Bulgaria's Maritsa 3 TPP to lay off part of employees over new cold reserve rules - report

Located in Dimitrovgrad, in southern Bulgaria, Maritsa 3 TPP is currently not considering a suspension of its operations, local news outlet Capital quoted the plant's executive director, Iliyan Pavlov, as saying on Monday. The 120 MW coal-fired plant has also started to relocate part of its employees to Brikel TPP in Galabovo, in southern Bulgaria.

Until recently the bulk of Maritsa 3 TPP's revenues came from contracts with the government for providing cold reserve capacity for electricity supplies.

Last month, energy minister Тemenuzhka Petkova said that the government will rely on cold reserve capacity, if needed, only from state-owned coal-fired Maritsa East 2 TPP.

As a result, as of August 1, TPP Maritsa 3 was left without enough revenues following the expiration of its last contract for providing cold reserve capacity, Pavlov explained. 

Pavlov did not disclose the exact number of employees who are going to be laid off or relocated. According to the latest data, more than 140 people are employed at the plant, according to Capital.bg.

Last week, TPP Maritsa 3 said that it is planning to skip distribution of dividend for 2019, and use its profit for the year to cover losses from previous financial years.

The power plant boosted its net profit to 5.9 million levs ($3.6 million/3 million euro) last year from 1.8 million levs in 2018.

(1 euro = 1.95583 levs)