site.btaBulgaria Can Play Key Role in Green Energy Corridor Development, Energy Minister Says

With its well-developed electricity transmission system, interconnections with neighbouring countries and energy storage infrastructure, Bulgaria can play a key role in the development of the Green Energy Corridor project, Energy Minister Zhecho Stankov said at the 10th ministerial meeting in connection with the strategic partnership agreement for the development and transmission of green energy, held in Budapest. "Our country has been supporting the initiative from the very beginning and we are starting the procedure of joining the project," Stankov added, quoted by his Ministry's press centre on Monday.

Bulgarian Energy Holding (BEH) will join the corporate discussions for feasibility studies and will eventually acquire a stake in the project company, the Energy Minister explained.

He pointed to the country's forthcoming large-scale investments in grid digitization, as well as plans for the development of energy storage projects - the construction of new pumped hydroelectric energy storages (PHES) at dams - as further advantages. PHES remains one of the most sustainable technologies for green energy production, Stankov stressed. He added that the expected effect of the construction of the two new capacities with a storage capacity of between 30 and 50 GWh is significant not only for Bulgaria but also on a European scale.

The initiative will allow Southeast Europe to benefit from increased opportunities for green energy trade, developing the renewable energy sector and strengthening energy security, Minister Stankov emphasized.

The Green Energy Corridor project is a strategic initiative between Azerbaijan, Georgia, Romania and Hungary for the development and transmission of green energy. The partnership aims to strengthen national and regional energy security and connectivity in the Black Sea region, diversify supply sources and exploit the potential for renewable energy production in the Caspian Region. Last year, the Council of Ministers approved the acquisition by BEH EAD in the joint venture for the implementation of the project.

During the working visit Stankov will also hold a meeting with Hungary's Minister of Foreign Affairs and Trade Peter Szijjarto. The two will discuss the enhancement of energy security in the region.