ENERGY POLICY IN SOUTH EAST
EUROPE
VENELIN TSACHEVSKY
SAPPORO 2012
AIMS OF THE STUDY “ENERGY ECONOMICS IN SOUTH
EAST EUROPE”
• Analysis of the energy characteristics and energy
development of the region
• Review of the energy trends and the energy policy of the
twelve SEE countries
• Development and significance of the nuclear energy
production in SEE
• Trends and results of the regional energy cooperation
• Role of the Energy Community
• South East Europe as a transit corridor for the Europe-bound
exports of oil and natural gas from Russia and the Caspian
region.
• In-depth analysis of the headway achieved in the
implementation of the regional and Pan-European energy
infrastructure projects
• South East Europe’s prospects in terms of energy policy and
development.
TABLE OF CONTENTS
PREFACE
PART I: SOUTH EAST EUROPE AT THE START OF
21st CENTURY
1.
2.
3.
4.
5.
6.
WHICH COUNTRIES CONSTITUTE SOUTH EAST EUROPE?
SPECIFIC PLACE OF THE REGION IN EUROPE
GOVERNANCE AND POLITICAL TRANSFORMATION
ECONOMIC DEVELOPMENT
REGIONAL COOPERATION
PARTICIPATION IN THE EUROPEAN INTERGATION
TABLE OF CONTENTS
PART II: SOUTH EAST EUROPE’S ENERGY
POTENTIAL
1. ENERGY RESOURCES
2. PRODUCTION, CONSUMPTION, IMPORTS AND EXPORTS OF
ENERGY RESOURCES
3. ELECTRICAL ENERGY PRODUCTION
4. NUCLEAR ENERGY
5. OTHER SOURCES OF ELECTRICITY
6. ENERGY MIX AND ENERGY IMPORT DEPENDENCE
7. ENERGY SECTOR OF SEE ECONOMY
TABLE OF CONTENTS
PART III: SOUTH EAST EUROPE’S ENERGY
SECTOR AND ENERGY POLICY
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
ALBANIA
BOSNIA AND HERZEGOVINA
BULGARIA
CROATIA
GREECE
KOSOVO
REPUBLIC OF MACEDONIA
MONTENEGRO
ROMANIA
SERBIA
SLOVENIA
TURKEY
TABLE OF CONTENTS
PART IV: REGIONAL COOPERATION IN THE
ENERGY DOMAIN
1.
2.
EVOLUTION OF THE REGIONAL ENERGY COOPERATION
THE ENERGY COMMUNITY
PART V: REGIONAL ENERGY INFRASTRUCTURE
PROJECTS
1.
2.
3.
4.
SEE AS A TRANSIT ENERGY CORRIDOR
THE BIGGEST OIL INFRASTRUCTURE PROJECTS
THE SOUTHERN GAS CORRIDOR
SOUTH STREAM GAS PIPELINE PROJECT
CONCLUSION
THE BALKAN PENINSULA
SOUTH EAST EUROPE (SEE) COUNTRIES*
* Without Kosovo that is in process of international recognition
COUNTRIES WITH TERRITORIES FULLY OR PARTIALLY
BELONGING TO THE BALKAN PENINSULA
COUNTRY
Albania
Bosnia and Herzegovina
Bulgaria
Kosovo
Republic of Macedonia
Montenegro
Greece
Serbia
Croatia
Slovenia
Romania
Turkey
Italy
Territory situated
within the Balkan
peninsula (%)
100
100
100
100
100
100
84
74
49
27
9
3
0.2
BASIC DATA FOR SEE COUNTRIES (2010)
COUNTRY
Territory Population
GDP in PPP/
GDP per capita
(1000 km2)
(mln
Nominal value in PPP/Nominal
inhabitants)
($ bln)
value ($)
Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Greece
Kosovo
Montenegro
Republic of Macedonia
Romania
Serbia
Slovenia
Turkey
SEE
28.7
51.1
110.9
56.6
131.5
10.9
13,8
25.7
238.4
77.5
20.3
783.6
1549.0
3.2
3.8
7.3
4.4
11.3
2.2
0.6
2.1
21.5
7.3
2.1
72.5
138.3
26.3/11.6
30.2/16.2
90.8/44.8
78.0/59.9
322.5/305.4
4.4/3.2
6.5/3.9
19.3/9.6
252.2/161.6
79.9/38.9
56.3/46.4
960.5/741.8
1926.9/1443.2
7 400/3 700
7 800/4 300
12 800/6 300
17 700/13 700
28 400/27 300
6 600/3 100
10 700/6 000
9 700/4 400
11 900/7 500
10 800/5 200
28 000/23 700
13 500/10 400
13 800/9 630*
SEE share in
Europe (%)
7.7
11.0
5.7/3.7
49.0/35.0**
* Average level
** Percentage of the average level in Europe
Source: National Statistics of the SEE countries; IMF, 2012
GDP PER CAPITA* IN SEE ( Index ЕС = 100 )
Country
2000 2007 2008
2009 2010 2011
Greece
Slovenia
Romania
Bulgaria
Croatia
Turkey
Republic of Macedonia
Montenegro
Serbia
Bosnia and
Herzegovina
84
80
26
28
49
42
27
35
30
20
90
88
42
40
60
45
31
40
33
29
93
91
47
44
63
47
34
43
36
30
94
87
46
44
62
46
36
41
