Iva Petrova: Real Diversification Requires a Fundamental and Deep Structural Reorganization of the Market
“The first lesson we learned in Bulgaria regarding European energy security is that diversification must necessarily be structural. Our region has excellent examples of this cooperation, which started with the Southern Gas Corridor and is now being developed through initiatives such as the Vertical Gas Corridor. The second big lesson is that with trust and developed infrastructure, diversification processes can happen extremely quickly. Today, we see that the immediate threats are not so much related to the physical disruption of supply, but rather to market risks. However, thanks to the infrastructure built in the region, we can now respond to market shocks in a much more sustainable and structured way.”
This was said by the Minister of Energy Iva Petrova, who participated in the panel dedicated to the pillars of energy security in the context of the current geopolitical challenges within the Sixth edition of the Green Transition Forum. The event in Sofia gathered more than 7,000 participants, 450 speakers from 37 countries, who held discussions on sustainable development and economic transformation.
According to the Minister of Energy, an essential part of security is the affordability of energy supplies, a fact that is equally important for households and businesses alike.
“The transition has its price,” says Iva Petrova. According to her, we have already made serious investments, but they are not enough to sustain the economic and sectoral transition.
“To keep up, we need to secure massive investments – EUR 660 billion per year between 2026 and 2030 and around EUR 700 billion per year from 2031 to 2040 at Community level. This represents a significant increase compared to the annual average of €250 billion observed in the previous decade,” the Minister stated.
In her words, in this context, public funds should not be used as the main source of financing, but as a strategic lever to attract private investment.
According to Iva Petrova, Bulgaria is an example of a successful model for energy transition.
“We are consistent in our drive to have a diversified energy mix. We rely on nuclear energy, we make efforts to use local energy sources and, of course, we appreciate the involvement of coal. The Bulgarian transmission systems – for both gas and electricity – are some of the best interconnected in the region, and our transmission operators are fully active participants in all projects for regional green energy corridors,” said Minister Petrova.
