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Bulgaria to create energy exchange

Date: 10.11.2008

An electric power energy exchange is going to be established in Bulgaria by the spring of 2009, according to Yavor Kuyumdzhiev, Deputy Economy Minister of Bulgaria.

Kuyumdzhiev spoke on Thursday, during the 10-th Business Forum for Southeastern Europe, organized with the media partnership of Darik radio.

The Deputy Minister further stated that the German Energy Giant RWE must also decide by the spring if they would participate in the Nuclear Power Plant (NPP) "Belene".

Kuyumdzhiev said that the energy exchange would make possible the establishment of realistic electric power prices and would lead to better investment turnover.

The exact structure of the future energy exchange is yet to be determined while the State is looking to adopt a model already tried by the European Union and is currently examining the models used in Leipzig and Paris.

Regarding the possibility of the German RWE to decline becoming a strategic investor in the NPP "Belene", the Deputy Economy Minister explained that Bulgaria would wait until the spring for the German company to approve the negotiated agreement. In case RWE turns the agreement down, the State would look for other candidates, participants in the public tender and one of the alternative companies. As a last resort, Kuyumdzhiev said, the State might decide to use the cash reserves of Russian banks.

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