The meeting focused on developing the Vertical Gas Corridor which is establishing itself as a key element of Europe’s long-term energy security. The potential for more efficient use of the existing infrastructure and international agreements in the Bulgarian energy sector was also discussed. The U.S. side confirmed its readiness to support infrastructure development, emphasising the significance of the corridor as a reliable and flexible platform for natural gas delivery, including to Ukraine. The leading role of Bulgaria and the achieved advancement were underscored, along with our contribution to extending routes 1, 2 and 3 towards Ukraine as a one stop shop solution for competitive LNG routes for reliable partners – of crucial importance in times of crisis.

Considering the long-term role of natural gas as a main balancing factor in the European energy mix, where the share remains close to 40%, the Vertical Gas Corridor will provide a resilient route for diversified supplies from the East Mediterranean and global LNG markets to Central and Eastern Europe. The key looping of Rupcha-Vetrino will allow for additional capacity of 5 to 10 billion cubic metres along the Trans-Balkan Pipeline, as well as the expansion of the Bulgarian-Greece interconnector from 3 to 5 billion cubic metres.  

Minister Traikov and U.S. Special Envoy also discussed developing key electricity projects. ESO’s work on the East-West Corridor with a capacity of 5,000 MW, which will allow for efficient use of the renewable energy production potential of the Caucasus, was highlighted.

The strategic partnership with Westinghouse in building Kozloduy Nuclear Power Plant’s new capacity with the AP1000 technology was also discussed. The parties stressed the significance of nuclear energy as a stable and predictable source necessary for the development of cutting-edge industries, including data centres and AI-related technology.

The conversation outlined the growing interrelationship between energy security, infrastructure development and economic competitiveness. Minister Traikov and Joshua Volz united around the understanding that the complexity of contemporary energy and geopolitical challenges demand deepened cooperation based on shared strategic goals and sustainable partnerships.

Geopolitics and Energy Prices

The ministers discussed the impact of the international situation on energy markets. A debate was held regarding the possible measures in relation to oil and natural gas price hikes since the beginning of military actions in Iran and the Middle East. Minister Traikov outlined the Bulgarian government’s measures for targeted assistance for vulnerable groups of consumers.

During the discussion about the Action Plan for Affordable Energy, Minister Traikov underscored the importance of coordinated actions at a European level for supply security and lowering price pressure.

 "In the volatile geopolitical environment, it is important to accelerate gas supply diversification projects to ensure secure supply and more affordable prices for consumers. This is also key to strengthening the EU’s energy independence under the “REPowerEU” initiative, said the minister. He recalled that Bulgaria had already alerted the European Commission about the problem of high energy prices in 2024 and had again called for additional measures to limit price pressures in January 2026.

National Investments for Lower Energy Costs

A number of investments are already being implemented in our country, which are part of the Affordable Energy Action Plan and are financed through the National Recovery and Resilience Plan, said Minister Traikov. These include projects to produce renewable energy for households’ own consumption, the modernisation of energy-efficient street lighting in municipalities, and the development of energy storage technologies and flexible capacities such as pumped-storage hydropower plants.

Investments for the expansion and modernisation of the electricity grid, as well as renewable heating and cooling programmes and the development of low-carbon hydrogen have also been approved.

Grid Upgrade - Condition for Lower Prices and More Investment

Within the political debate on the European network package, Minister Traikov stressed the need for faster licensing  procedures for the construction and modernization of energy networks, as administrative delays often stop strategic investments. At the same time, infrastructure development must be consistent with environmental policies and spatial planning to ensure sustainable development, the minister said.  Strengthening the cooperation with Ukraine and Moldova, as part of efforts to make Europe’s energy systems more resilient, was also discussed in the meeting.

Before the start of the Council, Minister Traikov took part in a ministerial meeting of the Nuclear Alliance, which discussed the role of nuclear energy for energy security and for EU’s competitiveness.

