Bulgaria is not making payments under its contract with Botas, the state-owned Turkish gas importer.
That’s according to Alexander Nikolov, a former energy minister, who explained that invoices related to the agreement are not even being recorded as liabilities.
“In the run-up to elections, many people are competing to say how much money we pay each day under this contract. These invoices aren’t even being accounted for. In 2024, a former minister confirmed that Bulgargaz hasn’t been paying since then. Like every problem, it’s being swept under the rug and left as a time bomb to explode in the hands of those who follow, with someone always appearing to be the savior guaranteeing stability,” Nikolov said.
He believes the current structure of the contract with Botas is unsustainable, suggesting a renegotiation is needed—one that moves beyond “simulated meetings and statements” that have characterized discussions in recent years. Nikolov acknowledged Turkey’s role as a partner in helping Bulgaria balance its energy system, particularly during periods of instability, including after the start of the war in Ukraine.
“The question is whether Bulgargaz can afford to sell natural gas at a loss to satisfy the current demands of those in power to artificially maintain prices well below the levels they have secured—through their competence or incompetence,” Nikolov stated.
He suggested that a lack of trust in institutions, including the energy regulator, is contributing to a reluctance among citizens to challenge their utility bills.
“Because of this, people prefer to ask questions on social media and use official media outlets to create the necessary pressure and oversight and to hold the relevant leaders or regulators accountable,” Nikolov said.
Nikolov said the investigations launched by the energy regulator are logical and well-founded.
“I expect they will reveal that there is certainly no distortion in the ‘price’ component,” he added.
Bulgaria is currently one of the largest importers of electricity per capita in the European Union, Nikolov emphasized.
He believes the construction of units 7 and 8 at the Kozloduy Nuclear Power Plant is a realistic prospect within the next 10 years.
“The energy sector is deliberately being kept in the dark because, if it were illuminated, many unpleasant things would come to light,” the former energy minister concluded.
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