Over 900 million euros in debt: Bulgargaz demands crisis meeting with Sofia's mayor

State gas supplier Bulgargaz has asked Sofia Mayor Vasil Terziev for an urgent meeting next week. The reason is the debt of the municipal district heating company Toplofikatsia Sofia, which according to Bulgargaz now exceeds 900 million euros, 24 Chasa and Mediapool reported. The company has repeatedly failed to meet the agreed repayment schedule and pays only very small amounts, it said. Ahead of a new supply contract for 2027, Bulgargaz requested by Oct. 22 information on the company's financial and liquidity position, its revenue from electricity sales, an updated payment plan to the end of the 2026/2027 price period and a 13-week cash-flow forecast. The data were not received.

Bulgargaz considers the lack of basic financial information in the middle of the heating season unacceptable and demands concrete commitments "backed by secured financing". Toplofikatsia Sofia told 24 Chasa that its limited liquidity does not allow current and accumulated debts to be paid off at once; it pays within its available means, which largely depend on price decisions of the regulator KEVR. According to Mediapool, several hundred households in the Iztok, Mladost and Druzhba districts have also been without hot water for about two months because of breakdowns.