"I am glad that we were able to convince Mr Borchardt of the need to renew the three main routes of the project, from Revituza to Sidirokastro and to Ukraine, from Alexandroupolis to Ukraine and from the Southern Gas Corridor. We consider the prospect of continuity of route products as a direct response to the crisis, which is key to ensuring competitive supplies and the only opportunity not to risk security of supply for Ukraine at this important moment", said Deputy Minister Georgieva after the meeting. With this move, Bulgaria is positioning itself as a key country in the energy dialogues that chart the development of the sector throughout the region, as well as in the solidarity with Ukraine.

The extension of the three main routes of the project, which expire in April, will provide a competitive platform for the supply of liquefied natural gas from the US and other sources, a process that is growing in importance in the context of the EU’s efforts to end the supply of Russian fuels.

The participants in the meeting reached an agreement that it is also necessary for operators in individual countries to actively work on adapting the routes with proposals not only on a monthly basis, but also on a quarterly and annual basis, as a response to market realities.

Bulgaria is the first country to start real construction activities to expand the transmission capacity in the direction from south to north. Transit capacity is expected to be increased by around 50% by the end of the year, thus providing the potential to transport around 10 bcm of gas per year. In this way, through deliveries along the Vertical Gas Corridor, Bulgaria can play a key role as a source of security, independence and competitiveness for the countries of the region.

The preservation of the Maritsa Iztok complex in its entirety is a key factor for economic competitiveness, and the Ministry of Energy is actively supported by the expertise of the European Investment Bank in the process, which became clear from the words of Ms Petrova.

Globally, Europe, compared to other countries in the world, is not competitive in terms of electricity prices. According to Deputy Minister Petrova, natural gas prices are influencing this process, which are further at risk in view of the situation in the Middle East, as well as the EU's climate and energy policies. In this sense, the forthcoming changes in the emissions trading system and the transformation of the energy sector should be approached with extreme caution, Deputy Minister Petrova emphasized. In her words, well-thought-out and balanced solutions are needed in this process.

Following the development and approval by the European Commission of the Territorial Just Transition Plans for the three coal regions (Stara Zagora, Pernik and Kyustendil), the concrete transformation projects are announced by the Ministry of Regional Development and Public Works. Progress on these procedures has been sustained – training and reskilling, economic transformation of small and medium-sized enterprises, skills mapping of workers and others have already been completed. In the words of the Energy Deputy Minister, the opening of schemes for photovoltaics, innovation zones and others is forthcoming.

New energy technologies, energy storage, as well as the development of RES capacities are shaping the future of the energy sector. In this context, special attention was given to wind energy as a local and inexhaustible resource.

Deputy Minister Petrova also emphasised the consistent efforts of the Ministry of Energy to develop the energy mix, where renewable sources, nuclear energy, storage systems and networks have their reserved place. This is a model based on the strategic objective of preserving and upgrading the role of the country as a guarantor of energy security in the region, concluded Iva Petrova.

In her speech, she pointed out that Europe has made a strategic turn since 2022, giving priority to LNG supplies over the limited number of pipe suppliers. This choice provided diversification, greater flexibility and the ability to react quickly, but it also posed new challenges. Today, dependence is not on a single supplier, it is on the global LNG cycle, Georgieva stressed, setting the example of supplies through the Strait of Hormuz: ‘When a corridor concentrates around 20% of global LNG trade, it is not a geographical detail, it is a strategic vulnerability.’ In 2025, LNG accounted for nearly 50% of the European Union’s gas imports, making the continent’s energy security increasingly dependent on global routes and supply chains.

Therefore, in the modern world, energy independence does not mean a lack of dependencies, but risk management, Teodora Georgieva believes.

“In today’s world, the one who has the cheapest molecule does not win. The one who manages access, builds trust and creates rules, and turns infrastructure into a security system, wins. Our goal is not just to be a corridor, but to drive change in Europe's energy security," she stressed.

Georgieva pointed out that more than 40% of Bulgaria’s natural gas is supplied by Azerbaijan via the Southern Gas Corridor, a partnership that has ensured stable supplies in the most stressful periods.

