The government is spinning off the TPP Maritsa East 2 and the mines from BEH

Energy Minister Iva Petrova is beginning work on the split of the Bulgarian Energy Holding (BEH) and the removal of the Maritsa East 2 Thermal Power Plant and state-owned mines from its structure. The reform is mandatory if the country wants to receive several hundred million euros under the Recovery and Resilience Plan (RRP).

The Council of Ministers’ decision provides for the coal-fired power plants to be transferred to a new state-owned entity, which is yet to be established.

We remind you that a large portion of the funds from the fifth tranche (a total of 1.6 billion euros) depends on the split of BEH. The reform projects must be completed by the end of August for the funds to potentially be disbursed by the end of the year.

There is a delay in this reform, and failure to fully implement it calls into question over 1 billion euros under the RRP, as well as under the territorial plans for a just transition,” said Petrova.

She clarified that auditors are set to assess the value of the assets of the two state-owned companies, after which they will be removed from the structure of the Energy Holding.

This reform of BEH, which is a small part of the larger puzzle for a comprehensive integrated concept for the Maritsa East complex, must be carried out in a transparent manner,” the minister said.

She assured that business, financial, and investment plans for the future company and the complex are to be drafted and will be coordinated with the trade unions, the State Agency for National Security (SANS), and the National Assembly.

This is not just about the formal establishment of a new company; it is a step toward an integrated concept for 'Maritsa East,' which is very important for energy security. And when we talk about energy security, we are talking about economic security, competitiveness, and national security. This is a strategic issue that we must resolve,” she said.

Translated with DeepL.