The debt of „Toplofikatsiya Sofia“ to the public gas supplier „Bulgargaz“ already exceeds 900 million euros. Against this background, „Bulgargaz“ requested an urgent meeting with the mayor of the capital Vasil Terziev next week to discuss the financial condition of the municipal company and the provision of natural gas supplies.
The reason is the beginning of the heating season, the low levels of payments and the negotiations for a new natural gas supply contract for 2027. According to „Bulgargaz“ „Toplofikatsiya Sofia“ systematically fails to meet the agreed repayment schedule.
The requested data has not been provided
The gas supplier has requested complete and up-to-date information on the company's financial and liquidity position. Among the requested data are revenues from the sale of electricity through the Bulgarian Independent Energy Exchange, an updated payment schedule until the end of the 2026/2027 price period, and a 13-week forecast for cash flows and sources of financing.
The deadline for providing the information expired on October 22, but the data has not been received by “Bulgargaz“. The company states that with liabilities exceeding 900 million euros, the company needs to make specific commitments, supported by secured financing.
Warnings about the growing debt continue
As early as September 8, independent municipal councilor Dragomir Ivanov warned that the liabilities would continue to increase. “The company will continue to accumulate debts and there is no way to reverse the trend“, he said on Radio “Focus“.
According to data cited by “Focus“, in just one year the debt has increased by 350 million euros. Ivanov pointed out that the company continues to operate because households, schools, hospitals and kindergartens in Sofia rely on it for heating and hot water.
The municipal councilor pointed to nationalization or a concession as possible solutions. In the first option, the state would take over the company, cover the accumulated liabilities and invest in the network. Ivanov expressed reservations about the concession due to the accumulated losses and the scale of the debt.
A meeting on supplies and repayment is coming
The upcoming meeting between “Bulgargaz“ and Vasil Terziev should clarify how the current gas supplies will be secured and what financial plan will be proposed for the accumulated liabilities. At the moment, it is confirmed that the debt exceeds 900 million euros, the requested financial data has not been provided within the specified period, and a specific decision on its repayment has not yet been announced.
Sources: focus-news.net, 24chasa.bg, btvnovinite.bg