Financial and business news from Bulgaria

TPP Maritsa Iztok 2 increases its capital by BGN 597.9 million in debts to BEH

The state company “TPP Maritsa Iztok 2” submitted documents for increasing its capital by BGN 597 955 260 to the Commercial Register. Thus BEH and the State Headquarters implement the decision of the National Assembly of January 31 voted by 158 votes in favour of increasing the company's capital. It's a measure to save the leakage from bankruptcy.
Against this decision, employers were announced.

The other point is that the Ministry of Energy asked Brussels for permission to increase capital by some of the debts. As of Thursday, there is no permission from the European Commission to do this.

A decision of the board of directors of BEH, which owns the plant, is attached to the documents submitted to the register. It becomes clear that there is also a protocol from the Minister of Energy.

The capital increase consolidated 10 debts of the Maritsa East 2 TPP from 2015 to 2019. The largest is from 2019, it amounts to over 429 million leva. With this money, the Bulgarian Energy Holding bought carbon emissions for the plant so it could work.

Maritsa East 2 TPP began to fall into a dire financial situation from the moment the free allowances began phasing out and the emissions market increased enormously to €25 per tonne.

From a report on its financial situation as of 28 February it is clear that its liabilities are BGN 1.6 billion in total.