Bulgaria and the Euro: What Happens to National Monetary Sovereignty?
One of the most debated topics around Bulgaria’s upcoming transition from the lev to the euro is whether the country is giving up its sovereignty
Bulgaria’s coal-fired power plants will continue operating without restrictions or shutdowns under a new arrangement reached with the European Commission, Energy Minister Zhecho Stankov announced during an energy conference in Sofia. He clarified that the agreement ensures the plants will not be subject to operational limitations, marking a major revision of the country’s earlier commitments on emissions cuts.
Stankov referred to a previous pledge made by Bulgaria to reduce emissions from the energy sector by 40%, a move he said was without precedent in the EU. “There is no such thing anywhere else in Europe, and it’s still unclear why that specific commitment was made,” the minister stated. He explained that the government successfully renegotiated the obligation along two important lines.
First, the 40% emissions reduction will no longer be calculated on an annual basis. Stankov pointed out that yearly targets are unrealistic given the volatility of energy demand, especially in colder years such as 2022. Instead, the emissions will now be averaged over a three-year period, allowing more flexibility in response to climatic and consumption variations.
Second, the initial plan had included the creation of a regulatory body that would have had the authority to shut down coal-fired plants to ensure compliance. According to Stankov, this provision has now been removed entirely. “Such a body will not exist,” he emphasized, reinforcing the message that Bulgaria will retain full control over the operation of its thermal power stations.
At the same conference, the Electricity System Operator presented data showing that renewable sources had recently contributed up to 70% of the country’s total electricity output. This surge in green energy is expected to continue, further balancing Bulgaria’s energy mix even as coal plants remain active under the updated framework.
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