President Rumen Radev: Improving energy connectivity in Southeast Europe is key to lowering electricity prices in the region

Improving energy connectivity in Southeast Europe is key to lowering electricity prices in the region. This was stated by President Rumen Radev to Bulgarian and foreign media in Baku, Azerbaijan, where the world climate forum COP29 is taking place. The head of state spoke to the media after a meeting with his counterpart, the President of Azerbaijan, Ilham Aliyev.

Earlier, President Rumen Radev together with Prime Minister of Greece Kyriakos Mitsotakis opened a forum in the Bulgarian pavilion at COP29 with a focus on energy connectivity between European countries and the promotion of production and storage of energy from renewable energy sources. Within the framework of the event, on a Bulgarian initiative, the intention to speed up cooperation in this area was declared, which has so far been supported by Greece, the Czech Republic, Italy, Moldova, the Kingdom of Belgium, Romania and the United Kingdom. Among the participants in the event were also the ministers of energy of Bulgaria - Vladimir Malinov, Greece - Theodoros Skilakakis, Belgium - Tine Van der Straten, and of Moldova - Viktor Parlikov, the deputy minister of energy of Azerbaijan Orkhan Zeynalov, the special representative of Great Britain for the climate Rachel Kite and Peter Staraj, Secretary of State for Security Policy and Energy Security at the Ministry of Foreign Affairs and Trade of Hungary.

At the heart of the expressed intention is the exchange of experience through enhanced interregional cooperation and connectivity in energy transmission, electrification of transport and related digital infrastructures, as well as unlocking the potential for innovative technologies, including generation and storage of energy from renewable sources and production of green hydrogen.

"Thanks to the initiative that Bulgaria is proposing, we will be able to overcome the situation in South-Eastern Europe where electricity prices are much higher than those in the rest of Europe," emphasized Rumen Radev. According to him, on the one hand, it is necessary to expand the connectivity capacity, and on the other hand, the transfer of green energy from regions where there is significant green energy production. The head of state gave the example of countries such as Azerbaijan and Egypt, which have their own projects for the transmission of electrical energy through submarine cables to Europe.

"The possibilities are great and it is necessary to use our natural resources faster and in the best way", the president pointed out and gave an example of the large Bulgarian high mountain dams, suitable for the construction of pumped-storage hydropower plants similar to HPP "Chaira". "Bulgaria can become a green energy storage center for the entire region," the head of state emphasized, adding that whoever holds the key to storing electrical energy produced from renewable sources also holds the key to sustainable energy.

"Bulgaria not only preserves its role as an unavoidable factor in terms of its strategic location, but is also the initiator of a number of important projects that lead to the strengthening of cooperation in the energy sector", stated President Rumen Radev and described his meetings with President Ilham Aliyev as extremely fruitful and Prime Minister Kyriakos Mitsotakis. According to him, within the framework of the talks with them, and also with representatives of other countries at a high political level, such as the President of Turkey Recep Tayyip Erdogan and the Minister of Energy of Turkey Alparslan Bayraktar yesterday, the possibility was discussed at the initiative of Bulgaria that our country became actively involved in the transfer of green energy to Europe produced from renewable energy sources in Azerbaijan. 

Within the framework of the meeting between Rumen Radev and Ilham Aliyev, a binding agreement was signed for the construction of domestic and public gasification in Panagyurishte municipality between the Azerbaijani state gas company SOCAR and the Bulgarian company for the extraction of copper and other ores "Asarel-Medet".

"Bilateral relations between Bulgaria and Azerbaijan are developing extremely well," the president pointed out, in response to a question from representatives of the Azerbaijani media, after his meeting with the President of Azerbaijan Ilham Aliyev. Rumen Radev pointed out that the cooperation between Bulgaria and Azerbaijan will continue not only with regard to the transfer of natural gas, but also of electricity produced in Azerbaijan from renewable sources through Bulgaria and to other European countries.

In response to a question from TASS, the head of state expressed hope for the earliest possible cessation of hostilities in Ukraine, as for the purpose, all possible diplomatic means should be used to restore dialogue and negotiations and seek a peaceful solution in accordance with the UN Charter.

Asked by a representative of the Japanese media if he expected a retreat in the US policy regarding the fight against climate change, President Rumen Radev indicated that the new presidential administration in the US had yet to be formed and only then could an assessment be made of the from the country's climate policy.

Earlier today, at the invitation of Greek Prime Minister Kyriakos Mitsotakis, the Bulgarian head of state participated in an event at the Greek pavilion at COP29, dedicated to the development of the Vertical Gas Corridor and the diversification of sources and routes for transferring additional quantities of gas from the south to the north.