Bulgarian Energy Holding EAD

Bulgarian Energy Holding (BEH) is the holding company for a group of companies which are principally engaged in electricity generation, supply and transmission, natural gas transmission, supply and storage and coal mining. BEH Group holds a leading position in the electricity and gas market in Bulgaria and, through electricity exports, in the Balkans. BEH is wholly owned by the Bulgarian state and is the largest state-owned company in terms of total assets in the country. The rights of ownership of the state are exercised by the Minister of Energy. The Group owns the main electricity generation facilities in the country as well as the electricity transmission grid and the gas transmission and transit networks. The Group is also the public supplier of both electricity and gas in Bulgaria and it is therefore a strategically important state company. The Group's market share of Bulgaria's electricity generation was 59% in 2015 when it had an installed electricity generation capacity of 6.3 GW and generated 29.24 TWh of electricity. BEH or its subsidiaries are participating in five international gas pipeline projects, namely the South Stream pipeline and four interconnection pipeline projects between Bulgaria and Greece, Romania, Serbia and Turkey, respectively, which are at different stages of development.