36
31
90
85
47
44
61
49
36
41
34
30
82
84
49
45
61
52
36
43
35
29
Albania
SEE
18
43
23
47
26
50
28
48
28
48
31
50
* Evaluated on Purchasing Power Parity (PPP) basis
Source: Eurostat, GDP per capita in PPS, 2012
SEE COUNTRIES AND EU
• Four countries (Greece, Slovenia, Bulgaria and Romania) are members of
the EU. Their accession has extended the EU boundaries to the Black Sea
and has increased the Union’s policy potential in SEE. The total size of
territory and population of those four countries constitute one-third of
SEE and their gross product accounts for more than 35% of the region’s
volume.
• Croatia has concluded its accession negotiation and has signed the
Accession Treaty. It will join the EU as the 28th member state upon the
completion of the ratification process which is expected to happen on 1
July 2013.
• Turkey is currently conducting accession negotiations with the EU. There
has been specified no closing date. Its membership is uncertain since
some EU member states consider that Turkey should be granted privileged
partner status instead of a full-fledged EU membership.
• Four countries (Republic of Macedonia, Montenegro, Serbia and Albania)
have filed an application for EU membership. Three of them (except for
Albania) have already been granted EU candidate country status. The next
step is the start of formal negotiations on EU membership.
• The only countries that haven’t submitted applications for EU membership
are Bosnia and Herzegovina and Kosovo .
SEE ENERGY PROFILE
• SEE is relatively poor in natural energy resources. Only coal
reserves are larger, whereas discovered oil and natural gas
reserves are small and constantly diminishing as a result of
their exploitation
• About two-thirds of lignite coal deposits are in six countries Kosovo, Turkey, Greece, Bosnia and Herzegovina, Serbia and
Bulgaria.
• Almost 90% of the oil reserves are in Romania, Turkey and
Albania
• About 95% of the natural gas deposits are in Romania, Serbia
and Croatia
• Between 2000-2010, the tendency was toward increasing the
share of oil (4%) and natural gas (3%) in the energy balance at
the expense of the use of coal
• In 2011 oil and petroleum satisfied 33% of energy
consumption, coal 30 %, natural gas 22%, hydro power 6%,
nuclear power 4%, and other sources (biofuel, geothermal,
wind, solar, etc.) 5%.
ENERGY SOURCES IN SEE
(Proven reserves, Production, Consumption, Imports, Exports)
INDICATOR
COAL
OIL
Proven reserves
Share in Europe (%)
Production
Share in Europe (%)
Consumption
Share in Europe (%)
Imports
Share in Europe (%)
Exports
Share in Europe (%)
3326 (1)
15.0
282982 (2)
28.0
321363 (2)
27.0
40797 (2)
15.0
653 (2)
0.2
1284 (3)
3.5
220.3 (4)
2.5
1726.7 (4)
9.5
1783.0 (4)
2.5
469.0 (4)
0.2
NATURAL
GAS
278.5 (5)
7.0
15700 (6)
3.0
66345 (6)
6.0
47075 (6)
8.5
1250 (6)
0.1 (6)
(1) Million tons (2) 1000 tons (3) Billion barrels
(4) 1000 barrels per day (5) Billion cubic meters
(6) Million cubic meters
Source: Compiled by the author on data from the National Energy Statistics of SEE countries, 2012; International
Energy Statistics,U.S. Energy Information Administration, 2012; CIA World Factbook, 2012
NUCLEAR ENERGY IN SEE (2011)
Country
Number of
reactors
Capacity
(МW)
Output
(billion kWh)
Share in
electricity
production (%)
Bulgaria
2
1920
16.3
32.6
Romania
2
1400
11.7
19.0
Slovenia / Croatia
1
730
5.9
43 / 15
SEE
5
4050
33.9
7.4****
SEE share in Europe (%)
2.7*
2.5**
3.0***
* In 2012 the number of functioning nuclear energy reactors in 17 European countries was 186, including 5 in Russia’s territory within Asia. The SEE
share is percentage of the number of nuclear energy reactors in Europe.
