Electricity prices to be raised by 8% as of July

“Electricity prices will certainly be raised as of July but we will not allow the increase to be higher than 7%-8%,” Angel Semerdjiev, Chairman of the State Energy and Water Regulatory Commission (SEWRC) said, quoted by BTA. “Soon, the effect of the strike at the Maritsa Iztok Mines on the electricity prices paid by the National Electric Company (NEK) will be known. A report on that will be drafted next week and, meanwhile, the TPPs in the region are expected to replenish their coal reserves,” added Semerdjhiev. The effect of the strike on electricity prices will be trifling and will not be the main factor determining the prices, explained SEWRC.

According to Bogomil Manchev, Chairman of the Bulgarian Atomic Forum, the increase in electricity prices as of July will be at least 20%. The main reason for this will be the purchase of larger quantities of green energy and the start of trading CO2 emissions quotas. He explained that AES Galabovo TPP had already purchased 1,000,000 tonnes of CO2 allowances at a price of €4. According to Manchev, it is highly unlikely that the EU will approve the Bulgarian request for postponement of CO2 trading and the price of allowances will be increasing in the future. The export of electricity is expected to be resumed at the beginning of February.

“Another major factor for the price increase of electricity is the purchase of expensive green energy,” explained Manchev. According to him, the amendments to the new law on electricity from renewable energy sources will create a number of problems and it is not clear how they will be resolved. The best option for our country is half of the electricity to come from nuclear power plants.

Semerdjiev also admitted that the most important factor for the price increase of electricity would be the obligation to pay for CO2 quotas and the purchase of green energy.

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