site.btaIndependent Analysis of Toplofikacia Needed, Says Sofia Mayor

In order to stop the breakdowns and shock bills, an independent technical, financial, legal and regulatory analysis and audit of district heating company Toplofikacia Sofia EAD is needed, believes the Mayor of the capital, Vassil Terziev. His comment was made in connection with the decision of the Sofia Municipal Council to approve the company's business plan, the press centre of the Sofia Municipality reported on Friday.

According to the Mayor, the company has over EUR 1 billion in liabilities, which requires making important decisions. He said that he will resubmit his audit report. "I know that the topic of independent analyses, reports and restructuring may sound abstract. However, something very concrete and practical depends on it - to stop the breakdowns, shocking and unpredictable bills and weeks without hot water in the heart of a European capital," the mayor argued. According to him, it is necessary to include international experts in the assessment. 

Attracting investment requires trust. Neither the state nor leading financial institutions such as the International Finance Corporation (IFC) will commit to debt restructuring without a detailed audit, commented Terziev, quoted by the press centre. The mayor also believes that this analysis is a mandatory condition for attracting the necessary EUR 1.5 to 2 billion for the construction of new cogeneration capacities with its goal being to guarantee a secure service at a predictable price.