** In 2012 the total capacity of NPP in operation in Europe, including Russia, was 162 000 MW. The SEE share is percentage of the total capacity of
NPP in operation in Europe.
*** In 2011 the total electricity production in Europe, including Russia, was 1136.8 billion kWh. The SEE share is percentage of the electricity
production in Europe.
**** Share of nuclear energy generation in the total electricity production in SEE (%).
Source: Compiled by the author from data of the European Nuclear Society (ENS), Nuclear Power Plants in Europe, 2012,
Nuclear Energy Institute (NEI), World Nuclear Generation and Capacity in 2011, Energy Statistics of the SEE countries, 2012.
TOTAL PRIMARY ENERGY SUPPLY IN SEE COUNTRIES
Country
Total
primary
energy
(KTOE)*
Oil
share
(%)
Natu Hydro
ral Share
gas
(% )
share
(%)
Albania
Bosnia and
Herzegovina
Bulgaria
Croatia
R. Macedonia
Montenegro
Serbia
Slovenia
Greece
Romania
Turkey
1717
49.6
0.4
5953
17480
8702
2781
750
14450
6969
29436
34406
97661
23.9
37.1
52.0
35.5
37.0
27.1
35.6
53.3
23.2
29.8
3.0
14.7
29.3
2.4
0
9.6
11.5
10.0
30.6
29.6
Biofuels
and
Waste
Share
(%)
Nuclear
Share
( %)
Coal and
Peat
share
(%)
-
Geother
mal/
Solar/
Wind
Share
(%)
0.2
26.2
13.4
8.6
1.2
7.0
4.1
20.5
6.0
5.6
1.5
12.0
3.2
2.9
3.8
4.4
7.4
5.0
2.0
5.0
3.4
11.2
4.8
20.9
20.7
8.9
-
1.2
0.2
0.4
0.5
0.3
1.9
1.5
0.1
2.2
65.2
37.9
6.2
52.0
37.0
55.0
19.7
28.6
21.4
30.5
4.4
* 2009, in Kilotons of Oil Equivalent (KTOE)
Source: Compiled by the author from data of the National Energy Statistics of SEE countries, 2012; 2009
Energy Balances for the countries in the World, International Energy Agency, 2012; Energy profiles of SEE
countries, Clean Energy Information Portal, 2012.
SHARE OF RENEWBLE ENERGY
(in gross final energy consumption)
Country
2005
2009
2010
Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Greece
Republic of Macedonia
Romania
Slovenia
Serbia
Turkey
SEE
38.0
11.0
9.5
14.5
7.0
11.5
17.6
16.0
7.5
9.0
11
39.5
11.5
11.9
13.2
8.1
12.0
22.4
18.9
8.0
10.0
12
39.5
11.5
13.9
14.6
9.2
12.0
23.4
19.8
8.5
10.5
12.5
EU
9.0
11.7
12.5
*Renewable Energy Sources (RES) cover solar thermal and photovoltaic energy,
hydro (including tide, wave and ocean energy), wind geothermal energy and
biomass (including biological waste and liquid biofuels)
** Author’s assessment from data of the Energy National Statistics.
Source: Eurostat, June 2012.
ENERGY DEPENDENCE* OF SEE COUNTRIES
COUNTRY
Bulgaria
Greece
Slovenia
Romania
Croatia
Republic of
Macedonia
Turkey
Bosnia and
Herzegovina
Albania
Montenegro
Serbia
Kosovo
SEE
2000
46.5
69.5
52.5
22.0
53.0
2005
47.5
68.5
52.0
27.5
58.5
2008
52.0
73.5
55.0
28.0
60.0
2009
45.34
68.0
48.0
20.0
51.0
2010
40.5
69.0
49.0
22.0
52.0
40.5
66.0
43.5
72.0
46.0
72.0
45.0
70.5
44.0
69.0
30.0
25.0
34.0**
34.0**
30.0
55
32
28.0
42.0**
35.0**
32.0
62
36
30.0
52.0
36.0
32.0
65
34.0
28.0
51.5.
