Minister Petrova stressed that the agreement with BOTAŞ played an important role in ensuring the security of gas supplies at a time of unprecedented uncertainty in European energy markets.

Opportunities for deepening cooperation in the field of energy connectivity were also discussed during the meeting, including the development of regional energy corridors, which are key for diversification of supply and strengthening energy security in Southeastern Europe.

The dialogue between the Ministry of Energy of the Republic of Bulgaria and the Ministry of Energy and Natural Resources of the Republic of Türkiye is constructive and focuses on solutions that protect mutual interests and contribute to higher security of supply in the region.

The meeting was attended by Deputy Energy Minister Kiril Temelkov, the CEOs of Bulgartransgaz, Bulgargaz and ESO – Vladimir Malinov, Veselin Sinabov and Kiril Georgiev.

“Today we can celebrate the fact that the Forum has established itself as a platform for dialogue and partnership. The fact that new countries and organizations join the initiative every year shows how important joint decisions are in a world where sustainable development and economic growth increasingly depend on our ability to work together,” Minister Petrova emphasized. She noted that Bulgaria has a natural role in this process as a country that consistently works to strengthen energy, transport and digital connectivity in the region.

The Minister of Energy emphasized the importance of energy security as a prerequisite for stability: “The global challenges of recent years have reminded us of the high cost of dependency. Connectivity between countries, diversified sources and routes and modern infrastructure are much more than projects. In addition to energy security, they are a factor in economic resilience and the ability of entire regions to be competitive. The reason – capital follows security, and security follows infrastructure.”

As examples of practical solutions of regional importance, she highlighted the development of the Vertical Gas Corridor and the Green Energy Corridor initiative between the Caspian region and Europe. It is such projects that provide a real response to modern challenges and create prerequisites for a new energy architecture.

“The next decade will belong to economies that manage to be both connected, predictable and competitive. This is where the new opportunities for growth will focus,” stressed Minister Petrova. She expressed confidence that the forum would be a catalyst for new partnerships, investments and projects with a lasting contribution to the economies in the region.

The Third AmChams Regional Economic Summit (ARES) is held under the auspices of the Ministry of Economy and Industry and the Ministry of Innovation and Growth, as well as with the institutional support of the Ministry of Energy and the Ministry of Foreign Affairs of the Republic of Bulgaria.

On 25 and 26 June 2026, Sofia welcomed over 300 business leaders from the so-called ARES Super Region, covering 17 countries in South-East Europe, Central Asia and the Eastern Mediterranean. The organisers and partners aim to build on the achievements of the previous two editions held in Istanbul (2024) and Athens (2025).

According to Dr. Gancheva, small modular reactors are increasingly seen worldwide as a promising addition to the future energy mix. They offer flexible opportunities not only for electricity generation, but also for industrial heat, hydrogen production, district heating and the development of new technological ecosystems.

“The successful deployment of any modern nuclear technology is much more than engineering; it requires strong institutions, a predictable regulatory framework, sustainable funding mechanisms, public trust and highly skilled staff,” Dr. Gancheva emphasized.

In this context, Bulgaria pragmatically approaches the possibilities for the deployment of small modular reactors. We have more than fifty years of experience in nuclear energy, which plays a central role in our energy security, our economic development and our position as a reliable electricity producer in the region. 

Dr. Gancheva also focused on the key role of universities and research institutions for long-term leadership of Bulgaria in sustainable, competitive, carbon-free electricity generation: “The development of future engineers, economists, energy experts and regulators is just as important as technology itself,” she said, adding that Bulgaria's ability to remain a leader in nuclear energy will depend on the strength of human capital.

Deputy Minister Gancheva also focused on the work of the Ministry of Energy on a new long-term energy strategy. “Our objective is clear: ensure energy security, affordability, competitiveness and successful decarbonisation, while maintaining a balanced and technology-neutral approach. Nuclear energy will continue to be an essential part of this process,” she concluded.

Photos: University of National and World Economy 

The focus of the hearing was the reform to improve the corporate governance of state-owned enterprises in the energy sector, including the restructuring of the Bulgarian Energy Holding. “It is not just an administrative decision or a formal implementation of a stage or target of the Recovery and Resilience Plan. Our goal is to find the best option for a sustainable future for the Maritsa Iztok Complex,” Minister Petrova firmly stated.

