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Bulgaria plans break up and sell state energy group Bulgarian Energy Holdings
Sofia: electricity on the move
The Bulgarian government is planning to break up state energy group Bulgarian Energy Holding (BEH) and list minority stakes in some of its key subsidiaries on the Bulgarian stock exchange, according to a recent Reuters report.
Prime Minister Boiko Borisov told national TV channel Nova that he saw BEH as an "absolutely unnecessary body" that would be dissolved within weeks. The move is thought to be part of wider plans to streamline state-owned companies and fight corruption.
BEH, whose holdings include state power utility NEK and the dominant state gas company Bulgargaz, was created in September 2008 by Bulgaria's previous government in an attempt to strengthen the position of the country's energy market in Europe.
Borisov's plans also include a 15 per cent listing of NEK and Bulgargaz shares when market conditions improve.
BEH recently replaced the board of NEK and also cut the board from five to three people as part of the government's cost-cutting strategy.
The group's holdings also include the Maritsa East coal mine, the Maritsa East II power plant and the country's only nuclear power plant, Kozloduy.
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