According to Deputy Minister Georgieva, the development of the Vertical Gas Corridor is also key for the region, and it is expected to increase the transit capacity by about 50% and in combination with the Southern Gas Corridor to become a strategic supply platform in Southeastern Europe.

It is of the utmost importance that the three main routes of the Vertical Corridor (from Revitusa to Sidirokastro and to Ukraine, from Alexandroupolis to Ukraine and from the Southern Gas Corridor) are continued – this would be a direct response to the crisis, which is fundamental in terms of ensuring competitive supply. This is Bulgaria's contribution to the energy dialogue with its partners for a more competitive environment, Georgieva stressed.

“Bulgaria is no longer the “end of the grid”, but an active participant in the regional energy architecture, working together with the European Commission and the CESEC regional format to strengthen Europe’s energy connectivity and security,” concluded the Deputy Minister.

During the forum, Minister Traikov participated in the work of the ministerial meeting of the European Nuclear Alliance. The event brought together ministers and representatives of European Union member states who support the development of nuclear energy as an important element of the energy transition, energy security and efforts to reduce carbon emissions. The focus of the meeting was the current geopolitical situation and the impact of the crisis in the Middle East on energy markets, as well as topics related to progress in the inclusion and recognition of nuclear energy as a legitimate instrument in the EU's climate, energy and industrial policies and the preparation of a new Alliance declaration.

In his statement on the consequences of the crisis in the Middle East on the energy markets, Minister Traikov stressed that Bulgaria is closely monitoring the development of the situation and its potential impact on global energy supply and prices of raw materials. He noted the risks of a long-term blockade of the Strait of Hormuz, through which 20% of the world's crude oil supplies pass, which is already putting significant pressure on international markets and rising prices.

The Minister pointed out that Bulgaria relies on diversified sources of natural gas, among which is the long-term supply contract with the Azerbaijani state-owned company SOCAR, as well as the supply of liquefied natural gas from the United States through the Alexandroupolis terminal. The quantities supplied under the contract cover nearly 40% of the consumption in Bulgaria and are at favourable prices linked to oil indices for a longer period, which limits the impact of short-term price fluctuations.

During the discussion, Minister Traikov also drew the attention to the persistently high electricity prices in recent years, which remain a serious challenge for both Bulgaria and the countries of Southeastern Europe. In this context, he stressed the need to accelerate the development of cross-border electricity infrastructure and remove the existing barriers to interconnection. According to him, it is important to accelerate government support mechanisms aimed at alleviating the pressure on consumers.

The Minister stressed the importance of strategic autonomy in energy at European level and the need to reduce dependence on external suppliers. According to him, electrification is one of the important tools to limit the use of fossil fuels, which require reliable generation of clean electricity, the development of electricity grids and increased energy storage capacity.

"Nuclear energy plays a key role as a stable low-carbon basic source of energy, related to electricity generation, but also to heat and hydrogen production", stressed Minister Traikov. "Its role in Bulgaria's energy mix has been proven, and we are consistently developing this potential with the project for Units 7 and 8 at the Kozloduy Nuclear Power Plant. Our task at Community level is for it to be recognised as an equal component of the European energy mix, alongside renewable sources, in achieving the EU's climate goals by 2050. I am glad that it is already part of a number of European policies and legislative initiatives", added Minister Traikov.

Our country also welcomes the publication of the new European energy package, which includes the EU's Illustrative Nuclear Programme (PINC), a strategy for the development and deployment of small modular reactors and a strategy for investment in clean energy. These initiatives give a clearer signal of the place of nuclear energy in the Union's future energy mix.

Minister Traikov raised the issue of reviewing the technical criteria in the European taxonomy related to nuclear energy, including access to finance, in order to ensure equal and technologically neutral treatment of low-carbon technologies.

