The Bulgarian government has decided to terminate the contract with one of the US-owned Thermal Power Plants...

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The long-term contract expires in 2024. According to the government, however, there are indications that the investment in the company has already been paid off. The US company is suing the National Electricity Company.

The government is launching negotiations to end one of the long-term power purchase contracts at US-based KontourGlobal Maritza East 3, the government press office said on September 10. The decision was taken at a cabinet meeting today. According to it, Deputy Prime Minister Tomislav Donchev, Finance Minister Vladislav Goranov and Energy Minister Temenuzhka Petkova are authorised to negotiate on behalf of the state.

The long-term contract expires in 2024. According to the government, however, there are indications that the investment in the company has already been paid off. The US company is suing the National Electricity Company.

The government also decided that the National Electricity Company would stop buying electricity from the US company after the contract was terminated.

The contract with the US company was signed in 2001 and expires in 2024. According to the government, there are indications that the company's investment has already been paid off. The US company did not comment whether they would seek compensation because of the early termination of the contract and whether the company would continue to operate.

So far, ContourGlobal Maritza East 3 has filed a lawsuit against the state-owned National Electricity Company (NEC) for EUR 10 million. According to the company, the funds invested in the renovation of the former state-owned TPP Maritza East 3 amount to BGN 1.5 billion. An interesting detail is that the American company ContourGlobal owns 73% of the thermal power plant, the remaining 27% is owned by NEC.