Electricity Distribution Companies Receive Over 327 Million BGN in Grant Funding
Electricity distribution companies in Bulgaria are set to receive a significant boost with the allocation of over 327 million BGN in grant funding. The finance, aimed at modernizing and improving the country’s power distribution networks, was announced by the European Commission (EC).
This substantial investment comes after years of delay, with the EC approving the funding for Bulgaria’s electricity distribution modernization project back in 2016. The project, part of the EU’s Cohesion Fund, aims to enhance energy efficiency, security of supply, and interoperability of energy networks.
The funds will be used to replace old electric meters and partially renovate networks. The project’s long-awaited launch, with a delay of over a year, began recently. While the exact timeline for completion is not yet clear, the project is expected to bring substantial improvements to Bulgaria’s electricity distribution system.
Experts welcome the development, highlighting the need for such investments to ensure reliable and efficient power supply. The modernization project is also expected to create new jobs and stimulate local economic growth.
This positive news follows the recent payment of funds from the European Commission to Bulgarian electricity operators for modernization projects. The EC’s financial support is a testament to its commitment to assisting Bulgaria in improving its energy infrastructure and aligning with EU energy policies.
