Watchdog OKs Agreement between Bulgaria's National Power Co, ContourGlobal Maritsa East 3 TPP

Bulgaria's Commission for Energy and Water Regulation (KEVR) has approved the power purchase agreement between US-owned thermal power plant ContourGlobal Maritsa East 3 TPP and the National Electric Company (NEK).

KEVR Chair Ivan Ivanov announced Thursday that the agreement signed on August 14 between the two entities on amending the existing PPA had been approved at a closed meeting of the watchdog.

Ivanov, as cited by the Focus news agency, said that the move paved the way for the entry into force of the new terms of the contracts with the two US-owned TPPs, ContourGlobal Maritsa East 3 TPP and AES 3C Maritza East I.

In order for the two agreements to take effect, Bulgaria's national power utility needs to pay its debt to the two TPPs first.

Ivanov made clear that a tender would be announced via the Official Journal of the European Union for a bank to provide NEK with the resources necessary for the purpose.

NEK needs a loan of around BGN 1 B to settle its debts to the two US-owned TPPs.