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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The European Union will impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month, the European Commission said on Wednesday, ramping up a global trade war in response to blanket U.S. tariffs on steel and aluminium.
The eighth summit between the leaders of the EU and South Africa will take place in Cape Town, South Africa, on 13th March.
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The U.S. Federal Communications Commission (FCC) has initiated an investigation into several major Chinese companies, including Huawei, ZTE, and China Telecom, to determine if they are circumventing U.S. sanctions and regulations designed to protect national security.
Wall Street’s major indexes showed slight improvement on Friday after President Donald Trump suggested flexibility on upcoming tariffs, easing market concerns ahead of potential trade measures next month.
Boeing has won a $20 billion contract to build the F-47 fighter jet for the U.S. Air Force, marking a major boost for the company amid recent challenges.
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NASA astronauts Butch Wilmore and Suni Williams completed an unexpectedly long 286-day mission on the ISS, returning to Earth aboard a SpaceX capsule after delays caused by technical issues with Boeing’s Starliner.
In a groundbreaking study published in Cell on January 18, Chinese researchers have unveiled a novel cancer treatment that ingeniously disguises tumors as pig tissue, triggering the body’s immune system to mount a hyperacute rejection response against the cancer cells.
Russian President Vladimir Putin agreed on Tuesday to a proposal by U.S. President Donald Trump that Russia and Ukraine cease attacking each other's energy infrastructure for 30 days, the Kremlin said following a lengthy phone discussion between the leaders.
On March 16, at around 09:45, Armenian armed forces opened fire on Azerbaijani positions located in the direction of the Digh settlement in the Goris region, using firearms, according to Azerbaijan's Ministry of Defence.
Sweden’s Prime Minister Ulf Kristersson stated on Thursday that purchasing U.S. weapons does not pose a security risk for his country, but emphasized the need for Europe to reduce its reliance on American defense systems. His comments come amid growing discussions within Europe.
Glaciers around the world are melting at an alarming rate, with the last three years seeing the largest mass loss on record, according to a UNESCO report. The accelerated ice loss, driven by climate change, is contributing to rising sea levels.
Record greenhouse gas levels in 2024 have driven global temperatures to an all-time high, accelerating the loss of glaciers and sea ice, raising sea levels, and bringing the world closer to a key climate threshold, according to the World Meteorological Organization (WMO).
Zara owner Inditex reported a 10% rise in transport emissions in 2024, driven by increased air freight to avoid shipping delays caused by Red Sea disruptions. While the retailer made progress in reducing sourcing-related emissions, it faces challenges in meeting its long-term climate targets.
Ireland has committed €15 million ($16.3 million) to Brazil's Amazon Fund over the next three years, aiming to support efforts to combat deforestation in the world's largest tropical rainforest.
U.S. President Donald Trump has expressed optimism about a potential full ceasefire in the ongoing Russia-Ukraine war, stating that peace could soon be achieved. Trump's comments add to the growing international calls for de-escalation as the conflict continues to devastate the region.
The U.S. Federal Communications Commission (FCC) has initiated an investigation into several major Chinese companies, including Huawei, ZTE, and China Telecom, to determine if they are circumventing U.S. sanctions and regulations designed to protect national security.
Wall Street’s major indexes showed slight improvement on Friday after President Donald Trump suggested flexibility on upcoming tariffs, easing market concerns ahead of potential trade measures next month.
Boeing has won a $20 billion contract to build the F-47 fighter jet for the U.S. Air Force, marking a major boost for the company amid recent challenges.
Elon Musk's push to reform U.S. government spending reached new heights on Friday as he held an unprecedented meeting with Defense Secretary Pete Hegseth at the Pentagon, where discussions centered on innovation, efficiencies, and streamlining Pentagon operations.
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