Important impetus for integration of energy markets in South East Europe: Prime Ministers issue statement of support for Greece-Bulgaria gas interconnector

An important step towards completing the Energy Union: through diversification of sources and competition, EU citizens will get a wider range of choices and stronger energy security.

On 29 June 2018, in the margins of the European Council, and in the presence of the President of the European Commission Jean-Claude Juncker, the Prime Minister of Bulgaria Boyko Borissov and the Prime Minister of Greece Alexis Tsipras signed a political statement in support of the swift implementation of the Greece-Bulgaria gas interconnector project (IGB). Both countries stressed the need to begin the construction by the end of 2018 and make the interconnector operational by 2020, timely coordinated with the first gas from the Caspian region reaching the European Union.

President Juncker recognised that the construction of the IGB project will be an important step towards bringing diversification to the energy systems of South Eastern Europe. Only a fully interconnected market will improve Europe's security of supply, reducing the dependence of single suppliers and giving consumers more choice.

Background

The IGB is a key project connecting Bulgaria to Southern Gas Corridor. It is a Project of Common Interest and a priority project under the Central and South Eastern Europe Connectivity (CESEC) initiative, facilitated and supported by the European Commission. Its initial capacity is planned at ~3 bcm/y (in south-north direction), upgradable in a later stage to 5-6 bcm/y on a bidirectional basis. The project is co-promoted by Bulgarian Energy Holding (50%), Edison (25%) and the Public Gas Corporation of Greece DEPA (25%).

Factsheet