Security of energy supply and preparations for the next winter period were discussed at the EU Transport, Telecommunications and Energy Council
The highlight of Minister Rumen Radev's speech was the Vertical Gas Corridor project
Security of energy supply and preparations for the next winter season were the main topics at the EU Transport, Telecommunications and Energy Council held on 4 March 2024. The Minister of Energy Rumen Radev stated that the energy transformation should guarantee national and energy security, which, given the current geopolitical challenges, is impossible without regional solidarity and cooperation in the region of South-Eastern, Eastern and Central Europe.
The Minister of Energy emphasized Bulgaria's ongoing efforts in terms of diversification of energy sources, including nuclear fuel and natural gas supplies, as well as development of network connectivity with neighboring countries. He emphasized the critical role for the diversification of natural gas supplies and transit for Central and South-Eastern Europe of the commissioned interconnections with Romania, Greece and Serbia, adding that the expected opening of the LNG terminal in Alexandroupolis in April will further support achieved in this direction. In addition, the project to double the underground gas storage capacity, which is currently being implemented, will also contribute to energy security.
Minister Rumen Radev placed the main emphasis on the Vertical Gas Corridor project, which is key for the countries of the Central and South-Eastern Europe region, especially against the background of the expected suspension of the transit of Russian gas through Ukraine from January 1, 2025.
"The Vertical Gas Corridor project is a strategic joint project involving Greece, Bulgaria, Romania, Hungary, and now also Slovakia, Ukraine and Moldova, and affects security of supply, sustainability and diversification for South-Eastern, Central and Eastern Europe. This project is essential for unlocking the huge potential of the Ukrainian gas network," said Minister Radev. He expressed a position that European efforts should be focused on this region, including by providing the necessary financial support from the EU.