site.btaTerminating Contracts with US-Owned TPPs Will Cost Lv 3,000 Mln - Minister

Terminating Contracts with US-Owned TPPs Will Cost Lv 3,000 Mln - Minister

Sofia, June 16 (BTA) - The termination of the contracts with the US-owned thermal power plants (TPP), A&S Maritza East 1 and Contour Global Maritza East 3, will cost around 3,000 million leva, Bulgarian Energy Minister Temenouzhka Petkova said, addressing Parliament during Question Time on Friday. She explained that there is an ongoing procedure for unlawful State aid provided to the two TPPs, which was opened on a tip-off by the previous State Energy and Water Regulatory Commission and which has not been completed yet.

The Finance Ministry has hired two international law firms to advise the State on a possible re-arrangement of relations with the two plants, with which it has signed contracts for long-term purchase of electricity.

Petkova noted that the contracts do not envisage a possibility for lowering of the prices.

"It would have been good if concern was shown 10-15 years ago when the contracts and the annexes to them were signed," the Energy Minister said.