Government to disband Bulgarian Energy Holding.

By bne IntelliNews April 12, 2010
The cabinet will disband Bulgarian Energy Holding (BEH) as it has not fulfilled the goals, for which it has been established, economy and energy minister Traycho Traykov said. BEH has no potential to coordinate the activities and the business plans of its subsidiaries, neither can it optimise revenues and expenditures, the minister added. In addition, the holding has been paying some services at higher than regular prices. Some of the BEH employees will be transferred to the economy ministry and the remaining part will be fired. BEH was set up in September 2008 and comprises natural gas supplier Bulgargaz, natural gas transmission utility Bulgartransgaz, the telecom arm Bulgartel, NEC, the nuclear power plant in Kozloduy, thermo-power plant Maritsa East II, and coalmine Maritsa East. The net individual profit of BEH increased by 40% to BGN 72.5mn (EUR 37.1mn) last year, according to information posted on its website. The company cut expenditures to BGN 9.8mn from BGN 25.5mn in 2008 while financial revenues surged to BGN 27.2mn from BGN 5.3mn respectively.

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