National Electricity Company

Eight banks grouped in two consortia have submitted binding offers to extend bridge financing of up to EUR 650 M in total to the state-owned Bulgarian Energy Holding (BEH) group.

The energy group is seeking the money to enable its indebted subsidiary National Electricity Company (NEK) to repay debt owed to the local units of U.S.-based AES Corporation and ContourGlobal.

Jacklen Cohen, head of Bulgarian Energy Holding (BEH) company, has been dropped from the board of directors of the state-owned group, the Energy Ministry has announced.

Cohen has been replaced as board member by Bulgargaz CEO Petyo Ivanov under a decision of Energy Minister Temenuzhka Petkova.

After more than a month in trial mode, the Independent Bulgarian Energy Exchange (IBEX) begins trading electricity on Tuesday, its CEO has said.

As many as 17 companies can take part in the first "real" session of IBEX, out of 25 that have submitted requests to do so.

The head of the state-owned Bulgarian Energy Holding (BEH) has praised officials for helping avert a crisis in gas supplies that could have followed a halt in deliveries from Gazprom Export to Bulgaria's biggest private gas supplier.

Bulgaria's energy legislation needs urgent amendments early next year amid steps to liberalize the energy market, the chief of the energy watchdog has said.

Ivan Ivanov, who heads the country's Commission for Energy and Water Regulation (KEVR), has made his comments during a hearing in Parliament, ahead of the first test launch of the energy exchange in Sofia.

Nine banks have confirmed interest in lending up to EUR 650 BGN to the state-owned Bulgarian Energy Holding (BEH) company, Energy Minister Temenuzhka Petkova has said.

The energy group is seeking the money to enable its indebted subsidiary National Electricity Company (NEK) to repay debt owed to the local units of U.S.-based AES Corp. and ContourGlobal.

The Bulgarian Energy Holding company has invited potential lenders to extend a loan of up to EUR 650 M, BNR radio broadcaster reported on Monday.

Bulgaria's prosecuting authority has suspended the case against Bogomil Manchev, the head of Risk Engineering consultancy, two years after the case was launched.

Prosecutors, quoted by the Bulgarian National Radio, say there was "lack of evidence" of his involvement in an embezzlement scheme, back on October 1, three days before an investigation into the alleged scam was to end.

An attempt by the Bulgarian Energy Holding (BEH) to raise EUR 650 M through a tender has failed and now the state-owned will move to direct talks with interested banks, Deputy Energy Minister Nikolay Nikolov said on Thursday.

Bulgarian Energy Minister Temenuzhka Petkova has turned down a proposal by employers' organizations that potential investors should be sought to replace AES and ContourGlobal as shareholders at thermal power plants.