According to her, a financial, investment and business plan will be prepared shortly, taking into account the effects on energy security, the regional economy and national interests. The development of the integrated concept for the complex will be carried out in close coordination with the trade unions and the National Assembly, and the consultation process with all stakeholders will run in parallel.

“We have a Roadmap to clarify most details by early August. In this process, we are also intensively talking with the trade unions, because their feedback is very important for us,” added Deputy Minister Temelkov, taking into account the short deadlines that require parallel work on the different dimensions of the reform.

Minister Petrova also presented the progress in the implementation of the investments from the Recovery and Resilience Plan. These include the household support programme for renewable energy which 1,500 households benefited from, as well as energy-efficient street lighting measures, the digital transformation of the electricity grid and electricity storage projects. The Minister highlighted the disbursement of RRP projects totalling close to EUR 1 billion as a major challenge in the coming months.

The MPs were also acquainted with the legislative initiatives prepared by the Ministry of Energy related to the transposition of European directives in the field of renewable energy and energy efficiency.

“The reform is an important step in the context of a comprehensive integrated concept for the Maritsa East Complex. It is extremely important for the energy and economic security and competitiveness of the country,” Minister Petrova stressed. It also includes a commitment to prepare a business, financial and investment plan for the complex, as well as coordination of the documents with the nationally represented trade unions. In this context, Petrova informed that the initial frameworks of the concept have already been presented to an industry council initiated by the Ministry, which has undergone a constructive dialogue.

The government approved changes to the electricity price compensation mechanism in support of the energy-intensive industry. “The decision makes the compensatory programme, which is essentially a programme to support competitiveness and investment in the Bulgarian economy, effective,” the Minister of Energy said. The scheme will be financed through the Electricity System Security Fund and is budget neutral. It will promote investments in decarbonisation and energy efficiency.

Compensation for energy-intensive electricity users over a three-year period starting on 1 July 2025 is set at EUR 334 million, with EUR 124 million for the first year.

Minister Petrova also informed of an approved derogation for certain supplies to Kozloduy NPP. The plant will be able to import iron and steel products from Russia for the implementation of the plant's repair programs. The derogation shall be granted for a period up to the expiry of the contracts.

This was said by the Minister of Energy Iva Petrova, who participated in the panel dedicated to the pillars of energy security in the context of the current geopolitical challenges within the Sixth edition of the Green Transition Forum. The event in Sofia gathered more than 7,000 participants, 450 speakers from 37 countries, who held discussions on sustainable development and economic transformation.

According to the Minister of Energy, an essential part of security is the affordability of energy supplies, a fact that is equally important for households and businesses alike.

“The transition has its price,” says Iva Petrova. According to her, we have already made serious investments, but they are not enough to sustain the economic and sectoral transition.

“To keep up, we need to secure massive investments – EUR 660 billion per year between 2026 and 2030 and around EUR 700 billion per year from 2031 to 2040 at Community level. This represents a significant increase compared to the annual average of €250 billion observed in the previous decade,” the Minister stated.

In her words, in this context, public funds should not be used as the main source of financing, but as a strategic lever to attract private investment.

According to Iva Petrova, Bulgaria is an example of a successful model for energy transition.

“We are consistent in our drive to have a diversified energy mix. We rely on nuclear energy, we make efforts to use local energy sources and, of course, we appreciate the involvement of coal. The Bulgarian transmission systems – for both gas and electricity – are some of the best interconnected in the region, and our transmission operators are fully active participants in all projects for regional green energy corridors,” said Minister Petrova.

This is the reason why we are actively negotiating with the Ministry of Energy of Azerbaijan to expand the scale of this cooperation. The Green Energy Corridor (AGTB) is a logical step in this direction, because connectivity and diversification are the two key factors in ensuring energy security in the region.”

This was stated by Deputy Minister of Energy Kiril Temelkov during the traditional Energy Forum in Baku. The event takes place within the framework of the 31^st edition of Energy Week in the Azerbaijani capital – one of the largest and most prestigious platforms for global energy dialogue. The ministerial plenary discussion was entitled International Cooperation for a Sustainable and Diversified Energy Future and was also attended by Cristina Borrero, Director for Energy Security at the European Commission’s Directorate-General for Energy.

“Bulgaria plays a strategic role in strengthening regional energy connectivity,” Mr. Temelkov firmly stated.

