NEC plans to spin off its transmission operations in a separate unit by January, in order to allow free competition on the electricity market in line with EU requirements. The company will set up a wholly-owned subsidiary to operate the high-voltage power grid, which will remain property of NEC. The parent company NEC will keep the hydro-power generation and electricity trading businesses. The company will also buy green energy and electricity from the three thermal power plants in the Maritza mining and generation complex, which produce some 30% of the country's generation. NEC will also remain in charge of the Belene nuclear power plant project.
The company restructuring plan will be sent for approval by the ministry of economy. The set-up of the new entity follows the guidelines of the EU directive for separating trade and power generation facilities from transmission activities.
NEC posted an 11.7 percent increase in electricity exports in January-May 2006. NEK expects annual exports this year to be comparable to that in 2005, exceeding seven million kilowatt-hours (kWh). The export level since the beginning of the year is unprecedented, explaining the link with the increased demand for electric power from the countries in Southeastern Europe.
Source: IntelliNews