EU to End Russian Gas Imports by 2027 as Part of New Energy Strategy
The European Union has set a goal to completely cut off Russian gas imports by 2027 as part of its broader strategy to reduce reliance on Russian energy resources
Bulgaria and Greece's Energy Ministers are to sign on Thursday the investment agreement to build a gas interconnector that will help bring supplies from Azerbaijan to Bulgaria and further north.
The project has been in limbo for months after the signing, scheduled for July, was postponed, with Athens citing obstacles due to the political situation in the summer.
Interconnector Greece-Bulgaria (IGB) will be managed by ICGB, a joint venture of the Bulgarian Energy Holding and IGI Poseidon (Greece). Its initial capacitz will be 3-5 billion cubic meters per year.
Panos Skourletis, Greece's Energy Minister, will attend the ceremony at the Council of Ministers' building in Sofia, alongside Bulgarian counterpart Temenuzhka Petkova and Bulgarian Deputy PM Tomislav Donchev.
Bulgaria's Prime Minister Boyko Borisov has also been invited.
IGB is listed among the EU Commission's Projects of Common Interest (PCI), which means the Commission is firmly standing behind the project to boost security of supplies.
On a visit to Sofia in January, US Secretary of State John Kerry pledged to help kickstart the project, also negotiating EU funding in Brussels.
But disputes over the details also delayed the beginning this year.
IGB could potentially deliver gas to Bulgaria (and then, after building additional infrastructure, to Romania) from the Southern Gas Corridor, which will transport it from Azerbaijan to Italy via Turkey, Greece, and Albania and then under the Adriatic.
Elliott Investment Management, led by billionaire Paul Singer, is exploring the possibility of acquiring a stake in a set of Bulgarian infrastructure assets, which includes a key extension of the TurkStream gas pipeline
The liberalization of the electricity market for households — meaning that residential consumers would join the free electricity exchange where businesses have traded for years — is being postponed.
Turkey is advancing its energy strategy in the Balkans with new agreements aimed at deepening its influence in the region
The Energy and Water Regulatory Commission (EWRC) has approved the natural gas price in Bulgaria for May
Bulgaria is set to become the first European country to operate an AP1000 reactor, according to Energy Minister Zhecho Stankov, speaking at a symposium hosted by Westinghouse in Sofia
Bulgaria has taken a significant step toward exploring its deep-sea energy potential
Google Street View Cars Return to Bulgaria for Major Mapping Update
Housing Prices Soar in Bulgaria’s Major Cities as Demand and Supply Strain Increase