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Bulgaria Govt boosts capital of state energy giant over new nuclear plant

Date: 24.10.2008

Bulgaria's cabinet voted Thursday to increase the capital of the Bulgarian Energy Holding by BGN 300 M in order to speed up the construction of the country's second nuclear power plant at the town of Belene.

The additional funds will be used to boost the capital of the National Electric Company NEK, which will have expenses of about EUR 450 M by the end of 2009 because of advance and current payments for equipment, working drafts, and the early-stage construction works in Belene.

According to the cabinet, the decision to pour the additional BGN 300 M into the capital of the Bulgarian Energy Holding would be a positive sign for creditors regarding the government's commitment to the completion of the Belene NPP project.

Thus, it is expected to increase the chance to attract credits, and to accelerate the completion of the country's second nuclear plant.

It will also enable NEK to provide the financial resources for its part of the capital of the future company to run the Belene plant.

NEK will be the majority owner of the new company with 51%. Its recently selected partner, the German energy giant RWE, will own 49% of the enterprise.

The Bulgarian Energy Holding was created with the merger of five state-owned companies - National Electric Company NEK, the gas monopoly Bulgargaz, the Maritza Iztok Mines, the Maritza Iztok 2 Thermal Plant, and the Kozloduy Nuclear Power Plant into a EUR 4 B energy giant.

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