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From Bulgaria
14.02.2017 11:29
© EVN Bulgaria
Electricity distribution company EVN Bulgaria Distribution and Bulgaria’s power incumbent NEK have signed an agreement to settle mutual debts via offsetting, EVN announced late on Monday. The offset amounts were not precised.
The press release cites a decision by the Court of Arbitration with the Bulgarian Chamber of Commerce and Industry that was in favor of EVN Bulgaria Distribution’s practice to use offset in order to receive compensation for its legal obligations to buy all produced renewable energy in the low and medium voltage networks it operates. NEK is to compensate EVN for these expenses. The lack of timely payments and the use of offsetting caused a dispute between the two companies which led to the Bulgarian energy watchdog inquiring into EVN’s license compliance, along with other distribution companies.
The Arbitration Court however said that offsetting used by EVN to get compensation was not a breach of its licensing terms, but rather a matter of commercial relations with NEK.
The agreement between NEK and EVN signifies the end of the proceedings of the Energy and Water Regulatory Commission (EWRC) which could have ended in the revocation of EVN’s license.
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