site.btaDeputy Energy Minister Nenov: Decarbonization Can Increase Competitiveness Only If Managed Well

Decarbonization can increase competitiveness only if it is managed well, said caretaker Deputy Energy Minister Krasimir Nenov at an expert discussion on "Draghi Report: the new economic policy of the EU and the prospects for Bulgaria", which was held at the Hyatt Regency hotel in Sofia on Tuesday. The event was organized by the Green Transition Forum and the Bulgarian Federation of Industrial Energy Consumers (BFIEC).

The caretaker Deputy Minister stressed the importance of the implementation of the electricity market reform, which should lead to lasting benefits for consumers. Nenov said that it depends on the successful implementation of several policies - regional cooperation, application of new technologies and innovative solutions, expansion of interconnection, development of nuclear energy and renewable energy sources. He recalled the projects for the development of the vertical gas corridor, Bulgaria's participation in the liquefied natural gas terminal in Alexandroupoli, the plans for the construction of new capacities at the Kozloduy NPP site, as well as the development and digitalization of the networks, which will allow the connection of new Renewable Energy Storages. "These are just some of the opportunities, the implementation of which is key to ensuring secure and affordable energy to consumers, and the competitiveness of the business will largely depend on their successful development," said Nenov.

The decision to rely on innovative technologies and regional cooperation could be the key to building the new face of the European economy and the energy sector in particular, Nenov added. He pointed out that the improvement of the electricity grid in the region requires joint efforts, deeper cooperation and a common approach to develop adequate infrastructure. The Deputy Minister said the volatility of prices in recent months confirms this necessity.

He further stated that given the role of natural gas as a transitional fuel, promoting initiatives to remove infrastructure constraints and increase cross-border transmission capacity will ensure access for sufficient quantities of gas, including LNG. According to Nenov, this will improve security of supply by removing dependence on a single source. Also key is the possibility of shortening supply chains - especially for critical raw materials, the Minister added.