Bulgaria Faces Looming Energy Crisis by 2038, Warns Expert

Business » ENERGY | February 7, 2024, Wednesday // 13:22
Bulgaria: Bulgaria Faces Looming Energy Crisis by 2038, Warns Expert Kozloduy Nuclear Power Plant

Energy expert Ivan Hinovski has issued a stark warning about Bulgaria's future energy prospects, highlighting the imminent threat of losing all base capacities by 2038. Speaking on Nova TV, Hinovski emphasized the critical importance of securing the agreement for the seventh unit of the Kozloduy Nuclear Power Plant (NPP) to ensure a reliable energy source in all weather conditions.

Hinovski stressed that with the non-competitiveness of coal plants due to rising allowance prices, Bulgaria faces the risk of losing its essential energy infrastructure. He described the potential loss of all base capacities in 2038 as "apocalyptic," warning that it would leave the country unable to cover basic consumption needs.

The energy expert underscored the necessity of the agreement guaranteeing a solid financial framework for the seventh unit of the Kozloduy NPP. He highlighted the importance of understanding not only the cost but also the sources of financing, expressing expectation that external financing, potentially from the American EXIM Bank, would play a significant role.

Regarding the project's implementation, Hinovski pointed out concerns about the constitutional form and distribution of responsibilities. He noted the involvement of various governmental bodies and stressed the need to ensure the project's irreversibility. However, he highlighted challenges related to licensing, noting that the technology is not yet licensed in the EU.

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Tags: Bulgaria, energy, Kozloduy NPP, capacities

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