At COP29 in Baku on November 13, a Bulgarian-led initiative aimed at reducing electricity prices by enhancing regional energy interconnection in southeastern Europe received support from eight countries. The project was introduced by Bulgarian Energy Minister Vladimir Malinov, alongside Bulgarian President Rumen Radev and Greek Prime Minister Kyriakos Mitsotakis, at the Bulgarian pavilion.
Malinov highlighted that improving energy interconnections would facilitate the transmission of affordable, clean energy across the region. By upgrading existing energy networks, cheap renewable energy from Northern Europe’s wind farms could be delivered to southern regions, while clean energy from Egypt could be transported to Central Europe. This would help address the modern challenges of integrating renewable energy into the region’s power systems.
The initiative was backed by the energy ministers of Greece, Romania, the Czech Republic, Italy, Belgium, and Moldova, as well as Hungary and Azerbaijan, which are key players in the initiative. Hungary, currently holding the rotating Presidency of the EU Council, underscored the importance of building connectivity to tackle rising energy prices, particularly in southeastern Europe. Romania’s Energy Minister Sebastian Burduja emphasized the unity of the participating countries, stressing that improving energy cooperation was critical for achieving energy security in the face of soaring electricity costs.
The initiative also includes the Green Energy Corridor, a project involving Hungary, Azerbaijan, Romania, Georgia, and Bulgaria, designed to connect Central and Eastern Europe with the Caucasus region and potentially Central Asia. Hungarian officials stressed that such projects were essential for ensuring long-term energy security. Moldova’s Energy Minister Victor Parlicov pointed out his country’s energy vulnerabilities, which have been exacerbated by the war in Ukraine, and its aim to integrate into the European energy market.
As part of this effort, a meeting will be held in February 2024 in Sofia to define the scope of the initiative and identify further actions to strengthen regional energy ties.
