Minister Iva Petrova: Bulgaria considers energy security from a regional perspective
Cooperation between our countries ensures energy and economic security, resilience and stability of the wider region, said Bulgarian Energy Minister Iva Petrova during the 30th anniversary edition of The Economist's Annual Government Roundtable in Athens. She took part in the discussion dedicated to the potential of Southeast Europe and the Eastern Mediterranean as dynamic energy centres together with her colleagues Stavros Papastavrou – Minister of Environment and Energy of Greece, Michael Damianos – Minister of Energy, Commerce and Industry of Cyprus, Dorin Junghietu – Minister of Energy of Moldova and Osama Mobarez – Secretary General of the East Mediterranean Gas Forum.
“Last year we talked about connectivity, trust and the importance of regional partnerships. Today, our dialogue is transformed into real actions and our ideas – into projects,” Bulgarian Energy Minister emphasised. In her words, it is precisely the ability of states to work together that is the region's strongest competitive advantage in a dynamic geopolitical environment.
Bulgaria always considers energy security from a regional perspective, Minister Petrova stated and, in support of her words, highlighted the development of the Vertical Gas Corridor, a strategic project based on the already existing cooperation at the highest level carried out in the region, the Southern Gas Corridor. “Only a few days ago, Bulgaria put into operation the first completed looping Kulata-Kresna, which opens the way for increased volumes of natural gas from Greece through Bulgaria to the North,” she said and assured that the looping with Romania, Rupcha-Vetrino, would be ready by the end of this year. Our country applies the same approach to the development of the East-West electricity corridor: “Bulgaria has one of the best grid connections in the region and works bilaterally with all neighbours to increase interconnection capacity.”
Minister Petrova also presented a revolutionary transformation in the field of renewable energy and energy storage. Our country already has 7 GW of installed solar capacity, supported by 4 GW of battery energy storage systems, and is developing an ambitious portfolio of pumped-storage hydropower plants. “These investments make Bulgaria a virtual energy hub capable of using its infrastructure, connectivity and growing capacity for the benefit of the resilience of the whole region,” the Minister stressed.
The energy ministers of Bulgaria, Greece, Cyprus and Moldova agreed that energy security can no longer be considered in isolation – it is directly linked to both national security and regional economic stability. During the discussion, they shared the common understanding that deepened regional cooperation is a prerequisite for sustainability in the face of contemporary challenges.
During her visit to Athens, Minister Iva Petrova held a meeting with her Moldovan counterpart Dorin Junghietu. They discussed the development of bilateral cooperation in the energy sector, the current situation on energy markets, and consumer protection mechanisms. In this context, they exchanged good practices to limit the impact of energy prices on households and businesses.