The European Nuclear Alliance was established in 2023 at the initiative of France to support the role of nuclear energy in achieving the EU’s decarbonisation, energy security and competitiveness goals. Bulgaria is among the founding members of the initiative, along with countries like the Czech Republic, Poland, Romania, Finland and Slovakia. The country plans to build new nuclear capacities with a total capacity of around 2 GW after 2030, including the implementation of Units 7 and 8 of the Kozloduy Nuclear Power Plant, as well as exploring the possibilities for SMR deployment. In parallel, the efforts are focused on the long-term operation of the existing capacities and on strengthening the expert capacity in the nuclear area.

Within the forum, Minister Traikov held a bilateral meeting with the Minister of Energy and Natural Resources of Turkey Dr. Alparslan Bayraktar and invited him to visit Sofia. The Turkish side has shown understanding and willingness to change the terms of the contract with Botas. “Specific negotiations are pending, as we are talking about some very specific parameters, and at the same time Turkey has its own interests. We have other joint projects that we are currently discussing, such as green corridors through Turkey and Bulgaria for renewable energy sources, but the main topic is the gas contract," Traicho Traikov stressed.

Until the visit of Alparslan Bayraktar in Sofia, a detailed position will be prepared by the Bulgarian side on where we see opportunities to update this contract. “In my opinion, it is a good idea for Bulgaria to take advantage of the large capacity to import liquefied natural gas through Turkish terminals. We want to preserve the rational philosophy of this agreement, but we need to optimize the parameters and that is why we agreed to talk in Sofia, "said Minister Traikov.

Ivan Minister Traikov discussed with his Romanian counterpart Bogdan-Gruia the possibility of submitting a joint application for grant funding for a feasibility study for the Nicopol-Turnu Magurele hydropower plant.

Minister Traikov also spoke with the Minister of Energy of France Maud Bregeon and participated in a joint meeting of Prime Minister Andrey Gurov with the Prime Minister of Ukraine Yulia Sviridenko.

The forum was addressed by Ilham Aliyev, President of Azerbaijan, and Dan Jørgensen, European Commissioner for Energy and Housing, and brought together representatives of 27 states, 11 international financial institutions and 49 energy companies.

Almost 40% of Consumption – Guaranteed by a Reliable Partner

“Developing regional gas infrastructure and our long-term partnership with Azerbaijan for natural gas supply are crucial conditions for boosting energy security and source and route diversification,” Minister Traikov stressed.

Today, almost 40% of natural gas consumption in Bulgaria is provided for by Azerbaijan under a 25-year contract. This agreement provides predictability, supply security and competitive price terms for Europe.

In times of instable market, Azerbaijani gas plays a stabilising role – with supply continuing uninterrupted and contractual parameters limiting the effect of spikes in price volatility. This translates to less pressure on businesses and households, greater resilience of the economy and preservation of Bulgarian industry’s competitiveness.

“In crises like this, strategic partnerships prove their true value. Azerbaijan is a reliable long-lasting partner and backbone of our energy stability,” the Minister emphasised.

The Southern Gas Corridor – Strategic Connectivity for Europe

With the Gas Interconnector Greece–Bulgaria becoming operational in October 2022, our country has become an integral part of the infrastructure of the Southern Gas Corridor that connects the Caspian Region to European markets.

Connectivity provides flexibility in crises, access to different sources and more efficient use of transit potential. For Bulgaria, this means not only more secure supply, but also an active role in managing gas streams in the region.

Infrastructure Development and New Strategic Projects

Bulgaria continues its consistent modernisation and expansion of the national gas transmission network and the construction of reverse gas connections with the neighbouring countries in view of an integrated European gas market.

Minister Traikov informed partners of the leading role our country has in building the Vertical Gas Corridor – a project for the South-North Axis which will increase the transit capacity between Greece and Romania by 50%. The initiative is part of the broader diversification strategy in line with REPowerEU and the regional priority for reducing Russian gas dependency by access to LNG and Caspian resources.

Broadening Cooperation

A plenary session titled Southern Gas Corridor: Sustaining Success and Driving the Next Phase of Development of the SGC and an EU-Azerbaijan Green Connectivity Investment Roundtable were held within the forum.

