The European Commission
approved Wednesday Bulgaria's decision to allocate 945 million euros
worth of free greenhouse gas emission allowances for the
modernization of Bulgaria's electricity sector.
The
commission said the state aid will open up energy markets, reduce
greenhouse gas emissions and increase the security of supply "in
line with EU objectives" without unduly distorting
competition.
The EU's executive said that the 2011
market share of electricity incumbent Buglarian Energy Holding is
around 59.6% and "is not expected to grow as a result of the
plan."