Bulgaria Secures €652 Million from EU to Bolster Electricity Grid
Bulgaria has received a substantial financial boost from the European Union, securing €652 million aimed at enhancing the country’s electricity grid. This funding is part of the EU's broader initiative to improve energy infrastructure across member states, facilitating a more resilient and sustainable energy network.
The Bulgarian government announced that the funds will be directed towards modernizing and expanding the national grid, with a focus on integrating renewable energy sources. This is in line with the EU's Green Deal objectives, which aim to make Europe the first climate-neutral continent by 2050.
Energy Minister Rumen Radev emphasized the significance of this investment, stating, "This funding is a critical step towards ensuring energy security and sustainability for Bulgaria. It will enable us to upgrade our electricity infrastructure, reduce energy losses, and integrate more renewable energy into our system."
The planned upgrades include the construction of new transmission lines, the refurbishment of existing infrastructure, and the implementation of advanced smart grid technologies. These improvements are expected to enhance the reliability of the electricity supply, reduce outages, and support the country’s growing renewable energy sector.
The funding comes from the EU’s Recovery and Resilience Facility (RRF), which aims to mitigate the economic and social impact of the COVID-19 pandemic while promoting green and digital transitions. The RRF is the centerpiece of the EU’s NextGenerationEU, a €750 billion temporary recovery instrument designed to support member states in their recovery from the pandemic.
European Commissioner for Energy, Kadri Simson, praised Bulgaria's efforts and the EU's commitment to supporting member states in their energy transitions. "This investment will not only improve Bulgaria’s energy infrastructure but also contribute to the EU’s overall climate goals. It is a win-win for Bulgaria and the European Union," Simson stated.
The project is expected to commence later this year, with completion targeted by 2027. The government has committed to transparency and efficiency in the use of these funds, ensuring that the benefits reach all regions of the country.
