Minister Nikolov: Coordinated efforts and solidarity are crucial to overcoming the energy price crisis

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Coordinated efforts and solidarity between countries are crucial to overcome the energy price crisis, Energy Minister Alexander Nikolov said during his participation in the World Energy Forum 2022 in Dubai, the United Arab Emirates. Within the framework of the European Energy Crisis Panel, Minister Nikolov set an example of the temporary assistance framework provided to support national budgets as one of the essential measures to ensure affordable, secure and sustainable energy at European level. According to Minister Nikolov, key efforts are linked to accelerated and streamlined deployment of renewable energy and clean gases, with a focus on biogas and hydrogen as well as the immediate completion of the missing energy infrastructure. However, this process should take into account national specificities and fully respect the right of Member States to choose the most appropriate energy solutions in their own energy mix. The energy minister also stressed the need to steer efforts to prepare energy systems for the next winter period – as a condition for security of energy supply. It is crucial to take immediate action to refill European gas storage facilities, Minister Nikolov added. In his opinion, the current situation also requires a critical review of the EU's energy security and diversification policy, as well as the priorities for critical infrastructure and financing policy.

Strengthening dialogue with key producers and suppliers of liquefied natural gas, increasing liquefied natural gas and diversifying imports via pipelines at competitive prices, as well as optimizing LNG terminals and gas storage facilities are key energy security conditions in the context of the current situation. The European Commission's proposal for EU gas storage facilities to be filled to at least 90% of their capacity by 1 November each year, with interim targets for each Member State in February, May, July and September, deserves attention, highlighted Minister Nikolov. He underscored that efforts to establish a common EU approach to release strategic oil stocks in the event of emergencies should continue.

As part of his visit to Dubai, Minister Nikolov gave interview to the channel Sky News in Arabia.


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