Opportunities to optimise deliveries under the long-term contract, the gasification project for Panagyurishte, implemented by Asarel and SOCAR, as well as the hybrid project for compressed natural gas (CNG) supply, carried out by M-Gas and SOCAR for consumers without access to the gas transmission network were discussed at a meeting with Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan.

Minister Shahbazov stated that he would appreciate Bulgaria officially joining the Green Energy Corridor Initiative between Azerbaijan, Georgia, Romania and Hungary which includes the Black Sea Submarine Cable project – part of the strategic energy cooperation between the European Union and Azerbaijan within the Global Gateway Initiative. A memorandum for another green corridor – from Azerbaijan through Georgia and Türkiye to Bulgaria – was signed last year, with feasibility study currently being prepared.

During the forum, Minister Traikov will hold bilateral meetings with Dorin Junghietu, Minister of Energy of Moldova, Zafer Demircan, Deputy Minister of Energy and Natural Resources of Türkiye, and Rovshan Najaf, President of SOCAR.

Bulgaria was highly appraised by James Danly, Deputy Secretary of Energy, for its active role in the development of the Vertical Gas Corridor during a meeting held at the U. S. Department of Energy with Traicho Traikov, Caretaker Minister of Energy. James Danly congratulated our country for the timely and consistent performance of construction works for the project’s gas transmission infrastructure on Bulgarian territory.

The transmission infrastructure is of crucial significance for the secure entry and following transit of natural gas in the region, Minister Traikov said. “Our country was the first to commence real construction along the Vertical Gas Corridor and is an active driver of regional efforts towards energy security,” the Minister stressed.

By the end of 2026, Bulgaria will conclude the expansion of the gas transmission network in key interconnection points: IP Kulata/Sidirokastro (Greece – Bulgaria) and IP Negru Vodă/Kardam (Bulgaria – Romania). These investments make Bulgaria a main transit country along the South-North Axis and a key route for liquefied natural gas (LNG) delivery, including LNG from the USA, towards Ukraine and countries in Central and Eastern Europe. Specific interest was expressed on behalf of the U.S. to use the Vertical Gas Corridor for American LNG deliveries.

Further strategic topics were also discussed during the meeting, including the advancement on construction of Kozloduy Nuclear Power Plant Units 7 and 8 with U.S. technology, as well as the role of the Burgas refinery for regional energy security following sanctions against Lukoil.

Our country’s leading role in the new energy security model for Europe was also emphasised by Energy Secretary Chris Wright with whom Minister Traikov spoke during the Transatlantic Gas Security Summit held 24 and 25 February in Washington.

Technical coordination and EU and U.S. support for the Vertical Gas Corridor

Earlier that day, a technical meeting was held at the U.S. Department of Energy dedicated to the Vertical Gas Corridor, bringing together officials from the energy ministries and Transmission System Operators (TSOs) of Bulgaria, Greece, Romania, Moldova, Ukraine, and the European Commission. The meeting was presided by Joshua Volz, U.S. Special Envoy for Global Energy Integration.

Further topics discussed during the meeting:

• Lifting regulatory and administrative restrictions and accelerating permit procedures;
• Harmonising and reducing cross-border tariffs to create a competitive market product;
• Possibilities for long-term capacity reservation and sustainable financial structuring of the Corridor;
• Full and efficient use of existing and newly built infrastructure.

Minister Traikov emphasised that existing supply of Russian gas at nonmarket prices remains the main challenge before the full implementation of the Corridor. Bulgaria upholds the EU-level commitment of phasing out Russian natural gas import – with a legally binding ban on Russian LNG starting end of 2026 and on pipeline gas from the autumn of 2027.

The Vertical Gas Corridor, competitive routes and Route products are not only infrastructural and commercial decisions in support of supply diversification and security for Europe, but also the backbone of the new energy security model in which Bulgaria plays a strategic and indispensable role, Minister Traicho Traikov stated.

Bulgaria is the first state to commence real construction of the Vertical Gas Corridor, making our country an active driver in regional energy security efforts, Minister Traikov stressed.

