State-owned coal-fired thermal power plant Maritsa East 2 experienced a loss of 51.5 million euros in 2024, a significant downturn compared to a profit of 29 million euros in 2023 and a nearly 610 million euros profit in 2022.
This decline is primarily due to falling wholesale electricity prices. Although the plant increased electricity sales volume, it did so at lower prices, causing operational revenues to drop by nearly 15 percent—from 715 million euros in 2023 to approximately 610 million euros in 2024. Meanwhile, liabilities rose sharply from 126 million euros to almost 360 million euros over the same period. Most of this increase reflects costs related to greenhouse gas emissions, pushing total equity and liabilities to 1.17 billion euros in 2024 compared to 920 million euros in 2023.
A notable detail is that about 86 percent of the plant’s output was sold on the regulated market, mainly to households, as the plant struggled to compete on the electricity exchange due to relatively high generation costs. Although it typically would not qualify for the regulated segment, the plant has been granted ministerial quotas in recent years to ensure consumer demand is met.
In volume terms, Maritsa East 2 supplied approximately 604,617 MWh on the liberalized market and 3,233,217 MWh under regulated contracts in 2024. Contrary to expectations that this preferential access would end, the plant will continue to serve households under new wholesale market rules effective from 1 July. It will participate through a long-term contract segment for non-standard products. In practice, only state producers such as the Kozloduy Nuclear Power Plant, Maritsa East 2, and NEK’s hydropower plants are expected to take part, guaranteeing ongoing offtake for the coal facility.
