BULGARIA’S PARLIAMENT ESTABLISHES ELECTRICITY SYSTEM SECURITY FUND

On 22nd of July, Bulgaria’s Parliament passed at second reading the amendments to the Energy Act, which provide for establishment of “Electricity System Security” Fund. The Fund will be used to manage the financial resources for covering the expenses made by the public supplier, NEK (National Electricity Company).

The payment to the public supplier will be done on a monthly basis.

The Fund will be managed by a Managing Board, which will include five members.

The Managing board will adopt the rules on the spending of the finances and the operations of the Fund; will control the administering of the revenues and their spending.

The finances of the Fund will be raised from contributions; the revenues received from auctions for sale of quotas under the Law on limiting climate changes, used for development of renewable energy resources; revenues from interests; donations; revenues from statistical transfer of energy from renewable resources, used for development of renewable energy resources.

The finances will be used to maintain the operations of the Fund and to cover expenses made by the public supplier.