36.0
34.0
60
33.0
27.0
51.3
37.0
35.0
60
* Energy dependence shows the extent to which an economy relies upon imports in order to meet its energy needs. The
indicator is calculated as net imports divided by the sum of gross inland energy consumption plus bunkers.
** The data is for the former state Serbia and Montenegro.
Source: Compiled by the author from data of the National Energy Statistics of SEE countries, 2912; Eurostat, Energy
Dependence, 2012.
ENERGY SECTOR IN THE SEE ECONOMY (2010)
• The energy sector’s share in the SEE Gross Product is about 7%. Its share
in the total annual regional investments accounts for 15-16%
• The total turnover of all SEE energy companies is EUR 100 – 120 billion.
Companies from seven SEE countries ranks among the 20 leading energy
companies in the region. Turkey, Greece and Romania provided four
companies each, Bulgaria – three, Serbia and Croatia – two each and
Slovenia – one. As many as fifteen of them operates in the field of oil and
natural gas, the remaining in the electricity sector. Each of them have an
annual turnover of more than EUR 1 billion.
• The top 20 SEE energy companies have a total annual turnover of around
EUR 70 billion.
• The six out of the ten biggest SEE companies in the economy operates in
the energy sector
• The majority of the SEE big energy companies are either affiliates or
having a large investment participation of non-SEE energy companies –
Gazprom, Lukoil, OMV, RWE, Shell, Chevron, MOL, etc.
• Due to the economic recession since 2009 the energy consumption
dropped by one third, the energy imports by one fifth. The investments
decreased more than twice. At the beginning of the present decade the
energy sector is in stagnation or in a slow and unstable recovery
THE BIGGEST ENERGY COMPANIES IN SEE (2010)
Company
Country
Field
Sales (EUR
billion)
1.Tüpraş
2. Hellenuc Petroleum
3. Aegean Marine Petroleum
4. Motor Oil Hellas
5. Public Power Corporation
6. Eüaş Elektrik Üretim A.S.
7. OMV Petrom SA
8. INA Industrija Nafte
9. Lukoil Neftochim Burgas
10. Petrol Group
Turkey
Greece
Greece
Greece
Greece
Turkey
Romania
Croatia
Bulgaria
Slovenia
Petrol/natural gas
Petrol/natural gas
Petrol/natural gas
Petrol/natural gas
Electricity
Electricity
Petrol/natural gas
Petrol/natural gas
Petrol/natural gas
Petrol/natural gas
10.8
8.5
7.5
6.2
5.8
4.5
3.6
3.3
2.8
2.5
Source: Compiled by the author from data of the National Energy Statistics of SEE countries, 2012
THE ENERGY COMMUNITY
ENERGY COMMUNITY
(BASIC INFORMATION)
•
•
•
•
Energy Community Treaty was signed on 25 October 2005 and entered into
force on 1 July 2006
Institutions: Ministerial Council; Permanent High Level Group; Electricity, Gas,
Oil and Social Forums; Energy Community Regulatory Board; Energy Efficiency,
Renewable Energy, Environment and Regional Energy Strategy Task Forces;
Secretariat
Membership: 28 countries, incl. Albania, Bosnia and Herzegovina, Republic of
Macedonia, Serbia, Croatia, Montenegro, Kosovo (contracting parties), Greece,
Slovenia, Bulgaria, Romania (participants) and Turkey (observer)
Aims:
– create a stable regulatory and market energy framework capable of
attracting investment in gas networks, power generation, and transmission
and distribution networks
– create a single regulatory space trade in Network Energy
– enhance the security of supply of the single regulatory space
– improve the environmental situation in relation to Network Energy and
related energy efficiency, foster the use of renewable energy, and set out
the conditions for energy trade in the single regulatory space
– develop Network Energy market competition on a broader geographic scale
and exploit economies of scale
THE ACHIVEMENTS OF THE ENERGY COMMUNITY (2006 – 2012)
•
•
•
•
•
•
•
Adoption of a Common Energy Community Framework Program prescribing
measures for adaptation and implementation of the acquis, liberalization of the
electricity and natural gas market and establishment of a trans-national energy
market in SEE region.
