Bulgaria: NPP Belene claim may trigger arbitration

4. July 2016. / SEE Energy News

Bulgarian Minister of Energy Temenuzhka Petkova said that electricity prices will not be increased after last week’s announcement that Bulgaria was ordered to pay 0.55 billion euros for the cancelled NPP Belene project.

Minister Petkova said that National electric Company (NEK) will not bear any financial losses as a result of this ruling. The aforementioned 550 million euros will be used to purchase two nuclear reactors (of which one is completed and the other is under construction) and possibly sell these to a third party, because, according to the Minister, there is a market for such equipment, most likely in Iran or India.

Last week, the International Arbitration Court in Paris has ruled that Bulgaria has to pay 0.55 million euros to Russian company Atomstroyexport (ASE) over the cancelled project for the construction of nuclear power plant Belene. However, ASE claims that the ruling says that Bulgaria has to pay 620 million euros and not 550 million. Initial arbitration demand exceeded one billion euros, transmits Serbia-energy.eu

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