Minister Malinov: Investments in networks and interconnection are the key to solving the problem of high energy prices in the region

"There is a serious need for targeted investments in networks and interconnectivity. Solving this problem is the key to an adequate response to the challenges related to high energy prices in the South East Europe region. That's why support for all market participants, including infrastructure operators, is crucial." This was said by Energy Minister Vladimir Malinov during a meeting with his colleagues from Greece and Romania - Ministers Theodoros Skilakakis and Sebastian Burdouja. The three talked within the framework of the meeting of the EU energy ministers, which is taking place in Luxembourg. We remind you that a month ago the three countries came out with a common position before the EU and called for solidarity in solving the problem at the European level.

The energy ministers of Bulgaria, Greece and Romania united around the vision of the need to establish timely measures to increase the readiness of the region of South-Eastern Europe. Analyzes must continue to establish the causes that led to the situation, including: analyzes of the availability of physical capacities for electricity trading; taking into account the specifics of national markets; the existing electricity connectivity in the SEE region and overcoming existing barriers; increasing market interconnection in the EU; the physical availability of trade capacities and their adequate distribution; potential shortage of electricity in Ukraine during the coming winter period. The three ministers agreed that the most effective in times of crisis is a common approach based on coordinated action and mutual support.

Ministers Skilakakis, Burduzha and Malinov praised the discussion of the topic during the meeting of energy ministers earlier in the day and noted the need for coordinated action at the European level to prevent the problem from worsening in the coming winter season.

During the meeting in Luxembourg, the EU energy ministers also discussed the situation with electricity prices and got acquainted with information from the European Commission regarding the preparation of the 2024/2025 winter season.

Minister Malinov pointed out that high electricity prices in Southeast Europe have a negative effect on the economy and consumers and require adequate measures to address the problem.

"In this regard, together with Greece and Romania, Bulgaria sent to the European Commission an analysis of the main reasons that led to this situation and proposals for short-term and long-term measures," emphasized Minister Malinov. According to him, the removal of barriers to the connectivity between the energy systems of EU member states will improve security of supply, increase flexibility and reduce price volatility.

"Investments in security of supply and sustainable and balanced energy production are of key importance," the energy minister added.

In his speech before the Council, he also pointed out that the expected potential deficit of electricity in Ukraine during the upcoming winter season of about 6 GWh requires additional analysis and the implementation of targeted measures, so as to minimize possible negative price effects on the market.

"Bulgaria will continue to support Ukraine in solidarity in the process of restoring the destroyed energy infrastructure. In addition, we are also considering possible options for assisting the country in view of the electricity shortage", added Minister Malinov.