Банкеръ Weekly

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PARSONS REJECTED AS SUPERVISOR OF MARITSA-IZTOK 2 REHABILITATION

A new competition for appointment of an engineering supervisor of the project for rehabilitation of blocks 1, 2, 3, and 4 of the Maritsa-Iztok 2 thermoelectric power plant will be announced by year-end, the director of the plant Atanas Dimitrov said. The reason is that an international consortium including Energoproect appealed against the appointment of Parsons-Bulgaria OOD and Risk Engineering.The implementation of the project started on October 4. The Minister of Energy Milko Kovachev and the Ambassador of Japan H.E. Koichiro Fukui attended the ceremony. The new procedure is not going to delay the modernisation of the plant, the Minister declared.The rehabilitation project was given the green light when in the end of July the Parliament ratified a guarantee agreement signed by the Bulgarian Government and the Japanese Bank for International Cooperation for a EUR192MN credit. The loan for modernisation of the plant is payable in 14 years. It has a 2.43% interest rate, a four-year grace period and a 10-year redemption plan with a 1.49% fixed annual interest. The whole project is worth EUR226MN. Beside the Japanese credit it will also use own financing and credits under the ISPA program. The rehabilitation will be carried out by the Japanese Mitsui Co. The turbines and the electrical part of the four blocks will be substituted and two new installations will be built.The construction of purifying equipment is expected to reduce the carbon dioxide emissions in the atmosphere by 90 per cent. Maritsa-Iztok 2 consists of eight blocks that produce electricity with a total capacity of 1,450 megawatts. It is the biggest coal power plant in the Balkans. As a result from the over 30-year exploitation, the blocks are in a very poor condition, so they operate at 50% of their capacity. Minister Kovachev assured that the repair works would not make the electricity produced by the plant too expensive and the plant would remain competitive. Currently, Maritsa-Iztok 2 produces the cheapest electricity among all thermoelectric power plants in Bulgaria.

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