European Union newcomer Bulgaria plans to consolidate five state-owned energy companies into a single holding company, in an effort to make its energy sector more competitive in the European market, the government said Monday.
European Union newcomer Bulgaria plans to consolidate five state-owned energy companies into a single holding company, in an effort to make its energy sector more competitive in the European market, the government said Monday.
"The government decided to set up a Bulgarian energy holding by the end of this year," Prime Minister Sergei Stanishev told a meeting of the ruling coalition Sunday, his press office said.
The holding company will incorporate the country's only nuclear plant at Kozlodui, the National Electric Co. , gas company Bulgargaz, the Maritsa East coal mines and the Maritsa East Two thermal power plant.
Its assets will total EUR4 billion, and annual revenue is expected to reach EUR1.8 billion.
"This step is necessary if Bulgaria wants to stay competitive in the wake of the consolidation of the energy sector in the European Union," Stanishev said.
The consolidation would allow Bulgaria to invest in neighboring countries and facilitate the construction of other energy projects including a planned second nuclear plant at Belene, he said.
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