Projects are underway to expand the capacity of the key interconnection points IP Kulata/Sidirokastro (Greece – Bulgaria) and IP Negru Vodă/Kardam (Bulgaria – Romania). The Vertical Gas Corridor represents the “motorway” from the South to the North along which up to 10 billion cubic metres of liquefied natural gas can annually be transited towards Ukraine and the broader region via the IP Negru Vodă 1/Kardam.

Our country has already applied for partial grant funding under the European Union Modernisation Fund. If approved, it will allow the development of a competitive tariff structure to the benefit of both Bulgarian and regional users of the gas transmission network.

The interconnection points at Stara Zagora and Komotini (Greece) are expected to be made operational with an increased capacity next year. Along with the strategic role for source diversification, these projects will provide natural gas traders with even greater flexibility in managing supply and access to new markets.

A Long Path Stemming From the 2009 Crisis

“Intentional diversification efforts in our region commenced some 17 years ago – immediately after the cutoff of Russian gas supply in 2009. Back then Sofia, heated with natural gas, literally began cooling down,” Minister Traikov recalled. According to him, this crisis precisely led to a decisive shift in European policy and to the active support of the European Commission for the development of Bulgaria’s interconnectors with Greece, Romania and Serbia. “The most important one is with Greece as it laid the foundation of the Southern Gas Corridor and everything we do today,” the Minister stressed.

Minister Traikov noted that despite the missed opportunities in the past, including the Nabucco Project that fell through, the steps undertaken for diversification have yielded tangible results.

“When the larger crisis of February 2022 hit and Gazprom demanded payment in Rubles, we were prepared. We politely declined, as this infringed our contract, and nothing happened. At the same time, Bulgaria received two tankers of U.S. LNG, and this was clear evidence that diversification worked,” the Minister stated.

U.S. LNG – New Opportunities for Bulgaria and the Region

During the Transatlantic Summit in Washington, the Minister of Energy signed a declaration supporting the launch of negotiations by Bulgargaz to import American liquefied natural gas (LNG). The document was signed in the presence of Doug Burgum, U.S. Secretary of the Interior and Chair of the National Energy Dominance Council, and Chris Wright, Secretary of Energy.

Minister Traikov emphasised that this was a timely and logical step in the context of the commitment of Bulgaria and the European Union to discontinue Russian gas imports. This includes a legally binding ban on Russian LNG and pipeline gas imports, from the end of 2026 and autumn of 2027 respectively.

“After phasing out Russian gas, including liquefied natural gas, starting from next year the majority of imports currently making it in ‘through the back door’ will most probably become impossible. Therefore, the Vertical Gas Corridor is not simply an infrastructure project – it is a key tool for the region’s energy security and for real supply diversification,” Minister Traikov outlined.

During his visit, the Minister held a meeting with Thomas Summers, Executive Vice President, Shell LNG Marketing and Trading, discussing opportunities for long-term cooperation in the field of LNG supply to Bulgaria and the region, as well as the advancement of natural gas exploration in the Black Sea. Talks were also held with the ministers of energy of Romania, Greece, Serbia, Hungary, and Slovakia, with U.S. Secretary of Energy Chris Wright, Under Secretary of State for Economic Growth, Energy, and the Environment Jacob Helberg, and Deputy Secretary of State for Management and Resources Michael Rigas. Minister Traikov also met with Jack Fusco, Director, President and CEO of the largest LNG producer Cheniere Energy, Freeman Shaheen, President of Chevron Global Gas, and Joshua Volz, Special Envoy for Global Energy Integration.

Stankov presented to his successor the main challenges and results of the institution’s work over the past year, including the derogation achieved for the Bulgarian Lukoil entities from American sanctions, the inclusion of our country as an investor in oil and natural gas drilling in the Black Sea, the real construction work on the Vertical Gas Corridor, etc.

Traikov declared his commitment for the team of the Ministry of Energy to continue working to protect national interest and develop a stable, competitive and resilient energy sector.