site.btaEnergy Security and Grid Investment Take Centre Stage at Sofia Green Forum

Energy security, price convergence, renewable development, and critical infrastructure were key topics at the Green Transition Forum 5.0, held at Sofia Event Centre on Tuesday.

Kumi Kitamori, Deputy Director of the Environment Directorate at the Organisation for Economic Co-operation and Development (OECD), noted that the organization actively promotes investment in renewable energy, which she described as key to energy security. “The more diverse the sources, the more that contributes to security,” Kitamori said. She explained that the OECD runs a special clean energy programme aimed at developing economies, where consumption is expected to rise and with it, greenhouse gas emissions. Under this programme, cooperation is ongoing with countries such as Indonesia, Thailand, Vietnam, India, South Africa, and others in Central and East Asia.

Kyriacos Kakouris, Vice-President of the European Investment Bank (EIB), said interconnections in Europe do not function effectively and there are significant disparities in electricity prices across countries. The EIB finances energy projects with a strong emphasis on climate aspects. “We are the only institution whose projects since 2020 are entirely focused on this goal,” Kakouris said. In this context, he pointed to two key projects in Bulgaria—linked to the decarbonisation of Bulgarian Energy Holding and the Maritsa East complex. He expressed hope for increased investment by the bank in renewable energy and other innovative projects in Bulgaria.

Lukasz Kolinski, Director for Green Transition and Energy System Integration at the European Commission’s Directorate-General for Energy, underlined the importance of accessible and secure electricity. According to him, despite record electricity exchange volumes, this does not lead to lower prices. Renewable energy accumulates, and then additional costs are incurred for redistribution—by 2030, this cost could increase fivefold. There is a lack of flexibility and storage capacity, and grid systems remain a key issue. Kolinski noted that it is not only a question of building new infrastructure but also of addressing existing bottlenecks in the integrated market. He added that despite strong European legislation, its insufficient enforcement across all member states hinders the development of the energy market.

Georgi Mikov, Chief Executive Officer of Electrohold Bulgaria, commented that the capacity of the national electricity distribution network is nearly exhausted. To unlock its potential, it must be equipped with control devices, which require significant investment. “The development of renewables is not aligned with the development of the grid,” he noted. If secure supply, affordable prices and quality service are the goal, investment must go into modernising infrastructure, digitalisation and automation. However, Mikov pointed out two main obstacles even if funding is available—cumbersome administrative procedures, especially for new transmission lines, and a shortage of qualified personnel in the grid sector. “Network planning and development is a long process,” he concluded.

Nicholas Snowdon, Head of Metals and Mining Research at Mercuria Energy Trading, highlighted the importance of critical materials for the energy transition. He pointed to three advantages for Bulgaria: a highly skilled workforce, streamlined project execution, and a strong geographical position along the East–West axis. Projects in wind and solar energy are currently underway. According to Snowdon, rare minerals are crucial for the development of renewable energy. “Bulgaria is the third-largest copper producer in Europe,” he said, calling it a significant natural resource for the country.

Rob Dobbins, Head of Partnerships and International Assets at OMV Petrom, Romania, commented that natural gas supplies will support the energy transition. The company is implementing a major project—Neptun—which is scheduled for completion by 2027. This is not merely a national initiative but one that will contribute to Europe as a whole. OMV Petrom holds licences for offshore exploration and is planning to launch a new project similar to Neptun. Dobbins expressed hope for project expansion into Bulgaria.

Deputy Energy Minister Iva Petrova concluded that in a rapidly changing environment, policies and measures must be considered through the lens of three key aspects—security of supply, affordability, and decarbonization. In this strategic context, and considering the regional specifics, securing diversified supply from reliable partners is of critical importance. “Regional cooperation is essential,” Petrova said, emphasizing the strong partnership between Bulgaria, Greece and Romania. Investment in grid infrastructure remains a priority. Although Bulgaria has one of the best interconnections, that alone is insufficient. Regional price differences show that much work remains to improve interconnection. Digitalization of networks is also underway, she added.

More than 3,500 participants from over 30 countries are attending the five-day Green Transition Forum 5.0 at Sofia Event Centre, which runs until June 20. The forum gathers EU commissioners, ministers, MEPs, Nobel Prize laureates and top executives from global companies to discuss a range of topics including energy security, sustainable finance, digitalization, and innovation in the CEE region. Prime Minister Rosen Zhelyazkov, former Italian prime minister Enrico Letta, and Professor Daron Acemoglu—2024 Nobel laureate in Economics—are among the keynote speakers.