The objective of the reform is to improve the transparency and competitiveness of state-owned companies in the energy sector. The measure shall consist in separation of ownership and control within the State of the two transmission systems operators for natural gas and electricity (i.e. Bulgartransaz EAD and ESO EAD) from the corporate structure of the Bulgarian Energy Holding EAD. In addition, an independent audit report shall be submitted to the European Commission, presenting a detailed assessment on market compliance of cross subsidisation between state-owned or state-controlled energy undertakings in relation to power production from coal, if any occurred, including any transfers of capital among separate activities and among undertakings of the same group in relation to power production from coal. The report shall be submitted annually, in relation to the previous calendar year. The implementation of the reform shall be completed by 31 March 2024.
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