You have 3 free articles left this month. Get your free Basic subscription now and gain instant access to more.

Bulgaria's caretaker govt approves 358 mln euro in power subsidies for business

Bulgaria's caretaker govt approves 358 mln euro in power subsidies for business Electricity pylons. Image credit: analogicus, Pixabay.

SOFIA (Bulgaria), August 15 (SeeNews) - Bulgaria's caretaker government said it approved the provision of electricity subsidies for businesses to the tune of 700 million levs ($365.1 million/357.9 million euro) for the period between July 1 and September 30.

The cabinet adopted a decision according to which the indicative amount will be transferred from the Bulgarian Energy Holding (BEH) to the country's Electricity System Security Fund (FSES) to cover expenses incurred in the stated period by wholesale end users as well as power transmission and distribution operators, the government's press office said on Friday.

The amount of the transfer was calculated based on reported and forecast incomes of BEH subsidiaries for the June-August period.

According to amendments to the 2022 state budget adopted by the former parliament in July, the state will compensate businesses for the high cost of electricity by fully covering the difference between the base price of 250 levs per MWh and the real monthly average commodity exchange price for delivery on the Independent Bulgarian Energy Exchange's (IBEX) day-ahead segment.

The average electricity price for delivery on August 14 on the Independent Bulgarian Energy Exchange's (IBEX) day-ahead segment was 740.73 levs per MWh.

(1 euro = 1.95583 levs)

 
Compare