After a year-long shutdown, ContourGlobal’s coal-fired power plant, Maritsa East 3, is reactivating two of its four units, which will operate at least until the end of March. The Bulgarian government, which holds a minority stake in the plant, is reportedly considering increasing its ownership in the facility.
The liberalization of Bulgaria’s electricity market has significantly affected the profitability of coal-fired power plants. When the plant’s 15-year contract with the state-owned National Electricity Company (NEK) expired last February, the plant became financially unsustainable and ceased operations. It briefly resumed operations in July when soaring electricity prices exceeded production costs.
ContourGlobal, owned by KKR, holds a 73% stake in TPP Maritsa East 3, while the remaining share is owned by NEK. After laying off most of its staff, the company has rehired 150 employees to manage units 3 and 4 through the winter. Last year, caretaker Energy Minister Vladimir Malinov announced the restart of these units to reduce Bulgaria’s reliance on energy imports during the winter months. According to local media, the government is in talks with ContourGlobal to increase its stake in the plant, with the potential aim of bringing units 3 and 4 under full state ownership. However, the future operational framework for the plant remains uncertain.
The two reactivated units will generate up to 400 MW in total, with unit 4 coming online on January 7, contributing 160 MW to the grid. Currently, Bulgaria’s active coal-fired capacity stands at 2.2 GW, which accounts for 37.6% of the country’s electricity production.
