The countries in Europe have common goals in energy and together we can respond to the challenges. This was said by the Minister of Energy Zhecho Stankov, who participated in the Energy Summit forum, organized by the magazine “Capital“. Among the projects whose development is key to energy connectivity and security, Minister Stankov highlighted the Vertical Gas Corridor and the Southern Gas Corridor in the field of natural gas, as well as the projects for new units at the Kozloduy NPP site, storage systems and the digitalization of the grid in the field of electricity generation.
Earlier in the day, the Ministry of Energy organized a ministerial meeting dedicated to energy connectivity, with the participation of key partners from the region, financial institutions and industry representatives. The discussion is a continuation of the energy connectivity dialogues announced by Bulgaria during the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, which was held in November 2024 in Baku, Azerbaijan.
How to turn the challenges of energy connectivity into real projects that will improve security, raising the competitiveness of European economies to a new level – This was the main issue during the discussions. According to Minister Stankov, the European Competitiveness Compass is an appropriate mechanism that should be used to its full potential.
At this crucial moment for energy connectivity in Europe, coordinated efforts are needed to develop projects not only within the EU, but also with neighboring regions, the Minister of Energy emphasized. The development of these projects is of key importance for both Europe's competitiveness and the living standards of its citizens, he also pointed out.
Energy connectivity is a strategic necessity, not an opportunity, the participants in the meeting agreed. Partnerships between countries in various formats should be used to their full potential for the diversification of energy supplies and flexibility of the system.
Upgrading the regulatory framework is a necessary condition for the implementation of ambitious energy goals. Countries must ensure conditions that do not hinder, but facilitate the development of transnational energy projects. Innovative financial mechanisms will be sought for their implementation.
The participants in the meeting agreed that deepening regional and pan-European coordination on these projects is a key condition for a successful response to the challenges related to energy security and independence.