Energy Ministry Reports Increase in Concession Revenue Collection

The collection of concession revenues by the Energy Ministry in the first three months of 2017 improved by 23% compared with 2016, the ministry reported on Thursday, quoted by BNR.

Between January and March 2017, the ministry collected BGN 27,685,218 in concession revenues, accounting for 81.43% of the annual target.

This compares with 58.4% collected in January-March 2016.

The annual target in both 2016 and 2017 is BGN 34M.

At 53%, concession revenues make up the largest portion of revenues collected by the Energy Ministry in the first quarter of the year.

The implementation of all concession contracts signed with the Energy Ministry was reviewed by order of caretaker minister Nikolay Pavlov. Actions were taken to collect overdue concession royalties, interest and penalties, some of which were past due for years.

In the first three months of 2017 the ministry collected 1.1 million leva in interest and penalties, and until February 28 it collected BGN 8M in overdue royalties.