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Crucial intelligence to understand the changing dynamics of the Bulgarian power market


Bulgaria’s once vertically integrated market is undergoing a liberalisation process, which will increase competition in the market. At the same time, Bulgaria’s large and aging coal fleet is experiencing strong pressure from rising CO2 costs which pushes it into retirement.

Increasing power prices are set to push for a transformation of the Bulgarian power system with market fundamentals favoring competitive technologies such as wind and solar, while nuclear development is also on the table.


Despite the strong RES fundamentals in Bulgaria, the rather unstable political environment creates serious risks to investments in renewable energy projects that will not be supported by subsidies.

Understanding the political landscape for renewables as well as routes to market becomes a vital component to investing, financing, and developing projects in Bulgaria.


Our Bulgarian Power and Renewables Market Service enables you to assess the merchant risks inherent in the renewable space, and guide investment and operational decisions. Our subscribers receive a well-rounded package to manage and mitigate risks; understand the potential of renewables; and market intelligence to make decisions around the key policy and market risks.  Bankable forecasts and analysis are underlined by a high level of interactivity with our team.

We are at the forefront of forecasting the economics of subsidy-free renewables, assessing merchant risks and guiding investment decisions.

What’s included?

Quarterly forecast reports:

  • Wholesale market price forecast along 3 scenarios (Central, High, Low) to 2060
  • Recent market and policy developments
  • Price distributions, peakload prices and capture spark spreads
  • Capture prices for key RES technologies (onshore wind, solar)
  • Capacity development, generation mix, interconnector capacity and flows,
  • All relevant input assumptions (coal prices, gas prices, CO2 price, demand breakdown)
  • Analysis of key sensitivities
  • Data in Excel – all forecast data easily downloadable in Excel format
  • PPA valuation (example of fair price valuation) together with a PPA supply & demand forecast

Interaction with our market experts:

  • Bilateral workshops with our experts to discuss our research and forecasts, and the impacts on your business
  • Ongoing access to expert analysts to address any questions across European power markets
  • Regular webinars to keep you updated with our latest forecasts, along with key changes in policy and the market
  • Discounted tickets for the unmissable Aurora Spring Forum, attended by senior executives from across Europe

Our subscriptions offer comprehensive market intelligence packages for energy market participants. All subscribers get company-wide access to our EOS platform: the energy market’s hub for critical analytics.

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To enquire about our Bulgarian Power Market subscription, please register your details and our team will get back to you shortly.