A RATEPAYERS FANTASTY COME TRUE
Bulgarian police, special agents storm energy commission over electricity price hikeBy Krassen Nikolov
| EURACTIV.bg
The energy regulator said it was fully cooperating with the investigation, which focused on electricity trading.
Bulgarian police officers and employees of the special services (SANS) made a surprise inspection in the Energy and Water Regulatory Commission (EWRC), trying to understand the reason for the high electricity prices on the energy exchange.
The energy regulator said it was fully cooperating with the investigation, which focused on electricity trading. EWRC licenses electricity and gas traders on the Bulgarian energy exchange and should investigate any signs of manipulation.
The four largest employers’ organisations in Bulgaria filed a complaint with the prosecutor’s office in August over the two-fold increase in the price of electricity on the free market.
Although authorities did not take immediate action at the time, the country is now in the midst of an election campaign, and inflation is emerging as one of the primary debates in the EU’s poorest country.
On Tuesday, caretaker Prime Minister Stefan Yanev announced that the government was preparing a package of urgent measures to counter inflation, which is also due to high electricity and fuel prices. The measures are expected to be announced by the end of this week or the beginning of next week.
The PM recalled that the problem of rising fuel and electricity prices exists everywhere throughout the EU.
“We will make decisions, but this is a problem that exists all over Europe. All European politicians are worried about high electricity and are looking for non-standard solutions,” said the caretaker prime minister.
Earlier, former Prime Minister and current GERB leader Boyko Borissov attacked the caretaker cabinet for raising electricity prices. However, he resigned in February 2013 following large-scale protests across the country, which began over high electricity prices for households. In March 2013, SANS raided electricity distribution companies, but GERB was also accused of high prices.
Sep 24, 2021
(Krassen Nikolov | EURACTIV.bg)
The energy regulator said it was fully cooperating with the investigation, which focused on electricity trading.
Bulgarian police officers and employees of the special services (SANS) made a surprise inspection in the Energy and Water Regulatory Commission (EWRC), trying to understand the reason for the high electricity prices on the energy exchange.
The energy regulator said it was fully cooperating with the investigation, which focused on electricity trading. EWRC licenses electricity and gas traders on the Bulgarian energy exchange and should investigate any signs of manipulation.
The four largest employers’ organisations in Bulgaria filed a complaint with the prosecutor’s office in August over the two-fold increase in the price of electricity on the free market.
Although authorities did not take immediate action at the time, the country is now in the midst of an election campaign, and inflation is emerging as one of the primary debates in the EU’s poorest country.
On Tuesday, caretaker Prime Minister Stefan Yanev announced that the government was preparing a package of urgent measures to counter inflation, which is also due to high electricity and fuel prices. The measures are expected to be announced by the end of this week or the beginning of next week.
The PM recalled that the problem of rising fuel and electricity prices exists everywhere throughout the EU.
“We will make decisions, but this is a problem that exists all over Europe. All European politicians are worried about high electricity and are looking for non-standard solutions,” said the caretaker prime minister.
Earlier, former Prime Minister and current GERB leader Boyko Borissov attacked the caretaker cabinet for raising electricity prices. However, he resigned in February 2013 following large-scale protests across the country, which began over high electricity prices for households. In March 2013, SANS raided electricity distribution companies, but GERB was also accused of high prices.
Sep 24, 2021
(Krassen Nikolov | EURACTIV.bg)
HOW DO YOU DO THAT!
Greek state to lose majority of public electricity companyBy Kostas Argyros | EURACTIV.gr
The capital share increase decided by PPC’s Board of Directors is evolving into informal privatisation, as the State, which currently holds 51% of the company’s shares, will not participate in the increase. [shutterstock/Rolf G Wackenberg]
In a surprise statement on Thursday, Greece’s Public Power Corporation (PPC) announced that it is proceeding with a €750 million capital share increase which will see the state lose its majority.
The state, which currently owns 51% of the company’s shares, will reduce its stake in a minority percentage (blocking minority), with the ultimate goal of “increasing the free dispersion in the share capital of the Company and placing individual institutional investors”.
The state’s share in the company is expected to amount to just 33%. The final approval will be given at the Extraordinary General Meeting of shareholders scheduled for 19 October, which is also expected to decide on the separation of the distribution network of PPC.
According to PPC Governor G. Stassis, “the Share Capital Increase will give PCC the opportunity to complete the ambitious transformation plan launched in 2019.”
“It will also accelerate its transformation into an economically and environmentally sustainable, modern digital electricity company. With this move, PEC will be able to accelerate its investment plan in Renewable Energy Sources with the aim of significantly increasing the operating profitability of the Group,” he added.
The main opposition Syriza party reacted strongly, saying the only goal of the conservative New Democracy government is to privatise everything. “In this way, Greek society and the economy remain unprotected in the midst of an energy crisis,” Syriza said.
Sep 24, 2021
(Kostas Argyros | EURACTIV.gr)
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