Minister of Energy Traycho Traykov and Deputy Minister Teodora Georgieva participated in the Delphi Economic Forum, which is taking place in Delphi, Greece.
Minister Traykov participated in a panel dedicated to energy security infrastructure, where he presented Bulgaria's consistent policy for diversifying supplies and strengthening the energy stability of the region.
Within the framework of the forum, he presented the Bulgarian initiative, supported by Romania, Greece, Ukraine and Moldova, to send a joint letter to the European Commission on the need for strategic support for the development of the Vertical Gas Corridor. The letter emphasizes the essential importance of the project for the long-term energy security of Europe by providing diversified, reliable and competitive routes for the supply of natural gas, including liquefied gas from global suppliers.
The Minister emphasized that 15 years ago Bulgaria was in a situation of complete dependence on one supplier along one route, which led to less favorable price conditions compared to countries with more sources. In response, the country began to purposefully build interconnections with neighboring countries, of which the interconnector with Greece - IGB, providing access to the Southern Gas Corridor, is of key importance, as well as to conclude commercial supply contracts.
According to him, at the moment this route, together with the increased capacity at Sidirokastro, provides an opportunity for further diversification through supplies of liquefied natural gas (LNG) from terminals in the Eastern Mediterranean. The existing long-term contract, negotiated through IGB from Azerbaijan, has initiated the diversification of sources and continues to ensure price stability, protecting them from sharp market fluctuations and geopolitical shocks.
At the same time, Bulgaria is discussing with partners the possibilities of concluding additional agreements for the import of LNG, with the launch of specific negotiations imminent. Minister Traykov also emphasized the development of the southern part of the Vertical Gas Corridor, where the increase in transmission capacity will facilitate the transport of liquefied gas to the north and will create the prerequisites for negotiating more competitive prices thanks to the larger volumes. He noted that together with the European Commission and energy regulators from the region, work is being done to introduce more favorable transit tariffs that will increase the economic efficiency of the route.
The Minister emphasized that Bulgaria is a key factor in the energy security of its partners, both in terms of natural gas and in terms of transmission infrastructure. He also highlighted the country's role in the electricity sector, where targeted investments in energy storage facilities are being made. In this regard, it was stated that new suitable locations have been identified for the construction of pumped-storage hydroelectric power plants, as well as that battery systems with a total capacity of about 10,000 MWh are being implemented, financed under the Recovery and Resilience Plan, with the aim of balancing the electricity system in terms of both prices and frequency stability.
With regard to liquid fuels, Minister Traykov noted that Bulgaria is among the few countries in Europe that produce more fuels than its domestic consumption, which further strengthens its role as a factor for stability in the region.