Electricity market in Bulgaria was very dynamic in 2020. The lockdowns starting in March last year dealt an unexpected blow to the European markets: in just a few days, the price of electricity fell by 20-30 %, and this process continued in the following months, leading to a drop of 50 %.
The main reason for low electricity prices was reduced electricity consumption in some Western European countries, such as Italy, demand fell by more than 25 %. However, in Bulgaria, the process was less intense, but the figures are indicative: only six electricity traders remain among the 25 leading energy companies, and their total revenues have fallen by more than 200 million euros – from 1.42 to 1.03 billion euros. euros. Some prominent traders such as Ritam-4, Energy MT and Axpo Bulgaria have dropped out of the top 25.
For the second year in a row, the largest electricity trader in Bulgaria is the company associated with Hristo Kovachki – Grand Energy Distribution. It climbed one position on the list, to third place in terms of revenues in the sector, although they were reduced by 17 , from a record of 470 million euros in 2019 to 288 million euros in 2020.
The company is among the main participants in procurement tenders organized by the state, municipalities and related companies. Also, Grand Energy Distribution is among the winners of tenders for the sale of electricity launched by NPP Kozloduy. Thus, the company became a supplier not only to end customers, but also to other traders. However, the revenues of another electricity trader related to Kovachki – the European Trade of Energy were reduced by 50 % in 2020, from over 160 million euros in 2019 to 79 million euros.
The trader Energo-Pro also recorded a significant drop in revenues. Until 2020, the group operated two companies, Energo-Pro Energy Services and Energo-Pro Trading, but the two companies merged into one in February last year, retaining the name Energo-Pro Energy Services. In total, two companies (the first operated in the domestic market and the second for export) had revenues of 220 million euros in 2019, while in 2020, revenues dropped by 36 % to 140 million euros.
While CEZ Trading recorded a slight decline in revenues (-3.3 %), EVN Trading South East Europe remained at the same level in 2020.
The only company that has achieved growth in the sector is Energy Market, which reported an increase in revenues of 82.5 % in 2020, from 54 million to 99 million euros. This good result comes against the background of lower electricity prices and limited demand. The company had an aggressive strategy to attract new customers and made good offers, but it also actively participated in tenders for the supply of state and municipal enterprises.
