NEWS

President Rumen Radev: Improving Energy Connectivity in Southeast Europe Is key to Lowering Electricity Prices in the Region

On the sidelines of the COP29 world climate conference in Baku, the Bulgarian Head of State meets with Azerbaijani President and opens a forum on energy connectivity with Greek Prime Minister
 

Improving energy connectivity in South East Europe is key to lowering electricity prices in the region. This is what President Rumen Radev told Bulgarian and foreign media in Baku, Azerbaijan, where the COP29 global climate forum is being held. The Head of State spoke to the media after a meeting with his Azerbaijani counterpart Ilham Aliyev.
 
Earlier in the day, Radev, together with Greek Prime Minister Kyriakos Mitsotakis, opened a forum in the Bulgarian pavilion at COP29 focusing on energy connectivity between European countries and the promotion of the production and storage of energy from renewable energy sources. In the framework of the event, an intention to accelerate cooperation in this field was declared on Bulgarian initiative, which has so far been supported by Greece, the Czech Republic, Italy, Moldova, the Kingdom of Belgium, Romania and the United Kingdom. Among the participants in the event were also the Ministers of Energy of Bulgaria - Vladimir Malinov, Greece - Theodoros Skylakakis, Belgium - Tinne Van der Straeten, and Moldova - Victor Parlicov, the Deputy Minister of Energy of Azerbaijan Orkhan Zeynalov, the UK Special Representative for Climate Action Rachel Knight and Peter Sztaray, State Secretary for Security Policy and Energy Security at the Ministry of Foreign Affairs and Trade of Hungary.
 
At the core of the expressed intention is the exchange of experiences through enhanced inter-regional cooperation and connectivity in energy transmission, transport electrification and related digital infrastructures, as well as unlocking the potential for innovative technologies, including renewable energy generation and storage and green hydrogen production.

Thanks to the initiative that Bulgaria is offering, we will be able to overcome the situation in Southeastern Europe where electricity prices are much higher than in the rest of Europe, Rumen Radev stressed. In his words, on the one hand, there is a need to expand the capacity of connectivity, and on the other hand, there is a need to transfer green energy from regions where there is significant production of such energy. The Head of State gave the example of countries such as Azerbaijan and Egypt, which have their own projects for the transmission of electricity via underwater cables to Europe.
 
The opportunities are great and we need to use our natural resources faster and in the best way, the President said and gave the example of the large Bulgarian high-mountain dams suitable for the construction of pumped storage hydro power plants similar to the Chaira Pumped Storage Plant. Bulgaria can become a centre for green energy storage for the whole region, the Head of State stressed, adding that whoever holds the key to storing electricity generated from renewable sources also holds the key to sustainable energy.

Bulgaria not only preserves its role as an unavoidable factor in terms of its strategic location, but is also the initiator of a number of important projects that lead to the strengthening of cooperation in the energy sector, President Rumen Radev said and described as extremely fruitful his meetings with President Ilham Aliyev and Prime Minister Kyriakos Mitsotakis. In his words, within the framework of the talks with them and with representatives of other countries at a high political level, such as Turkish President Recep Tayyip Erdogan and Turkish Energy Minister Alparslan Bayraktar yesterday, the possibility was discussed that our country, on Bulgaria's initiative, could actively participate in the transmission of green energy to Europe produced from renewable energy sources in Azerbaijan.
 
During the meeting between Rumen Radev and Ilham Aliyev a binding agreement was signed for the construction of domestic and public gasification in Panagyurishte municipality between the Azerbaijani state gas company SOCAR and the Bulgarian company for copper and other ore mining "Asarel-Medet".

Bilateral relations between Bulgaria and Azerbaijan are developing extremely well, the President said in response to a question from Azerbaijani media reporters after his meeting with Azerbaijani President Aliyev. Rumen Radev pointed out that the cooperation between Bulgaria and Azerbaijan will continue not only in terms of the transmission of natural gas, but also electricity produced in Azerbaijan from renewable sources through Bulgaria and to other European countries.
 
Responding to a question by TASS News Agency, the Head of State expressed hope for a cessation of hostilities in Ukraine as soon as possible, using all possible diplomatic means to restore dialogue and negotiations and seek a peaceful solution in accordance with the UN Charter.

Asked by a Japanese reporter whether he expects a retreat in the US policy regarding the fight against climate change, President Rumen Radev pointed out that the new presidential administration in the United States is yet to be formed and only then could an assessment of the country's climate policy be made.

Earlier today, at the invitation of Greek Prime Minister Kyriakos Mitsotakis, the Bulgarian Head of State took part in an event at the Greek pavilion at COP29, dedicated to the development of the Vertical Gas Corridor and the diversification of sources and routes for transporting additional quantities of gas from south to north.