site.btaBulgaria Reaffirms Role as Initiator of Important Projects, President Radev Says

Bulgaria not only preserves its role as unavoidable factor in terms of its geography and strategic location, but also reaffirms its role as initiator of a number of important projects that lead to strengthening cooperation and expand the range of opportunities not only for Bulgaria, but also for all its partners and allies, said President Rumen Radev on Wednesday during his participation in the United Nations Climate Change Conference (COP 29) in Baku, Azerbaijan, and in connection with his meetings with Azerbaijani President Ilham Aliyev and Greek Prime Minister Kyriakos Mitsotakis.

Radev argued that the future lies in the transmission of green hydrogen, not just gas. He said that he had discussed with President Aliyev the possibility for Bulgaria's active participation in the transmission of green energy produced from renewable sources in Azerbaijan. He added that at a high political level the two presidents have specified the project, which leaves the joint specification of its details to be discussed. Radev said that on Tuesday he hald similar talks with Turkish President Erdogan and Turkiye's Energy Minister Alparslan Bayraktar.

Radev stressed that international support for Bulgaria's declaration of intent for energy connectivity and the use of renewable energy is continuously expanding with many countries from Eastern and Central Europe joining the initiative. He explained that the latter will be able to bridge the capacity gap between Eastern, Central and Western European countries, noting that Southeastern Europe has a much higher electricity prices than the rest of the continent.

Apart from the connectivity capacity, Radev emphasized on the transmission of green energy, especially solar energy, as equally important. Regions with more production of such energy, such as Azerbaijan and Egypt, intend to cooperate in its transportation to Europe via a submarine cable to Greece.

According to Radev, Bulgaria needs to make faster and better use of the natural resources it has, such as high mountain dams, and to build pumped storage hydropower plants.

"Bulgaria will be able to become a green energy storage hub for the whole region, and this is extremely important", the President said. "Whoever holds the key to storing electricity generated from renewable sources holds the key to the future".

Regarding the talks on forming a regular government, Radev commented that according to the Constitution, the Chair of the National Assembly should be elected, the parliamentary groups should be formed and then he could immediately start the consultations.