Bulgaria, BEH to pay 102 million euros to the Electricity System Security Fund

, SEE Energy News

Bulgarian caretaker Government informed that state-owned Bulgarian Energy Holding (BEH) will make a contribution of 102.3 million euros to the Electricity System Security Fund in order to cover compensations to business due to increased electricity prices, which have been extended by the end of the year.

The statement from the Government said that the sum to be paid is based on October’s profit of BEH’s electricity generation subsidiaries and profits projections for November and December.

Last month, the Government announced that BEH will pay additional 332 million euros to the Electricity System Security Fund in order to cover compensations for companies for high electricity prices in line with the Government’s support scheme.

Previously, the Government announced that it will allocate additional 1.85 billion euros to extend the support mechanism aimed to help commercial consumers and network operators cope with ongoing energy crisis. Some 633,000 commercial consumers will benefit from the support measures between 1 October and 31 December, for which some 1.6 billion euros will be allocated, while the rest will be disbursed to network operators.

All non-residential consumers will be fully compensated for the difference between the real average monthly baseload day-ahead price on the Independent Bulgarian Electricity Exchange (IBEX) for the relevant month and the price of 127.5 euros/MWh.

BEH recorded significantly increased standalone net profit in the first nine months of 2022, which reached 370 million euros, while its revenues amounted to 1.15 billion euros.