Sofia Echo reported that Bulgaria's energy industry, the most strongly regulated sector in the country, continues to be the most profitable business for the state, financial reports by power companies for the first half of 2011 show.

Bulgaria's Electricity System Operator, which manages the country's energy grid, recorded a rapid growth in earnings in the period because of higher prices of electricity and increased exports.

Its revenue jumped by 40% in the first half, while the profit ballooned by 1300% to more than BGL 91.6 million. The Kozloduy nuclear power plant was also among the state owned companies to see a rise in profit, which jumped 70% to BGL 106 million.

The National Electricity Company and coal fired power plant Maritsa East 2 registered declines in their first half earnings, but their profits remained above BGL 45 million.

The country's gas transmission system operator Bulgartransgaz report a positive operating result in the period, but the net result was negative due to currency differences.

(Sourced from www.sofiaecho.com)