Austrian energy group EVN and Bulgarian state-owned National Electricity Company (NEK) have reached an out-of-court settlement on an old dispute over compensation payments for additional costs involved in electricity production from renewable sources dating back to 2012-2013.
Although the settlement amount was not disclosed, EVN estimates that the agreed funds will raise its net profit for the current quarter by some 38 million euros. The statement from EVN Group said that the settlement involves the compensation for the still-outstanding part of the additional costs for electricity from renewable sources and default interest charges that arose from 1 July 2012 to 31 July 2013 that were financed in advance by EVN Bulgaria and which NEK was obliged to repay.
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Tags: Bulgaria, debt, dispute, electricity, electriicty distribution, EVN, NEK, renewable, settlement