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28.12.2011 17:09- Mihail Andonov, CEO of NEK EAD
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The Bulgarian public supplier of electricity NEK wants from the State Energy and Water Regulatory Commission (DKEVR) a price increase for the regulated market. This was announced by the CEO Mihail Andonov during the 20-th anniversary of the company. The reasons are the more expensive natural gas and electricity from cogeneration plants, as well as the increased quantities of renewable energy, Andonov said. According to him, the regulatory authority should find a way to reflect these factors before the new price period which starts on July 1, 2012.
This year NEK’s profit will be about 70 million BGN (about 36 million EUR) before taxes, and it is not formed by the regulated segment of the market. According to Mr. Andonov, NEK has been losing about 2 EUR per MWh sold on regulated prices since August this year. The company’s exports are about 420 MW on average which is also lower than in 2010 - 950 MW. This, in combination with Bulgaria’s record exports, shows that we are not an export monopoly anymore, Andonov pointed out. Another reason for the diminished profit is the low production of the 29 hydro-plants owned by NEK, caused by the lower volume of precipitation this year.
Currently NEK’s loans are amounting about 950 million BGN (about 485 million EUR) but the company has never been late on interest and principal payments, Andonov said. Even though 2011 was a tough year, NEK invested in new assets and plans about 113 million EUR investments in 2012.
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