site.btaExperts Discuss Energy Policy, Crisis at Sofia Forum

The 17th Green and Energy Forum in Sofia, organized by the Manager Magazine, was held at the Inter Expo Centre on Tuesday.

The world is facing its biggest energy crisis due to the closure of the Strait of Hormuz, experts agreed during the event.

Julian Popov, who was minister of environment and water in the Andrey Gurov caretaker cabinet, said that Bulgaria needs to speed up wind power development and add 6 to 7 GW of wind capacity. Popov said several wind power projects in Bulgaria are blocked over what he called "unfounded claims" about the impact of wind turbines on nature, particularly birds. He said Bulgaria would retain its central role in the regional energy market if it builds new wind capacity. Otherwise, capacity will be developed mainly in Greece and Romania, and Bulgaria risks becoming an electricity importer.

Deputy Prime Minister Atanas Pekanov said that Bulgaria will seek a more active policy at the European level in the energy sector, the main priorities being industrial competitiveness and energy security. Pekanov reported that projects under the Recovery and Resilience Plan are already implemented in renewable energy, energy storage, and energy system modernization. The Deputy PM noted that Bulgaria will insist that similar investments be included in the EU's next multiannual financial framework, particularly regarding the modernization of the power transmission grid.

Preslav Raikov, Commodities Trading Manager at Magic Flame Group, said the world is currently experiencing the biggest energy shock in history. He noted that the conflict in the Middle East is now in its third month, affecting economies worldwide. "The impact is also being felt in Bulgaria. Many farmers woke up to fuel prices that are 40% higher, while fertilizers have also become more expensive. This creates uncertainty, and many agricultural producers do not know what their final costs will be," he said.

According to Boyan Rashev, energy expert and founder of the Mind Your Future Platform, the world is in the midst of its biggest energy crisis, although its full effects have yet to be felt because countries are currently relying on reserves. He warned, however, that these reserves could last only until June. "The countries that have long neglected the foundations of the global energy system will suffer the most," Rashev said.

Svetoslav Georgiev, Director of the Geological Institute at the Bulgarian Academy of Sciences, said that, as a net importer of oil, Bulgaria has no choice but to follow global oil prices, with the increase inevitably affecting end consumers.

Plamen Dimitrov, member of the Board of the Bulgarian Geopolitical Society, said the shock from the oil shortage does not yet appear as severe because oil now accounts for a smaller share of global GDP than during previous energy crises.