Sweden - Southeast Europe News Site

Sweden - Southeast Europe News Site


to the news site of the Chamber of Commerce for Sweden - Southeast Europe in cooperation with Business Sweden and Governments and Organisations in SEE.

Shocked Investors: New Law Shatters Bulgaria's Renewable Energy Sector

BulgariaPosted by Chambers of Commerce Sweden - Southeast Europe Tue, May 24, 2011 21:32:03
Bulgaria's newly adopted Renewable Energy Act contradicts the Constitution and EU law, and will shatter the country's energy future, according to the BulgarianWind Energy Association. "Instead of encouraging the development of renewable energy in Bulgaria the new law is practically creating conditions for the complete freeze of the industry, and will have very severe consequences in the near future," the statement says.

The wind energy investors argue the law violates the Constitution and EU regulations by introducing post-dated measures regarding investment projects under development, which "undermines the trust in Bulgaria as an investment destination." "What is more, while EU directives stipulate that RE projects must get a priority access to the power grid, the law places RE behind all other kinds of energy. For example, it places limits on renewable energy sources that do not exist for any other conventional energy source," the investors complain. Read the full Novinite article here.

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