Unfortunately, for nearly 20 years, the energy sector has been managed by people who are not sufficiently experienced and know what to do. This was stated in the program "ReVizia" on NOVA NEWS by energy expert and former Minister of Energy Yavor Kuyumdzhiev.
"The profitable enterprises in BEH - Kozloduy NPP, the National Electricity Company, Bulgartransgaz, are being drained, and brutally. They are being drained by the state," claims Kuyumdzhiev. He commented on the state of the Bulgarian energy sector and talked about how the state is trying to secure the central budget, by draining the profitable companies in the energy system for this purpose.
"The state drains the "Kozloduy" NPP
"The state forces the nuclear power plant to sell 500-600 megawatts of its capacity on the "liberalized" regulated market. Liberalized in quotes, because it is regulated after they created a new segment of the exchange, in which only the NPP, NEK, TPPs and ERPs participate. The NPP gets all the profits - everything that was earned at an electricity price of over 110 leva per megawatt-hour. The other day the market price was 290 leva, the NPP sells for 290 leva, but the state takes everything over 110 leva," said the former energy minister.
In his words, tax inspectors then come in and say: "You sold for 290 leva, you have to pay taxes on 290 leva. I don't care that they took most of it." "If they still manage to make some profit, they still take 80% of it, after they pay taxes and fees. That's the law. However, now the state takes 100% of it, and in advance, before they have spent the money. The state is draining the Kozloduy NPP," Kuyumdzhiev is categorical. According to him, this does not allow the power plant to carry out its modernization and technological improvements.
However, what happens to the unprofitable enterprises, which are many in the system?
"Bulgargaz" is bankrupt, but these problems are not solved with the budget. The energy budget is 150 million leva. It is nothing. The big money there is in BEH or below the line. The state allows distortions. When it is necessary to take out several hundred million leva, the state takes them out and injects them into BEH, so that it can give them to "Bulgargaz", which can give them to "Toplofikatsiya". This is the same as with "Botas". Huge sums of money are flowing into these two bottomless pits," the energy expert claims.
According to him, the big problem is that the state no longer has the capacity to manage such complex systems. "Unfortunately, for nearly 20 years, the energy sector has been managed by people who are not sufficiently experienced and know what to do. With the exception of the current Minister Zhecho Stankov, the energy sector was managed by accountants, marketers, sailors,", Kuyumdzhiev pointed out.
Who is buying "Lukoil"?
The current energy topic is what will happen to the "Lukoil" refinery in Bulgaria. It is now clear that after the US sanctions, the Russians, who are the owners, have agreed to negotiations with the giant Gunvor. But who is behind this company?
"This is a company that was created 25 years ago by a Swede and a Russian, Gennady Timchenko. It is registered in Cyprus, with headquarters in Geneva. The fact that it is registered in Cyprus means that the ultimate ownership can ultimately be hidden. Timchenko is hardly part of the operational management, but we do not know whose ownership it is. This has already happened once - the Italian refinery of "Lukoil" was sold to a Cypriot offshore company. The potential buyer now looks like a stable company with huge revenues," the expert explained. According to him, the method of sale excludes any actions by the Bulgarian authorities.
"The funny thing is different. Didn't the authorities try to introduce additional obstacles to the deal by including DANS? This turned out to be completely unnecessary, because "Lukoil International", which is Austrian, is being sold. It owns "Litasko" in Switzerland, which owns our refinery. The Austrian company is being sold, the Bulgarian authorities are being bypassed," the former energy minister explained.
Last week, the ruling majority announced that the export of diesel, aviation fuel and other products was being banned. Why?
"By law, 90 days of reserves must be kept in the state reserve. At least half of them are in countries outside Bulgaria, because we do not have the capacity here. On the other hand, commercial companies also have small stocks of their own. What happened last week was that an inspection was carried out of what quantities are kept in these warehouses. The state reserve does not have its own. It pays companies to store state reserves in private ones. According to assurances, these warehouses are currently full and everything should be fine, because we have measuring devices. The export ban is a safeguard. I support this measure, but it is subject to approval by the European Commission, because this is a violation of market rules, and it could also lead to Greece and Romania saying that if we export, they will not give us our reserve," announced Kuyumdzhiev.