text in the law on the so-called price cap adopted on the proposal of the BSP needs to be fine-tuned because with this provision it becomes impossible to reimburse the customers of Bulgargaz the difference in the price of gas obtained during the renegotiation with Gazprom.

As early as next week, concrete actions are expected on the reduction in the price of gas, agreed retroactively with Gazprom, Minister Petkova added.

The country's energy security is guaranteed despite the emergency situation due to the coronavirus, Temenuzhka Petkova assured. In her words, it is important that the energy sector be financially stable so that there are no risks to the technical possibility of it functioning normally.

Parliament has adopted what we are proposing — to ensure the continuity of supply, and plans for repairs of the electrical network are suspended, Petkova explained.

As a particularly important measure, the Minister of Energy pointed to the double increase in the deadline for payment of electricity bills:

“The law clearly states that the Minister of Energy has the opportunity to extend this period — as long as necessary, but taking into account the financial stability of the sector. In her words, the introduction of a moratorium on payments is not on the agenda because it would threaten the financial and technical stability of the sector, and the extension of the deadline for payment of bills is currently adequate assistance to citizens.

“Both “Balkan Stream” and the Greece-Bulgaria interconnector move within the deadlines stipulated in the treaties. The Belene NPP project will require an extension of the deadlines set out in the process for selecting a strategic investor,” the Minister of Energy assured.

She suggested that the crisis related to the coronavirus pandemic would probably require an extension of the period for submission of bids under the Belene project and specified that all five companies that confirmed their desire to submit a binding bid remain interested in the project.


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