Банкеръ Weekly

Briefs

ELECTRICITY FROM MARITSA IZTOK 1 BARGAINED

The US company AES and the Bulgarian Government agreed for a lower price of the electricity, generated by the Maritsa Iztok 1 thermoelectric power plant, company insiders announced in the beginning of the week. We have been considering possibilities for reducing the tariff for two years, but in the present conditions of a greater economic and political stability in the country we decided to undertake these steps, Matthew Bartley, project director for Bulgaria said. Energy Minister Milko Kovachev was much more reserved in his forecasts. He pointed out that the US company should cut down by at least 14% the price of electricity from the future power station if it wants its project in Bulgaria to be realized. The price at which the National Electricity Company (NEC) will be purchasing the electricity from that power plant was in fact the main reason for delaying the negotiations from 2001 till now. Interest in the construction of the new substituting capacity has been shown by other big companies as well. The most recent indication came this week during the visit of Premier Simeon Saxe-Coburg-Gotha in Japan where representatives of the local energy company Mitsui said that by the end of November they's make an offer for the construction of capacities at Maritsa Iztok, in cooperation with the Italian company Enel.

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