News

06.02.2025
Bulgargaz has a loss of nearly BGN 200 million as of the third quarter of 2024 One of the key state-owned energy companies in our country - Bulgargaz, is on the verge of bankruptcy. As of the third quarter of this year, the company reported a loss of 187 million leva (compared to a loss of 83.7 million leva for the same period of the previous year), negative equity and a declining market share, the company's interim financial report shows. The loss is mainly due to costs for unused capacity (such as the contract with Botas) and losses from depreciation of natural gas. Bulgargaz's equity is negative, -61 million leva compared to 125.5 million leva a year earlier. At the same time, revenues are decreasing by almost 50% - for the period, the company has realized revenues of 1.1 billion leva compared to 1.9 billion leva for the nine months of 2023, and this is mainly due to fewer quantities sold (by about 30%) compared to the previous year. In addition to reduced revenues, Bulgargaz also reported a drop in its expenses - to 1.1 billion leva compared to 1.96 billion leva a year earlier. In the middle of last year, Bulgargaz reported a loss of almost 260 million leva compared to 36 million leva for the same period of the previous year, and the reason was the same - fewer and fewer customers and a decreasing market share due to Azerbaijani, Russian gas and LNG supplies. One of the main factors for the poor financial condition of Bulgargaz is the capital's Toplofikatsiya, which continues to accumulate debts to the gas supplier. Receivables from sales are growing due to delays by Toplofikatsiya Sofia in repaying its obligations regularly and on time. As of the end of September this year, overdue gross receivables for gas supply amounted to 829 million leva. The agreement between "Toplofikatsiya Sofia", the "Electricity System Security" fund, BEH and Bulgargaz states that the monthly amounts from the fund's payments are redirected to "Bulgargaz" and BEH in a ratio of 80/20. The concluded agreement improved collection, but the amount of receivables remains significant. "Toplofikatsiya Sofia"'s loss for 2024 is about 160 million leva. "Bulgargaz" is both a public supplier and a gas trader - it buys raw material at market prices, but sells part of these quantities at regulated prices, which sometimes leads to a risk of losses and liquidity liabilities. The company's market share is also decreasing, one of the factors being the growing competition - the Azerbaijani SOCAR and licensed European traders buying gas of Russian origin at the "Strandja 2"/"Malkochlar" entry point at a significant discount. At the same time, all of Bulgaria's neighboring countries, with the exception of Romania (which has its own production that meets its needs), continue to supply natural gas under their long-term contracts with Gazprom Export at a price below the market price, while being granted the regulatory opportunity to make transactions on the Bulgarian market, as well as to sell part of these quantities on the Balkan Gas Hub platform at prices significantly below European stock market indices for intraday or day-ahead trading, or to directly supply quantities to Bulgargaz customers. LNG supplies in the region are also decreasing due to their temporary unprofitability compared to piped gas supplies directly from producers, even at the best price conditions for regasification, storage and transmission services to Bulgaria. Bulgargaz is also accumulating losses under the contract with the Turkish Botas. The company is losing nearly a million per day from unused reserved capacity under the contract with the Turkish Botas. It was concluded during the Donev cabinet in 2022. and is valid until 2035. The cancellation of the contract is estimated at about three billion leva. A problem for Bulgargaz is the price of natural gas in the Chiren gas storage facility. At the peak of the pandemic, the company was buying expensive gas to ensure the necessary quantities in the storage facility, but the trend, which continued in 2024, was towards a decrease in the price of natural gas. "This led to the accumulation of a loss, which was partially offset by the compensation under the Compensation Program. Its amount is 156 million leva," Bulgargaz stated in its report.

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