Bulgaria can play a key role in the development of the Green Energy Corridor project, - said Energy Minister, Zhecho Stankov, at the 10th ministerial meeting in connection with the strategic partnership agreement for the development and transmission of green energy.
"Our country has been supporting the initiative from the very beginning and we are starting the procedure of joining the project," Stankov said on Monday to reporters in Budapest.
Bulgarian Energy Holding (BEH) will participate in corporate discussions for feasibility studies and will eventually acquire a stake in the project company, as BTA reported citing the Energy Minister
He highlighted the country’s upcoming large-scale investments in grid digitization, as well as plans to develop energy storage projects, including the construction of new pumped hydroelectric energy storage (PHES) systems at dams, as additional advantages. Stankov emphasized that PHES remains one of the most sustainable technologies for green energy production. He also noted that the anticipated impact of constructing two new capacities, with storage capacities ranging from 30 to 50 GWh, is significant not only for Bulgaria but also on a European scale.
Green Energy Corridor
A ministerial meeting of the Steering Committee on the establishment of the Green Energy Corridor between Azerbaijan, Georgia, Romania, and Hungary concluded in Budapest with significant outcomes, Azerbaijan’s Energy Minister Parviz Shahbazov stated on X.
Along with Azerbaijan and Bulgaria, Hungary was presented by Minister of Foreign Affairs and Trade Péter Szijjártó, Georgia by First Deputy Prime Minister, Minister of Economy and Sustainable Development Levan Davitashvili, Romania by Minister of Energy Sebastian-Ioan Burduja. The meeting was also attended by representatives of the European Commission, the Joint Venture GECO Power Company and the Italian company CESI.
According to Shahbazov, the ministry is working on the relevant contract documents with several international wind energy companies regarding the Azerbaijani segment of the Caspian Sea.
The Minister proposed creating two streams within the Working Group, in close coordination with the Green Energy Corridor Power Company (GECO) and CESI:
- The first stream would focus on the business models of the project, conducting preparatory work to establish contacts with potential investors and buyers.
- The second stream would consider the technical details and ensure compliance with the requirements of ENTSO-E and other relevant organizations.
“A joint letter from Azerbaijan, Georgia, Romania and Hungary to the EU Commissioner for Energy Dan Jorgensen” was signed to grant the Project of Mutual Interest (PMI) status, he added.
Additionally, agreements were reached on the inclusion of the project in the EU's Ten-Year Network Development Plan (TYNDP), and necessary steps regarding the fiber-optic cable (FOC) component and project's financing.
It was agreed that, to include the project in the EU’s Ten-Year Network Development Plan (TYNDP), the corresponding request will be submitted by the transmission system operator Transelectrica between April 1 and May 9, 2025. The overall management of the process will be carried out jointly with GECO.
A relevant document was signed on transferring rights and obligations regarding the feasibility study to the Joint Venture – GECO Power Company.
The parties agreed to hold the next Ministerial Meeting in Georgia.
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