Изследване на ликвидния риск на „Електроенергиен системен оператор“ ЕАД (30.06.2018 – 30.6.2023 г.)
Research of the Liquidity Risk of the Electricity System Operator EAD (30.06.2018 – 30.06.2023)

Summary/Abstract: The liquidity risk of the "Electricity System Operator" EAD represents the danger of the impossibility of timely and full payment of current liabilities. It arises as a result of the lack of complete control over the factors of short-term investing and financing and operations. It embodies the threat to the ability to realize the current assets - mainly inventories and trade receivables, as well as the uncertainty of the repayment of monetary debts in a short period. The mentioned risk is intensified against the background of the transition from fossil fuels to renewable energy sources, the decentralization of production and the significant fluctuations of supply and demand. In research is necessary to integrate the conventional methods of quantitative analysis of financial statements with the expert knowledge, experience and intuition of the interested persons. It requires the introduction of a supervised approximation based on the capabilities of fuzzy sets and mathematical operations with them. Thus, as a result of soft computing modeling, the liquidity risk assessment of the "Electricity System Operator" EAD for the period 06.30.2018 - 06.30.2023 is defined as moderate with a smooth upward trend, followed by a pronounced decline. It reached a peak towards the end of 2021 and after a slow decline “breaks through the floor” towards the end of the month of June 2023. It formed a significant variation during the mentioned period. In practice, after the beginning of 2022, it starts to normalize.

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