Electricity

Bulgarian government subsidizes businesses with EUR 51 per MWh

Bulgarian government subsidizes businesses with EUR 51 per MWh

Photo: Bulgarian government

Published

October 26, 2021

Country

Comments

0

Share

Published:

October 26, 2021

Country:

Comments:

0

Share

Bulgaria’s interim government has decided to double the subsidies for the industrial consumers from EUR 26 to EUR 51 as relief for high electricity prices. It said it would start payments as soon as possible.

Almost a month ago, the interim government proposed to pay EUR 26 per MWh for the electricity that would be consumed in the first six months of next year. At the time, officials said the measure would need to be adopted as part of the draft budget for 2022 by the new parliament after the elections scheduled for November 14.

Aid for companies is increased from EUR 26 to EUR 51

Now the government has raised the subsidy to EUR 51 and revealed it would cover October and November. It said the compensation would be paid by the end of the year. Today the electricity price on the day-ahead market of national power exchange IBEX is EUR 219 per MWh, 85% higher than at the end of last year.

Caretaker Prime Minister Stefan Yanev said the government would compensate about 630,000 non-domestic end-consumers of electricity.

Subsidies will be paid to 630,000 consumers for October, and November

The subsidies will be granted automatically on the basis of a contract concluded between the Ministry of Energy and electricity traders, Investor.bg reported.

The scheme is expected to cost about EUR 230 million. It is intended to be financed from the profit of nuclear power plant Kozloduy.

The funds for aid are secured from the profit of nuclear power plant Kozloduy

Prime Minister Stefan Yanev said the government would continue to discuss the issues with businesses and trade unions.

Of note, Greece and Romania also decided to help companies cope with soaring power prices.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Serbia to couple electricity market with EU by 2026 SEEPEX stojcevski

Serbia to couple electricity market with EU by 2026 – SEEPEX

01 March 2024 - Coupling will make it easier for the industry, as a consumer, and power producers to enter the electricity market

Janom Investments expands Croatia 30 MW solar power project

Janom Investments expands to Croatia with 30 MW solar power project

01 March 2024 - The planned 30 MW solar power plant in the Slavonia area is the first project of janom Investments in Croatia.

European heat pump sales drop 2023 layoffs

European heat pump sales drop in 2023, resulting in layoffs

29 February 2024 - Heat pump sales tumbled 4.7% last year in 14 countries tracked by the European Heat Pump Association (EHPA)

BiH entities set establishment of power exchange as priority

BiH entities agree that establishing power exchange is priority

29 February 2024 - Energy ministers Petar Đokić from the Republic of Srpska and Vedran Lakić from the Federation of BiH have met in Banja Luka