Czech power company Energo-Pro which manages the distribution grid and supplies customers in Northeastern Bulgaria, has filed an arbitration claim against Bulgaria at the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). Energo-Pro started the procedure in 2013 for uncompensated expenses related to the utility’s obligation to buy electricity from renewables.
Energo-Pro said in a statement that regulated electricity prices set by the Energy and Water Regulatory Commission (EWRC) have also failed to cover necessary investments in grids and operational expenses. The EUR 54 million-claim has been filed at the ICSID on May 26, 2015.
Austria’s EVN, which operates in Southeastern Bulgaria, has also made a similar claim against Bulgaria, again at the ICSID.
