The financial condition of the Kozloduy NPP is deteriorating. The plant's profit sharply decreased from 221 million leva in 2024 to only 12 million leva last year. The reasons are many. The recently dismissed chairman of the plant's board, Prof. Georgi Kaschiev (who held the post for only 3 months), pointed out many of them - poor management, outrageously inflated costs, flawed public procurement and contracts. The nuclear expert revealed that last year the plant, called the "golden goose" of Bulgarian energy, had to resort to a loan to pay salaries and other urgent expenses.
Vladislav Panev, MP from PP, highlighted another reason for the drastic reduction in Kozloduy NPP's profit - the absurd redistribution of billions in subsidies in the energy sector:
"The plant's contribution to the 'Security of the Electricity System' fund in 2025 increased to 589 million leva (compared to 389 million leva in 2024). These are contributions determined by the government, paid if the price of the electricity sold is above a certain level, a kind of windfall profit tax," Panev commented in his Facebook post.
The idea of these contributions is for companies like Kozloduy NPP, which produce cheaply and profit well when market electricity prices are high, to support companies for which it is expensive. This vicious redistribution happens precisely through the SES fund.
Why is it vicious? Panev explains:
"The main expenditure items of the fund are subsidies for the combined production of electricity and heat. There, the main recipients are 'Toplofikatsia' Sofia and thermal power plants associated with Hristo Kovachki - 'Bobov Dol', 'Brikel', and about a dozen others. Another item is compensations for non-household consumers. There, the largest share of the money goes to 'Lukoil Neftohim'.
What happens? We take money from Kozloduy NPP (and all other producers) and direct it mainly to Lukoil and Kovachki. Such are the decisions of the government and parliament. Especially for Lukoil, I was the only MP who voted against the compensation scheme that benefits the Russians the most and practically finances the war in Ukraine. Sanctions, my eye..." Panev commented with bitter irony.
And transparency - my eye
On the topic raised by Panev, Traycho Traykov, who was caretaker Minister of Energy in the 'Gyurov' cabinet, reacted. He asked a simple question on Facebook: "When will the SES fund fulfill the Council of Ministers' decision based on a report by the Ministry of Energy to open the data on the recipients of compensations?" Currently, it is a deep secret how they distribute the huge funds. It also remains glaringly unclear why powerful private companies, such as the Burgas refinery, should be supported by the state-owned Kozloduy NPP.
The current Minister of Energy is Iva Petrova. She owes an answer to the question about declassifying the subsidies and their recipients. Rumen Radev too - didn't he become prime minister because he promised transparency and a fight against the oligarchy?
