Bulgaria: NEK National Electricity company marks increase of dept crisis reaching 1.6BEUR

Published on 30. April 2014., SEE Energy News

Bulgaria National Electricity Company NEK marks serious increase of dept. As of December 2013, its debt reached 1.6 B EUR according to the official data provided by the company.

Bulgaria’s National Electricity Company (NEK) owed 24% more at the end of 2013 than it did the previous year.

Just in the second half of the previous year, its commercial liabilities increased by BGN 200 M to reach a total of BGN 817.5 M.

The loss declared for the same year amounted to BGN 334.2 M, which was 3.5 times as much as in 2012.

Data released by NEK comes a few weeks after the Economy Committee at Bulgaria’s Parliament demanded that the company provide up-to-date information on its debt.

NEK has been involved in a scandal with power distributors operating in Bulgaria over the past months, with both sides claiming the other side owes them hundreds of millions of BGN.

Bulgarian government and opposition representatives have recently embroiled themselves in a dispute over the situation at NEK, which some experts suggest is on the brink of bankruptcy.

Source; Serbia Energy See Desk