site.btaEnergy Security and Affordable Energy Supplies Discussed at High-level Conference

A high-level conference on "Resilient and Efficient Energy for a Future-proof and Secure Economy" was held in Sofia on Monday. It involved politicians, business executives, NGO representatives and members of the academic community and the media, among other stakeholders.

Caretaker Deputy Minister of Energy Iva Petrova said at the forum that the draft of Bulgaria's energy strategy clearly prioritizes energy security in the context of decarbonization with a view to ensuring secure energy supplies at affordable prices for all consumers over the long term. The future strategy will provide for further development of renewable energy facilities along with new, flexible, low-carbon capacities. Solar, wind and hydroelectric power plants are all in the focus of the draft, Petrova said. Biomass and geothermal energy will also be developed. Over the long term, Bulgaria plans to build new pumped-storage hydroelectric power systems and new nuclear power capacities, she added.

Innovation and Growth Minister Rosen Karadimov said the existing potential can be reached most effectively if the government works in harmony with businesses. Karadimov said Bulgaria will raise around EUR 3.2 billion in resources in the next five to seven years under various programmes and projects, which can include activities to promote the application of hydrogen technology and thus support the decarbonization of the national economy.

A BGN 61 million procedure aimed at developing green and digital partnerships for smart transformation will open later this year. The procedure will support strategic projects to make small and medium-sized enterprises more competitive, Karadimov said.

Bulgarian Development Bank (BDB) Executive Director Tsanko Arabadzhiev said his institution is about to finalize an agreement with the European Commission under the InvestEU Programme, which will be followed by contracts with beneficiaries. The portfolios to be created under InvestEU and guaranteed by the BDB will total between BGN 2.6 billion and BGN 2.7 billion. Sixty per cent of the guarantees will be for energy efficiency, energy production and renewable energy, Arabadzhiev said.