SOFIA, BULGARIA – Energy Minister Zhecho Stankov has reassured Bulgarian citizens that their electricity bills will not be affected by the upcoming market liberalization set to begin on July 1.
In an effort to ease public concerns, Stankov emphasized that the government has developed compensatory measures to shield household consumers from any potential price hikes.
Speaking at a press conference, Stankov explained that despite the transition to a liberalized electricity market, household bills will remain stable. He pointed to the Electricity System Security Fund as a key mechanism in mitigating cost increases.
Under this system, any rise in electricity prices will be counterbalanced by government-funded compensation, ensuring that consumers continue to pay the same rates as before liberalization.
“For instance, if a household’s electricity bill were to increase from 150 leva to 400 leva, a compensation line will be introduced on the bill, effectively reducing the total payment by 250 leva,” Stankov elaborated. This measure, he assured, will prevent financial strain on Bulgarian families as the market undergoes reform.
The minister also announced that additional energy support mechanisms will be introduced for low-income households to provide further protection. These measures aim to ensure that vulnerable consumers receive adequate assistance in managing their electricity costs.
Beyond household protections, Stankov highlighted the government’s recent efforts to compensate citizens who experienced power outages during the Christmas and New Year holidays. This initiative reflects the state’s commitment to maintaining reliable energy access for all residents.
In a bid to enhance consumer protections further, the government has introduced a new law imposing stricter sanctions on electricity distribution companies.
Under the new regulations, companies failing to meet their service obligations could face fines of up to 50,000 leva.
These penalties are intended to hold providers accountable and ensure they deliver consistent and efficient service to Bulgarian consumers. Stankov’s assurances come amid growing concerns about the implications of electricity market liberalization.
While many industry experts argue that opening the market to competition will lead to improved services and potentially lower costs in the long term, some consumers fear that it could result in price volatility and increased household expenses.
By implementing compensatory measures and regulatory safeguards, the government aims to ease these concerns and facilitate a smoother transition.
The minister reiterated that the government’s primary objective is to protect consumers while fostering a competitive and sustainable energy market.
“We are committed to ensuring that Bulgarian households do not bear the financial burden of this transition,” Stankov stated. “Our mechanisms are in place to guarantee stability and fairness for all consumers.”
As the July 1 deadline approaches, authorities will continue to monitor the market and adjust policies as necessary to uphold consumer confidence.
With strict regulations and compensation frameworks in place, the government remains firm in its promise that no household will see an unexpected increase in their electricity bills.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members