The World Bank is to draft a review of the financial state of Bulgaria’s energy sector.

It was asked to provide options to the nation’s Ministry of Energy and Bulgarian Energy Holding (BEH).

The advisory support will be implemented in two phases.

Under the initial phase with BEH, which starts now, the Bank will undertake an objective assessment of the sector’s financial position to propose options for the implementation of the liberalisation of the power market.

The second phase with the Ministry of Energy will focus on preparing a detailed roadmap to explore means to make power services “more affordable to the vulnerable population”.

Tony Thompson, World Bank Country Manager for Bulgaria said: “It is an honour and responsibility for us helping the government to carefully plan and strategically position Bulgaria’s economy back on the growth track.

“The financial sustainability of the energy sector and the liberalisation of the market are key in pursuing a long term growth and shared prosperity for Bulgaria.”

The Bulgarian Government is expected to introduce changes to the energy law by the end of the year.