site.btaEnergy Minister Stankov: Bulgaria Key to Regional Energy Security, EU Price Gaps Must Be Fixed

Bulgaria is a key pillar of electricity supply security in the region, Energy Minister Zhecho Stankov said Tuesday, during the Green Transition Forum 5.0: Powering Up Competitiveness and Innovation in Central and Eastern European Region, taking place in Sofia. Stankov joined the event online from Oslo, Norway.

To maintain its leadership position, however, Bulgaria needs to keep electricity prices low, Stankov warned, adding that businesses are concerned about current price levels. He noted that households with such self-generation systems currently pay monthly electricity bills in the range of BGN 20 to BGN 40. Over the past three months, 1,500 contracts have been signed for the building of installations for generation of electricity by individual consumers, he added.

Stankov outlined combating energy poverty as a key priority for the Ministry of Energy. In this context, work is underway to establish a decarbonization fund. The goals of this fund would be to support investments in low-carbon development through sustainable and targeted financing for a wide range of beneficiaries. It is expected to become the main financial mechanism to support the renovation of Bulgaria’s housing stock. The fund will adapt existing financial instruments or develop new ones as needed to dynamically address barriers to improving energy efficiency.

Stankov emphasized that all measures taken must be accompanied by energy efficiency initiatives.

This is the fifth edition of the Forum dedicated to green innovation and sustainability. The event runs until June 20 and is organized by the Green Transition Forum and Dir.bg, with BTA as a media partner. Tuesday marks the second day of the event.