Bulgaria suffers ‘electric shock’

Bulgaria property investors will not be impressed with the latest 'shocking' news...

Konstantin Shushulov, the chairman of the State Commission for Energy and Water Regulation, has announced that the price of the electricity across Bulgaria will be increased by between 14 and 18 per cent on July 1.

Sofia citizens as well as people, living in Western Bulgaria, will have to pay 16.01 % more for their electricity supply, which is the increase fixed by the provider CEZ.  Customers of EVN, another electricity supplier, will see their bills rise by almost 15 %. Bulgaria’s third provider,  E.ON, has responded with 17.72 % increase in the price of the electricity.

A spokesperson for E.ON explained: "E.ON Bulgaria customers will pay higher prices, but that money would not do the company any good. In practice, the electricity distribution companies are turning into revenue collectors for [state-owned power grid operator] National Electricity Company (NEK) and the producers”.

The Labor Confederation and the Independent Syndicates Confederation (KNSB) had demanded that electricity prices should not go up for at least one year more, and accused the energy regulator of ‘intentionally’ boosting prices.