Bulgaria's newly adopted Renewable Energy Act contradicts the Constitution and EU law, and will shatter the country's energy future, according to the Bulgarian Wind Energy Association.
The Bulgarian Wind Energy Association issued Wednesday a devastatingly critical statement on the controversial law, whose adoption had been anticipated eagerly by hundreds of local and foreign investors only to see their hopes for facilitated investments dampened.
The wind energy investors argue that Bulgaria's meeting of the EU 2020 renewable energy goal must be the cornerstone of the country's sustainable and independent future, and a major factor in EU policies for combating climate change.
"Instead of encouraging the development of renewable energy in Bulgaria the new law is practically creating conditions for the complete freeze of the industry, and will have very severe consequences in the near future," the Bulgarian Wind Energy Association stated.
The investors point out that every percent below Bulgaria's EU 2020 target will cost the country BGN 200 M per year, which means BGN 13 more for the annual electricity bill of each Bulgarian household. At the same time, the total cost of wind energy at the moment adds BGN 0.28 to the bill of every household. The Association says that even if all of the planned wind energy projects with a combined capacity of 2 500 MW start working right away, this sum will rise only to BGN 0.92 because of the preferential prices for renewable energy abolished with the new law.