Back with the heater! The state will not cover the BGN 1.6 billion debt of Toplofikatsia Sofia.
The “Glavchev” cabinet today canceled the decree of the Denkov government, by which the debts of “Bulgargaz” and BEH from “Toplofikatsia Sofia” for BGN 1.6 billion are transferred to the state. This was done at the suggestion of Energy Minister Vladimir Malinov.
Thus, BGN 1.6 billion, which former finance minister Asen Vassilev allocated for this purpose in the first days of April, is returned to the budget. This led to a reduction of the fiscal reserve to BGN 6.7 billion.
This move by Vassilev was also due to the parliament’s decision to fill the deficit in the “Security of the Electricity System” fund, which the deputies estimated at 1 billion BGN, and they are 600 million. With the move of the previous government, 800 million flowed into BEH BGN, and he, in turn, would “donate” BGN 728 million to the fund. Now another scheme will have to be thought of to implement this decision of the parliament. It was taken in order to have money with which to possibly meet the liberalization of the price of wholesale electricity from 1 July.
The government’s announcement clarifies that the already canceled measure should have been notified to the EC, but this was not done.
The aid administrator is obliged not to put the measure into effect until the EC has ruled that it authorizes it or that the measure does not constitute such aid.
The provision of Art. 108, para. 1 of the law on the state budget provides that, based on an act of the Council of Ministers, at the proposal of the Minister of Energy, the state may acquire receivables of “Bulgarian Energy Holding” and “Bulgargaz” from “Toplofikatsia Sofia” with a nominal amount up to BGN 1.6 billion, at a price determined by an independent appraiser, subject to compliance with the legislation in the field of state aid. In this factual situation, there is a real possibility, upon notification to the European Commission, that it will define the measure as state aid, reasons Energy Minister Malinov made his proposal.
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