Bulgargaz demands emergency meeting over Toplifikacia Sofia debt

Bulgargaz, the state-owned gas supplier, has requested an urgent meeting with Sofia Mayor Vasil Terziev to address the mounting debt of Toplifikacia Sofia, which has exceeded 900 million euros. The request comes as the heating season begins and negotiations for a new natural gas supply contract for 2027 are underway.

Bulgargaz reports that Toplifikacia Sofia has systematically failed to adhere to agreed payment schedules. The gas supplier has requested comprehensive financial data, including revenue from electricity sales via the Bulgarian Independent Energy Exchange, an updated repayment schedule through the 2026/2027 pricing period, and a 13-week cash flow forecast. Despite a deadline of October 22, the requested information has not been provided.

Concerns have been raised regarding the company's liquidity and its ability to cover both current deliveries and existing obligations. Local observers have noted that the debt increased by 350 million euros in a single year, prompting discussions regarding potential solutions such as nationalization or a concession model to ensure continued heating services for Sofia's households, schools, and hospitals.