Bulgaria is working to strengthen its regional energy connectivity as a key measure to stabilize prices and secure supplies. This emerged after a high-level meeting between Bulgaria, Azerbaijan, Moldova, and Hungary, according to Energy Minister Zhecho Stankov who was speaking during the ENERGY SUMMIT 2025, organized by Capital in partnership with the Ministry of Energy.
Stankov said that Bulgaria wants to, and can, become the largest balancing power in Europe. This will lead to lower energy prices in the region and a boost in competitiveness and security, he emphasized.
Applications have been submitted for 10,000 MWh of energy storage capacity under the auspices of the Recovery and Resilience Plan. Negotiations are underway with the EIB to build two more, and maybe three, Pumped Storage Hydro Power Plants in Bulgaria in addition to Chaira, which would help balance not only the Bulgarian grid, but also that of neighboring countries. This will provide an opportunity for cheap energy from RES to be stored in the country. The state has the means to implement this project alone, but private investors should also have the opportunity to join this investment, to successfully implement these projects on Bulgarian territory, he said.
Minister Stankov made clear this is not unrealistic given the guarantees provided by large international banking institutions. All projects related to the electricity and gas corridors, which, in addition, meet the needs of Moldova and Ukraine, can turn Bulgaria into a force for stability in the Balkans, he noted. This would also allow other regional players to increase energy production from renewable sources.
"Bulgaria's investment in two new nuclear units is also very important. We have already taken steps regarding all notifications to meet regulatory requirements," Stankov added, noting that at the end of this year, or the beginning of next year, the final investment decision for the construction of units 7 and 8 of the Kozloduy NPP should be signed. "We are not only guaranteeing this project, but we are also thinking about the possibility of these projects being linked to others that provide added value, such as the construction of artificial intelligence gigafactories that can consume energy here on-site," Stankov shared, adding that Bulgaria's main goal is to continue to be a net exporter of electricity.
A key element of the Energy Minister's statement was that Bulgaria will certainly unlock opportunities for developing wind energy as another source of equilibrium.
More energy shared between us
"Countries must cooperate on projects with a clear economic and investment model," said Orkhan Zeynalov, Deputy Minister of Energy of Azerbaijan. "The country follows this understanding in its participation in the Black Sea-Caspian Energy Corridor. We hope that Bulgaria will also join this initiative soon," noted Zeynalov.
"We are also involved in another corridor, Central Asia - Azerbaijan, 10 to 12 GW of additional capacity coming from Central Asia. Additional corridors are currently being discussed, including from the Bulgarian side, Azerbaijan - Georgia, Turkey - Bulgaria, Turkey - Azerbaijan, Nakhchivan - Turkey. You have to think not only about your domestic aspirations, but also what the network capacities are in the neighboring countries when you talk about cross-border capacity and cross-border projects. For example, what will be the bottlenecks in the network in the coming years in the neighboring countries, when we talk about these interconnection corridors? Initially, everything looks very good on paper. Economically, the ideas look promising, but we need to support these goals with technical data on how this will affect the network," Zeynalov added.
Working with international financial institutions, with the private sector, is very important, he explained. It is vital to optimize the capital costs of these projects, including the cost of infrastructure, and supply chain issues that sometimes delay costs and the duration of the project.
The Moldova case
"Against this background, the challenges for Moldova are greater. Security of supply is the main topic for us because it is related to stability for the economy and society", said Constantin Borosan, Moldova's State Secretary for Energy.
"Moldova does not have its own fossil fuel resources. We rely on energy efficiency and renewable sources, but we have to import fossil fuels," Borosan explained. "And for 30 years we were dependent on a single source of supply. Since 2021, we have been in a situation to learn to diversify suppliers of gas and electricity. Just in the fall of 2022, the Greece - Bulgaria interconnector, which Moldova uses to cover gas consumption, became operational here in Bulgaria. We proved that this project is viable. This is how the Vertical Gas Corridor initiative was later created, which Moldova joined last year. Today, this project, the Vertical Gas Corridor, the Trans-Balkan Gas Pipeline, ensures energy security for the region, Central, Eastern and Southeastern Europe. Together with all other countries, Greece, Bulgaria, Romania, and Ukraine, we are working to make this project commercially attractive," Borosan emphasized.
"We also see potential in the green corridor from Azerbaijan to Europe to Romania, and Hungary, but we need to connect to benefit, Borosan emphasized. There is still work to be done in terms of communication and a single European market, which means equal prices," he concluded.
Bulgaria is working to strengthen its regional energy connectivity as a key measure to stabilize prices and secure supplies. This emerged after a high-level meeting between Bulgaria, Azerbaijan, Moldova, and Hungary, according to Energy Minister Zhecho Stankov who was speaking during the ENERGY SUMMIT 2025, organized by Capital in partnership with the Ministry of Energy.
Stankov said that Bulgaria wants to, and can, become the largest balancing power in Europe. This will lead to lower energy prices in the region and a boost in competitiveness and security, he emphasized.
