site.btaToplofikatsia Sofia Heating Company Enters Electricity Market, Sofia City Council Decides

110 ECONOMY - TOPLOFIKATSIA SOFIA - ELECTRICITY MARKET

Toplofikatsia Sofia Heating Company
Enters Electricity Market, Sofia
City Council Decides


Sofia, October 9 (BTA) - The Toplofikatsia Sofia heating company
enters the electricity market, the Sofia City Council decided
Thursday. The report was tabled by Deputy Mayor in charge of
finances Doncho Barbalov.

By adopting the report the Sofia City Council agrees to the
establishment of guarantee securities in favour of third
parties, so that Toplofikatsia Sofia can participate in the
electricity market. In accordance with the rules, commercial
participants in this market regulate their legal relations by
concluding the corresponding contracts, the subject matter and
key characteristics of which are determined by legal norms, the
report reads. In this relation, Toplofikatsia Sofia has to
conclude a series of contracts for access to the electricity
transmission network, for sale and purchase of electricity,
Barbalov said. All contracts include clauses for guarantee
securities.

The Deputy Mayor explained that to the present moment the
company purchases electicity from the so-called last instance
supplier at a price that is around 30 per cent higher than the
one on the free market. The expected financial result for
Toplofikatsia Sofia is to save 1.2 million leva a year, which
will be to the benefit of all Sofianites, Barbalov said.