The parliament of Bulgaria scrapped favored price rates for latest renewable energy installations which was taken place recently on Thursday. Since the Bulgaria country is striving hard to reduce discrepancies in energy field and had decided to maintain a lid on utility bills of consumers. Both photovoltaic parks as well as wind power farms have increased rapidly at Bulgaria in the year 2011. After that, the Bulgaria country initiated munificent subsides for the sake of renewable energy which is assured for 20 years and dedicated to purchase all the energy created by them. However, the encouragement has reflect on the power costs on the poorest countries of European union which has declared to hit its target of the year 2020 in getting 16 percent of renewable energy share at the year 2013 end itself. The approved inducements will be valid for previously equipped solar and wind energy plants.
There was also energy law amendments created by the parliament of Bulgaria which also predicted that that unrestricted power supplier NEL who will not completed to purchase power from the special price rates from heating power plants which cannot confirm energy efficiency. The inducement for co-generating needed power plants are considered to be the renewable energy boom along with that extreme cost rate needed for purchase of long term power plant agreements as it has increased NEK’s debit to about 3.3 billion levs or $1.8 billion. These are the words said by energy minister of renewable energy.
Previous week, the United States power companies ContourGlobal and AES agreed to settle on the lower price rate of electricity power that they create in the Bulgaria. Besides that, the parliament also sanctioned modifications to increase the sovereignty of energy regulator as well as the energy regulator members will be chosen by the parliament of Bulgaria and not by any other government. Since high usage bills has sparked compliant which collapsed the Boiko Borisov prime minister government in the month of February 2013. The value of $1 refers to as 1.7460 leva. Reuters reported that Bulgaria is going to provide excellent incentives for introduction of general subsides for photovoltaic parks and wind power farms. They also challenged that they will meet the requirement of renewable energy share before EU target year 2020.
NEK who is known as the public power provider will not be permitted to buy power at these special prices as per the amendments from the heating plants which cannot able to prove their energy effeiciency. The rise of renewable energy includes various factors such as high cost on long-term agreements on power purchase, incentives and many more which has affected NEK’s to reach 3.3 billion levs. This news was widely spread like a fire in the Bulgaria and people start to talk about this news and talk about incentives on new renewable energy power plant installation. Tsvetelia Tsolova and Angel Krasimirov are the two persons who have reported this news to public. The parliament of Bulgaria will soon appoint the members for energy regulator.
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