Bulgaria: NEK electricity company suffered loss in 2013, increase of depts

1. August 2014. / SEE Energy News

Bulgaria electricity company NEK despite its promoted good results in production and trading market negative financial result of 72MEUR in 2013, which actually means that NEK dept decreased for almost 45%. The dept of NEK to various electricity producers also increase and represents a significant burden for NEK financial results.

The losses of Bulgaria’s National Electricity Company (NEK) increased by 43% in 2013, shows its financial audit, published in the Commercial Registry.

They amounted to BGN 142.2 M, while in 2012 they were BGN 99.4 M.

The debts of NEK to various electricity producers doubled to BGN 600 M. The NEK receivables have also almost doubled from BGN 252 M in 2012 to BGN 517 M in 2013.

According to the report, those are mostly sums, which NEK claims are owed by the EDC’s, but the EDC’s don’t recognise.

The NEK debt to the Bulgarian Electricity Holding increased by 70% to BGN 723 M.

The total NEK debts as of end of 2013 amount to BGN 2.711 B, by BGN 500 M more than in 2012.

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