Bulgaria’s BEH to increase capital of TPP Maritsa East 2 by 306 million euros

According to the data submitted to the national commercial register, state-owned Bulgarian Energy Holding BEH will subscribe for all 59,795,526 shares of 5.1 euros in par value each in exchange for its outstanding receivables from the subsidiary. BEH is planning to increase the capital of its subsidiary which operates coal-fired thermal power plant Maritsa East 2 by some 306 million euros. At the moment, TPP Maritsa East has a registered capital of some 45.8 million euros. TPP Maritsa East 2 recorded a net loss of 91.5 million euros in the first nine months of 2019, compared to 137.4 million euros loss in the same period last year. The company’s operating revenues increased by 14.8 % in the first nine months of the year to 258.2 million euros. Operating expenses decreased to 335.7 million euros in January-September period from last year’s 350 million euros. TPP Maritsa East 2 sold a total 4,440,338 MWh of electricity in the nine months of 2019, 18.21 % less than in the same period last year. TPP Maritsa East 2 is the largest thermal power plant in Bulgaria with total power output of 1,450 MW in eight units. First units were commissioned during the period 1963-1969, while 215 MW units 7 and 8 were commissioned in 1990-1995.