Minister Temelkov highlighted the key importance of the Green Energy Corridor: “The project, initiated as early as 2024 by Presidents Radev and Aliyev, will expand the opportunities for renewable electricity transmission and trade between the two regions. We are working intensively on its implementation and plan to start a preliminary feasibility study this year together with our partners from Azerbaijan, Türkiye and Georgia.”

The Deputy Minister highlighted the importance and active role of Bulgaria's East-West electricity corridor: “This is a large-scale regional connectivity project covering the countries of the Balkan and Apennine Peninsulas. It will also create even better prospects for the future implementation of the Green Gas Corridor (AGTB), connecting the Caspian region with electricity grids in Southeast Europe. Projects such as these are crucial in the context of better use of the potential for renewable electricity generation in individual countries, including the significant potential of the Caspian region.”

According to Mr. Temelkov, sustainable energy transition requires parallel development of infrastructure, energy storage facilities and low-carbon technologies: “Bulgaria will continue to build on and support investments in this aspect, because it is the diversification of energy production and distribution that creates prerequisites for a high level of energy independence, security in the region, reliability and affordability of energy for society.”

In Baku, Kiril Temelkov also spoke with the Deputy Minister of Energy of the Republic of Azerbaijan Orkhan Zeynalov. Both sides reaffirmed their commitments to the next steps in the implementation of the Green Energy Corridor (AGTB): initiating an intergovernmental agreement between the four countries along the project route and preparing a detailed roadmap for its preparation and implementation.

The Deputy Minister also held a meeting with the Azerbaijani state-owned company SOCAR. The talks focused on the deepening of regional cooperation and the opportunities for implementation of joint projects of mutual interest.

In her opening speech during the sixth edition of Re-Source Southeast 2026, Minister of Energy Iva Petrova outlined the integration of RES, the modernization of the electricity grid and the effective regional cooperation as main accents in the significant transformation of the energy sector in Bulgaria.

This year's edition of the forum is dedicated to the revolution in energy storage systems and innovative models in the corporate supply of renewable energy in Southeast Europe.

“The scale of the transformation of the energy sector in Bulgaria is enormous. The role of renewable energy is growing, from technologies considered ‘alternative’ to those already prevalent in Bulgaria’s energy mix,” the Minister of Energy stated.

According to her, modernising grids is key to a successful transformation: “If we do not want to compromise on security and affordability of supply, we need grids,” said Minister Petrova.

Special emphasis was also placed by Minister Petrova on ensuring a stable and updated regulatory framework.

“Bulgaria is located in a region where cooperation and connectivity are of paramount importance for energy independence and secure energy supply for businesses and citizens,” concluded the Minister of Energy and thanked the organizers of the forum for helping to deepen regional cooperation.

This was announced by Deputy Energy Minister Kiril Temelkov after the conclusion of a quadrilateral meeting in Istanbul. It took place in the framework of the INRES 2026 Forum. This year's Second Natural Resources Summit was held under the motto Energy and Natural Resources at the Core of a Changing World under the auspices of the Ministry of Energy and Natural Resources of the Republic of Türkiye and with the participation of President Recep Tayyip Erdoğan.

In Istanbul, the Deputy Minister of Energy also participated in a panel discussion on the challenges and opportunities for the energy transition.

“Speaking about security of supply: connectivity and diversification are key factors in achieving this. Equally important are energy affordability and the decarbonisation of the sector,” Deputy Minister Temelkov stated in his speech.

In his words, a balanced approach requires the use of both reliable and environmentally friendly solutions.

“A precise and reasoned combination of different energy sources – nuclear, gas, hydropower, wind and solar – must be made. In formulating our common goal of security, reliable supply and affordable prices, we must make it very clear that grid connectivity is a leading factor in achieving it. It must be designed in such a way that allows each country to use its available energy resources in the most pragmatic and efficient way, and connectivity between countries will help us share it effectively and achieve socio-economic advantages for our societies,” Mr. Temelkov added.

This year’s forum is being held under the motto "Energy and Natural Resources at the Heart of a Changing World".

The event is taking place under the auspice of the Ministry of Energy and Natural Resources of the Republic of Türkiye, with the participation of the country’s President, Recep Tayyip Erdoğan.

Representing Bulgaria at the forum are Minister Iva Petrova and Deputy Minister Kiril Temelkov.