The losses estimated until July, related to a tender and three electricity contracts of “ViK Energy Group“, are close to 1.8 million euros. This was announced by the member of the Board of Directors of “Bulgarian ViK Holding“ Yavor Stoychev at a briefing, at which the results of an inspection of electricity supply and trading transactions were presented, quoted by Nova TV.
According to him, the amount established so far amounts to about 1.755 million euros, and the estimate is conservative. “The number was calculated without including the lost profit from the January deal and the effects until the end of 2026“, Stoychev specified.
Due to the findings, the Minister of Regional Development and Public Works Ivan Shishkov has notified the Sofia City Prosecutor's Office, with the full documentation for the transactions in question attached to the signal. “Whether a violation or crime has been committed and what it is, the prosecutor's office will assess as a competent authority“, Stoychev stated.
In parallel, the possibility of claiming the damages in civil proceedings will also be analyzed.
A breakdown of the losses from three electricity contracts was also presented during the briefing. According to Stoychev, they total about 800 thousand euros and were incurred by “ViK Energy Group“ and the Water and Sewerage operators in Vratsa, Plovdiv, Dobrich, Shumen, Sliven and Yambol. About 247 thousand euros of the amount remained at the expense of the “ViK Energy Group“ itself.
Regional Minister Ivan Shishkov explained that the problem, according to the inspection, lies in the mechanism of the contracts. They set a fixed price, but the sellers were not obliged to constantly supply certain quantities of electricity.
“When electricity is expensive, it does not sell, and when it is cheap, it sells“, explained Shishkov. During periods without supplies, the Water and Sewerage companies had to buy the electricity they needed from other sources at current market prices.
As one of the main cases, Stoychev pointed to a public procurement by ViK-Burgas from November 2024 for the supply of electricity and a coordinator of a balancing group for four years. Its value is 48 million leva excluding VAT.
According to him, “ViK Energy Group“ offered the lowest surcharge - 2.69 leva per megawatt-hour, while another of the offers was for 12.88 leva. However, the participants were subsequently eliminated, with the exception of a candidate with a higher offer.
After the conclusion of the contract, the conditions were changed with two annexes, and instead of the stock price plus surcharge, fixed prices were agreed. According to the data presented by Stoychev, this led to an additional increase in the cost of electricity for ViK-Burgas of approximately 324 thousand euros only by the end of 2025.
The briefing also presented data on a six-month contract of “ViK Energy Group“ for the purchase of electricity, concluded in May 2025. According to Stoychev, the initially agreed fixed price was about 50% above the market price at the time of the transaction.
Following media interest, the terms were renegotiated, but according to the calculations presented, a significant loss had already been accumulated by then. For the period under review, it is approximately 954 thousand euros.
Stoychev also drew attention to a deal from the end of 2025, in which “ViK Energy Group“ purchased 37,200 megawatt hours of electricity for the needs of the Water and Sewerage operators. Just 17 days later, the same quantity was sold to a private company.
“If these quantities had been sold to the clients of “ViK Energy Group“, the company would have earned 909 thousand euros, but it earned only 18 thousand euros“, Stoychev said.
The new management of “ViK Energy Group“ has begun a complete revision of the contracts after its replacement at the end of March 2026. In July, the management of “Bulgarian Water Supply and Sewerage Holding“ was also replaced, after which new negotiations with the suppliers began.
According to Stoychev, the contracts with two of the companies were terminated in August. The Board of Directors of “Bulgarian Water Supply and Sewerage Holding“ has also refused to release the former manager of “ViK Energy Group“ from liability. Stoychev explained that this is a step that preserves the possibility for the company to subsequently claim compensation for any damages caused.