Government announced a package of anti-crisis measures. What is being proposed?

Prime Minister Kiril Petkov, Deputy Prime Minister for EU Funds and Minister of Finance Assen Vassilev and Minister of Energy Alexander Nikolov on May 16 met with representatives of employers' organisations and trade unions at the Council of Ministers. They discussed the compensation scheme for May as well as legislative proposals related to the Energy Act.

The conversation was very constructive and we agreed on May and June compensations, Prime Minister Kiril Petkov said. This allows the business to have no worries for May and June. We also discussed the Bulgarian government's success in negotiating long-term gas supplies, Petkov said.

We can reassure all entrepreneurs, all working people, said Dobri Mitev, Chairman of the Board of the Bulgarian Industrial Association. We count on having a fruitful dialogue in the future, he added.

The government proposes the following measures:

1. Short-term measures - compensation for the month of May of high electricity prices - 85% of the increase in the price of electricity above BGN 225 without a ceiling. According to current data from the Bulgarian National Bank, this means that in May the compensation for businesses will exceed BGN 160/mWh, which is above the amounts paid so far.

2. Short-term measures for natural gas prices - the government has secured the necessary quantities for both Bulgarian businesses and the public supplier. The price achieved for May is 14.3% higher than in April. In view of this, the government will apply the full amount of the April compensation +100% of the May price increase. That is, the price for both Bulgarian citizens and businesses, in May compared to April, will be the same as before the decision taken by “Gazprom export” to stop supplies to Bulgaria.

3. Long-term measures through legislative proposals - automation of the process of compensating Bulgarian businesses for high electricity prices - legal changes to finance the Electricity System Security Fund - payment of "excess profits" by the companies under BEH, as well as contracts for difference with consumers who receive guaranteed returns on current contracts with the state. In this way, the business will receive monthly corresponding amounts in case the market instability continues. If necessary, and if the difficulties with natural gas supply continue, similar measures will also be considered to compensate for these costs, but from the state budget.

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