Bulgaria plans to provide 440 million euros in state aid for companies because of rising energy prices

SOFIA, Bulgaria, Dec. 31 (SeeNews) – Bulgaria will provide 860 million levs ($ 498.2 million) of support to local businesses hit by rising electricity prices, Prime Minister Kiril Petkov said.

“Right now, companies are struggling to recover their energy bills and electricity distribution companies are struggling with great struggles that can affect the price for households,” Petkov said in a video file posted on public broadcaster BNT’s website on Thursday.

Petkov said the funding is part of the already planned support package for energy companies announced earlier this month. The funds earmarked to support the energy crisis will reach around 2 billion levs for the period October 2021 to March 2022, quoted BNT Petkov.

Last week, the Ministry of Energy proposed to provide around 1.5 billion levs by the end of March 2022 for energy companies that had been damaged by the rise in electricity prices. as well as electricity suppliers for their technological costs, announced the Ministry of Energy at the time.

Earlier this month, parliament decided to freeze the prices of electricity, central heating and water for households at the current level until the end of March 2022 in order to ease the pressure of rising energy costs in the winter months.

The state ESO, together with the electricity grid operators CEZ Distribution Bulgaria, EVN Bulgaria and Energo-Pro Varna, warned in a joint statement earlier this month that a moratorium on electricity price increases could lead to the collapse of the entire energy system and the Bulgarian economy.

(1 euro = 1.95583 lev)

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