€500 mln of investment needed by TPPs

raya.atanasova@klassa.bg


At least €500 mln of investments are needed by TPPs (Thermo-electric Power Plants) for the modernisation of power generation and the reduction of emitted carbon dioxide, according to the National Investment Plan 2013-2020, drafted by the Ministry of Economy, Energy and Tourism (MIET). The document stipulates total investments of €869,218,035. EGPs (electricity generating plants) provided investments for a bit over €120 mln (BGN 42 mln). Actually, the plants do not have at their disposal sufficient financial resources in order to make the needed investments. Besides, there are no commercial banks that can grant such large loans, announced for Klassa daily, Valentin Terziiski, Chairman of the Association of District Heating Companies in Bulgaria. Options for funding should be sought, including the provision of low-interest state loans to companies, added he.

In fact, Bulgarian power generation companies emit a total of 42 million tonnes of carbon dioxide in our country, while TPPs and DHCs (district heating companies) alone emit about 26 million tonnes.
As of 2013, all TPPs have to pay in full for the harmful greenhouse gases released into the atmosphere. Bulgaria and another 10 EU member-states have the right to request a postponement (derogation), as a result of which companies will be able to obtain a part of their greenhouse gas allowance free of charge. However, they must implement projects of a value equal to that of the granted free quotas. On September 30, MIET announced officially that our country has sent the drawn-out plan for investments, requesting the postponement of the fully-paid allowances. The document was approved by the Council of Ministers last Wednesday.

As of September 30, the six-month period will start for holding negotiations between the parties and the European Commission for its approval by Brussels. The plan includes 18 enterprises. Ten of these stated they will draft projects for increasing their energy efficiency. According to Klassa’s sources, the list involves NEK (National Electric Company) and ESO (Electricity System Operator EAD (SPJSC).
According to the Economy Minister, Traicho Traikov, if the request for a derogation is approved, then electricity prices will rise by 11% as of 2013. However, if enterprises start paying for all their allowances, the price increase will reach 25%. The price hike in electricity will also prompt price increases in other sectors for which it is a major resource. This could lead to the outsourcing of power generation outside Bulgaria in countries, such as Turkey, where no such requirements are valid.

By means of the derogation period, Bulgaria demands in 2013 to receive 70% free greenhouse gas allowances for electricity generating companies. Besides, this rate will decrease by 10% each year until, in 2020, it reaches 0%. That is, henceforth all allowances must be paid.

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