Zhecho Stankov: Azerbaijan, Türkiye, Georgia, and Bulgaria to create new electricity corridor to Southeastern Europe

Bulgaria views the Memorandum of Understanding signed today in Baku between Azerbaijan, Türkiye, Georgia, and Bulgaria for the creation of a new electricity corridor as an important step in expanding energy cooperation, Bulgaria's Minister of Energy, Zhecho Stankov, told journalists on the sidelines of ministerial meetings held in Baku as part of the Advisory Councils on the Southern Gas Corridor and Green Energy.

According to the minister, the new corridor will ensure the supply of "green" electricity from the Caspian region to Southeastern Europe—particularly to Bulgaria, as well as Romania and Hungary.

"This is a good example of developing cooperation following the signing of a long-term contract for the supply of one billion cubic meters of gas to Bulgaria. Now we have the opportunity to expand this experience into the electricity sector," Stankov noted.

He emphasized that, in the long run, Bulgaria will be able to receive not only cheaper gas but also renewable electricity—both wind and solar—produced in the region.

Regarding the submarine cable project across the Black Sea, the minister called it complementary to the agreement signed today.

"Bulgaria is interested in this project. Although the intergovernmental agreement was signed by Azerbaijan, Georgia, Romania, and Hungary, we have already expressed our intention to join the initiative. We see great potential in it. Of course, an environmental impact assessment will need to be conducted in accordance with EU requirements," he added.

Stankov also highlighted the importance of the project in terms of energy accessibility: "The cable creates an opportunity to supply an additional 10 GW of electricity to the European market. Bulgaria, Greece, and Romania have already sent a letter to the European Commissioner, pointing out the high electricity prices in our region due to weak integration with Central and Western Europe. Additional electricity volumes will have a positive impact on our consumers."