Bulgarian Energy Holding EAD and Toshiba Corporation (Tokyo) today signed a Memorandum of Understanding, under which they will discuss further cooperation in the field of energy and energy efficiency. The potential future relationship between the parties includes closer cooperation in energy generation, including thermal power, hydro power, nuclear power and solar photovoltaic power, and increasing the efficiency of power transmission and distribution through the development of smart grids.
In the near term, Toshiba has confirmed they will construct a 10 megawatt photovoltaic power plant near the southeastern city of Yambol, worth 37.6 million euro. This dispelled rumors that Toshiba and the Japanese government would cooperate on a $1.2 billion solar power station, which would've been one of the world's largest. Toshiba will also work to develop and introduce electric cars in the region, perhaps equaling 20% of all cars on the road.
Bulgarian Energy Holding (BEH) is a 100% state owned company with approximately 21,000 employees and over 4 billion US dollars in net sales (5.8 billion BGN).
The Memorandum of Understanding (MOU) signing was attended by Mr. Traicho Traikov, Bulgaria’s Minister of Economy, Energy and Tourism, who is in Japan with a Bulgarian delegation led by the Prime Minister, and who visited Toshiba today to mark completion of Toshiba’s work in the rehabilitation of Maritsa East 2 Thermal Power Plant project.
The holding includes companies specializing in electricity generation and transmission, mining, and gas transmission and public supply, such as Mini Maritsa Iztok EAD, Maritsa East 2 TPP EAD, Kozloduy NPP EAD, NEK EAD, Electricity System Operator EAD, Bulgargaz EAD, Bulgartransgaz EAD and Bulgartel EAD.
Electricity in Bulgaria is currently generated mainly by thermal power and nuclear power, and exports surplus electricity to neighboring countries. Following its accession to the EU in January 2007, the country has promoted a program of mitigating climate change by streamlining existing power plants to raise operating efficiency and by promoting increasing use of renewable resources. It has also introduced a feed-in tariff to encourage homeowners and businesses to install renewable power generation equipment, such as solar power.
Toshiba Group and BEH have a long standing business relationship that includes equipment for the Chaira hydro power plant and rehabilitation of the Kozloduy nuclear power plant and Maritsa East 2 thermal power plant.