Progress in the implementation of Directive 2001/77/EC on the promotion of
electricity production from RES in the internal electricity market, Directive
2003/30/EC on the promotion of the use of bio fuels or other renewable fuels for
transport, Directive 2003/54/EC on the creation of a single electricity market,
Directive 2003/55/EC on the creation of a single natural gas market, Directive
2004/67/EC concerning measures to safeguard security of natural gas, Regulation
1775/2005/EC on conditions of access to the natural gas transportation networks,
etc.
Adoption of a list of 10 major Energy Investment Projects in SEE. Another 22
projects are carried out with the technical assistance within the Western Balkans
Investment Framework (2010).
Proposal of the Gas Ring Concept providing for an increase of the share of the
natural gas in the power generation mix and a help for the Western Balkan
countries to comply with their environmental obligations in the context of the
Common Energy Community framework (2010).
Adoption of the EU’s third internal energy package including rules on unbundling,
certification of the transmission system operators from third countries and
clarification of the Energy Community institutions’ role in their implementation
(2011).
Adoption of a Plan for Gas Infrastructure Development (2011)
Initiative for adoption of Comprehensive long term energy strategy (2011)
THE GAS RING IN THE WESTERN BALKANS
RUSSIA’S SHARE IN THE OIL AND NATURAL GAS IMPORTS OF SEE
COUNTRIES (2010)(in %)
Country
Albania
Bosnia and Herzegovina
Bulgaria
Croatia
Greece
Republic of Macedonia
Montenegro
Romania
Slovenia
Serbia
Turkey
Crude oil
20
100
100
60
40
60
65
35
20
70
35
Natural gas
100
100
96
57
100
90
100
47
99
46
ROUTE OF
NABUCCO AND NABUCCO WEST PIPELINES
KEY FACTS ABOUT NABUCCO WEST
• Participant countries: Turkey, Bulgaria, Romania,
Hungary, Austria, Germany
• Route: From the Turkish – Bulgarian border across
Bulgaria, Romania and Hungary to Austria
• Length: 1 300 km
• Capacity: 10 - 16 billion cubic meters of natural gas
per year
• Cost: EUR 5 billion
• Phase of implementation in mid-2012: In
preparation
• Construction period: Second half of 2013 - end of
2017
ROUTE OF THE TRANS – ADRIATIC GAS PIPELINE
FROM GREECE TO ITALY
KEY FACTS ABOUT TRANS-ADRIATIC PIPELINE
• Participant countries: Greece, Albania, Italy,
Switzerland, Norway, Germany
• Route: From Thessaloniki in Greece through Albania
and across the Adriatic Sea to the Italian city of
Brindisi
• Length: 520 km
• Capacity: Up to 20 billion cubic meters of natural gas
per year
• Cost: $ 2.3 billion
• Phase of implementation in mid-2012: In
preparation
• Date of completion: 2017
ROUTE OF THE TRANS-ANATOLIAN GAS
PIPELENE (TANAP)
KEY FACTS ABOUT TRANS-ANATOLIAN PIPELINE
• Participant countries: Azerbaijan, Georgia, Turkey
• Route: From Shah Deniz-II gas field in Azerbaijan
across Turkey to the Turkish – Bulgarian border
• Length: 2 000 km
• Capacity: 16 - 24 billion cubic meters of natural gas
per year
• Cost: EUR 5 - 7 billion
• Phase of implementation in mid-2012: In
preparation
• Construction period: Fourth quarter of 2013 – end
of 2017
ROUTE OF SOUTH STREAM GAS PIPELINE
KEY FACTS ABOUT SOUTH STREAM PIPELINE
• Participant countries: Russia, Italy, Turkey, Bulgaria, Greece,
Serbia, Hungary, Slovenia, Austria, Croatia, possibly Romania,
Bosnia and Herzegovina and Republic of Macedonia
• Route: From Russia across the Black Sea to Varna, through
Bulgaria, Serbia, Hungary, Slovenia and Austria to Northern
Italy. Deviations to Greece, Croatia, Bosnia and Herzegovina,
possibly Republic of Macedonia
• Length: 3 500 km
• Capacity: 16 - 63 billion cubic meters of natural gas per year
• Cost: EUR 16 billion
• Phase of implementation in mid-2012: In preparation
• Construction period: End of 2012 – 2015
ENERGY POLICY STRATEGIC PRIORITIES IN SOUTH EAST EUROPE
(2010-2020)
• Increasing and diversifying the production of the country’s
own energy resources;
• Reducing energy import dependency;
• Energy market restructuring according to the market
principles;
• Increasing energy sector efficiency in conformity with the
environmental requirements;
• Increasing the share of RES in the energy balance;
• Broadening the energy sector cooperation with the countries
from SEE and the EU, participation in regional and European
energy infrastructure projects.
