Bulgaria yesterday merged its biggest energy companies into a 4-billion-euro holding structure to strengthen its position in the European market. The move, which Sofia first announced last year, comes at a time when the European Union is pushing for greater energy market liberalization and competition.
“Economy and Energy Minister Petar Dimitrov... decided to create the Bulgarian Energy Holding,” the ministry said in a statement. “All necessary documents have been submitted to the Trade Registry.” The new company consolidates the main state power utility NEK, dominant state gas company Bulgargaz, Bulgaria’s largest coal miner Maritsa East, its largest thermal power plant Maritsa East 2 and its sole nuclear power plant Kozloduy. The companies will keep operational and market independence, the ministry said, under the umbrella of a holding company with estimated annual revenues of over 1.8 billion euros and assets of 4.34 billion euros.
(KATHIMERINI, 09/19/2008)