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.
President Donald Trump made significant remarks on Wednesday, touching on various major topics including the US-Mexico-Canada Agreement (USMCA), Russi...
At least eight people, including two children, were wounded after Russian forces launched an aerial bombardment on the eastern Ukrainian city of Slovi...
On December 2-3, the second meeting of the Heads of Mapping Institutions of the Organization of Turkic States (OTS) was held in Baku....
Dr. Salvador Plasencia, a California doctor, was sentenced to 2-1/2 years in prison on Wednesday for illegally supplying “Friends” sitcom star Mat...
A Pentagon investigation has raised concerns over U.S. Defense Secretary Pete Hegseth’s use of the Signal app on his personal device to transmit sen...
President of the European Commission Ursula von der Leyen is confronting one of the most serious accountability crises to hit the European Union in decades, after EU prosecutors detained two high-profile former officials in a fraud investigation.
Tbilisi Mayor Kakha Kaladze has begun an official visit to Budapest, strengthening Georgia’s diplomatic outreach and expanding cooperation on European urban development.
European Union foreign policy chief Kaja Kallas said it could be a 'pivotal week' for diplomacy on Ukraine as she arrived at an EU defence ministers meeting in Brussels on Monday (1 December).
Two major protest marches are set to take place in the capital this evening, marking one year since the political controversy surrounding Georgia’s stalled EU membership negotiations.
A four-part docuseries executive produced by Curtis '50 cent' Jackson and directed by Alexandria Stapleton on Netflix is at the centre of controversy online.
Chinese scientists have unveiled a new gene-editing therapy that they say could lead to a functional cure for HIV, making it one of the most promising developments in decades of global research.
As the year comes to an end, a new initiative bringing civil society actors and regional analysts from Armenia and Azerbaijan together is steadily gaining ground.
Uzbekistan has reopened its border with Afghanistan for the first time since 2021, the country’s Chamber of Commerce and Industry announced on Tuesday.
Belgian police have raided the EU’s diplomatic service and the College of Europe as part of a corruption probe into an EU-funded training academy for diplomats, detaining three suspects and searching multiple premises, according to Politico.
Authorities in Senegal have launched urgent measures to prevent a potential oil spill after water entered the engine room of the Panamanian-flagged oil tanker Mersin off the coast of Dakar, the port authority said on Sunday.
The death toll from devastating floods across Southeast Asia climbed to at least 183 people on Friday (28 November). Authorities in Indonesia, Malaysia, Thailand and Sri Lanka struggle to rescue stranded residents, restore power and communications, and deliver aid to cut-off communities.
At least 47 people have died and another 21 are reported missing following ten days of heavy rainfall, floods, and landslides across Sri Lanka, local media reported on Thursday (27 November).
Rescuers in Thailand readied drones on Thursday to airdrop food parcels, as receding floodwaters in the south and neighbouring Malaysia brightened hopes for the evacuation of those stranded for days, while cyclone havoc in Indonesia killed at least 28.
Floods and landslides brought about by torrential rain in Indonesia's North Sumatra province have killed at least 28 people by Thursday, with rescue efforts hampered by what an official described as a "total cut-off" of roads and communications.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment