Energy

The energy market in Bulgaria has undergone significant restructuring due to liberalization, convergence with EU standards, and growth in private investment. NECA is active in the electricity, gas, and heating sectors and has accumulated expertise in the regulatory and competitive mechanisms defining market operation.

The electricity market has seen rapid development through the unbundling of transmission and distribution systems, third-party access to the networks, privatization of generation and distribution assets, and separation of network system operators from suppliers. Opportunities for private investment abound, and NECA is uniquely positioned to advise clients operating at all points of the value chain - distribution, transmission, and generation, including thermal, nuclear, and renewable energy sources. NECA acted as the regulatory and market advisor to Enel, Dalkia, Ener.G and other major international operators in their bids for the privatization of several TPPs and electricity distribution companies.

The gas distribution network development has been attracting strong international interest, and witnessed a series of hotly contested auctions, with NECA active as advisor to Enel and AMGA on acquiring gas distribution licenses. NECA also supported the state regulator with pre-transaction advice, analysis of other countries' experience in gas distribution licensing and liberalization, and prepared a strategy for the retail gas market development for a World Bank sponsored project.

The district heating sector has also seen significant restructuring in recent years, and several district heating companies have been privatized, with NECA acting as advisor in some of the bids. NECA has expertise in market and specific-plant analysis including valuation of green certificates, demand forecasting, optimization of investments, and ultimately, valuation of the companies.

NECA managing partners have excellent access to key decision makers at major market players and state and municipal authorities, and are well-positioned to lobby and facilitate liaisons at all levels.