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Sep 08, 2022 10:55 EEST
September 8 (SeeNews) - The Bulgarian Energy Holding (BEH), which pools state-owned energy companies, will contribute 970 million levs ($495.5 million/495.9 million euro) to the Electricity System Security Fund to cover compensations extended to businesses to offset a spike in electricity prices, the caretaker government said.
The payment, which will be derived from the excess profit of BEH's electricity generating subsidiaries, has been calculated on the basis of the holding's financial result for August and the forecast sales for September, the government said in a press release following a regular session on Wednesday.
Last week, BEH reported that its first-half unaudited consolidated net profit skyrocketed by a factor of over 13 year-on-year to 2.2 billion levs.
The revised 2022 state budget provided compensations to wholesale end users as well as power transmission and distribution operators so as to fully cover the difference between the base price of 250 levs per MWh and the real monthly average price for delivery on the Independent Bulgarian Energy Exchange's (IBEX) day-ahead segment. The average base electricity price for September 7 delivery on the IBEX's day-ahead segment was 739.87 levs per MWh.
The approved contribution by BEH will cover the technological expenses of eligible recipients between July 1 and September 30, the government said. Last month, the approved the provision of electricity subsidies for businesses to the tune of 700 million levs for the period.
(1 euro = 1.95583 levs)
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