The financial costs related to the national energy strategies
objectives by 2020 amount to EUR 150 - 180 billion.
Up to 2020, the SEE energy sector will require financial resources
in the range between EUR 240 and EUR 300 billion
MAIN OBJECTIVES OF BULGARIA’S ENERGY
STRATEGY BY 2020 - 2030
• Primary energy generation will grow by 10% in 2020 and 16% in 2030
• Energy demand will rise by 7.5% in 2020 and 9.5% in 2030
• The consumption of fossil energy resources and oil will go down, while
natural gas use will increase by 6.7% in 2020 and 15.2% in 2030.
• The nuclear energy consumption will make the most noticeable leap:
14.3% by 2020 and 35.2% by 2030.
• The nuclear power units will account for 22.3% of the generated electricity
in 2020 and for 30% in 2030.
• The electricity consumption will go up respectively by 9% and by 23%. The
production will exceed this rate increasing by 13% and by 32% whereby it
will not only meet the national demand but also allow for a surge in
exported volumes.
• The share of RES in the final energy consumption which was 10.3% in 2005
will climb to 12.7% in 2020 and 13% in 2030. The RES share in electricity
consumption will amount respectively to 10.6%, 16.5% and 16.7%, while in
the transport sector its distribution will be 1.1%, 1.9% and 2.8%
• The energy import dependence will be reduced from 49.5 in 2010 to
45.8% in 2020 and 43.3% in 2030.
SCENARIOS FOR THE DEVELOPMENT OF THE
ENERGY SECTOR IN SEE IN 2010 - 2020
Indicators
Annual growth of energy
production (% )
Foreign investments and
financial aid (billion
euro)
Number of Regional
projects completed
New nuclear energy
capacities
SEE countries having
NPP up to 2020
Nuclear energy share in
gross electricity
production (%)
Coal/Oil/Nat.gas/RES
share in energy
consumption (%)
Energy import
dependence (%)
First (optimistic)
scenario
1.5
Second (realistic)
scenario
1.0
Third (pessimistic)
scenario
0.5
120 - 150
70 - 80
under 50
3 – 4 (incl. South
Stream and Nabucco
West pipelines)
4 reactors in Akkuyu
NPP, 2 reactors in
Cernavoda NPP and
possibly 2 reactors in
Kozloduy NPP
Bulgaria, Romania,
Slovenia, Turkey and
Slovenia - Croatia
(jointly),
10 - 12
1 -2 (incl. South Stream
or Nabucco West
pipelines)
4 reactors in Akkuyu NPP
or 2 reactors in
Cernavoda NPP
none
Bulgaria, Romania,
Slovenia, Slovenia Croatia (jointly), Turkey
Bulgaria, Romania,
Slovenia, Slovenia Croatia (jointly)
8-9
5-6
25/28/25/15
28/30/24/12
32/35/22/10
55 – 58
60
65
none
TOSHIBA’S ENERGY PROJECTS IN BULGARIA (2011-2012)
•
•
•
•
•
•
January 2011: Toshiba and the Bulgarian Energy Holding (BEH) signed a
memorandum for the development of “smart electric grids” in Bulgaria and the
introduction of electric cars based on renewable energy sources.
January 2011: Toshiba announced a project to invest EUR 37.6 million in a 10-MW
solar park near the town of Yambol. The solar park will provide electricity to 2000
households.
May 2011: Toshiba completed a project for the rehabilitation of part of the
production capacity of the largest Bulgarian state-owned thermal power plant
Maritsa Iztok 2. The unit’s life span has been extended by 25 years.
July 2011: Toshiba made a $ 300 million bid to construct a couple of new thermal
power plants in Maritza Iztok with a capacity of 500 MW.
April 2012: During her visit to Japan the Chairperson of the Bulgarian National
Assembly Mrs Tsetska Tsacheva invited Toshiba to join the construction of an
alternative gas power plant at the site of Belene NPP, a project quitted by the
Bulgarian government a month earlier.
August 2012: An agreement was signed whereby the American energy company
Westinghouse will conduct the techno - economic analysis for the construction of
a new unit in the Bulgarian nuclear power plant in Kozloduy. One of the options is
Toshiba, the main investor in Westinghouse, to provide a nuclear reactor with a
capacity of 1 000-1 200 MW.
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