In 2024 Bulgaria’s electricity sector faced significant challenges, with a sharp decline in exports and a rise in domestic consumption. The country’s energy production decreased by 5% compared to the previous year, largely due to reduced output from coal-fired thermal power plants. However, renewable energy sources, particularly solar power, saw notable growth. Despite producing record…
Businesses in Bulgaria remain on high alert, described as “code yellow”, due to persistently high electricity prices. Vasil Velev, Chairman of the Board of the Association of Industrial Capital (AIKB), stated that protests had been postponed following assurances from parliamentary groups. They have pledged support for legislative provisions that would empower the Ministry of Energy…
A recent survey within Bulgaria’s financial sector reveals a growing concern among businesses regarding employment levels, with many expecting a decline in new hires. The survey, which includes representatives from commercial banks, investment intermediaries, pension insurance companies, and management firms, highlights a shift in sentiment compared to previous reports. While 53% of financial intermediaries expect…
Several banks in Bulgaria have recently announced changes to their fees, particularly for cash withdrawals and deposits. These adjustments, which were communicated to customers in advance through their websites and notifications, would take effect on various dates. Customers have been informed at least two months ahead of time, as required by law, about the upcoming…
Foreign Minister Ivan Kondov has expressed optimism about the potential abolition of US visas for Bulgarian citizens. In a written response to MP Martin Dimitrov, Kondov outlined the progress and challenges in meeting the criteria for inclusion in the US Visa Waiver Program. The minister noted that Bulgaria must achieve a visa refusal rate of…
Azerbaijan has temporarily suspended natural gas supplies to Bulgaria, as announced by Bulgargaz. The interruption, which began on January 7, was attributed to technical issues. According to Bulgargaz, the supplier notified them of the disruption on January 6, with expectations that deliveries would resume until January 11. In response to the suspension, Bulgargaz swiftly arranged…
Petar Ganev, a senior researcher at the Institute for Market Economics, stated that it was highly likely Bulgarians would begin making payments in euros starting from January 1 next year, despite the political turmoil in the country. He emphasized that the economy was expected to meet the necessary criteria within a few days, predicting that…