Smart Choice Properties
News

Bulgaria's energy future

cheaper electricity and Renewable energy sources with a total capacity of over 7,000 megawatts

Google, Amazon, and Microsoft - the companies dominating Global markets and the three most influential technology giants - predict complete de-carbonization globally by the end of 2030. Bulgaria is still moving in this direction but every right step brings it closer and closer to the possibility of becoming a magnet for large foreign Investors. To get closer to this goal, we need to focus on the implementation of Renewable energy sources as the only right move and opportunity for energy transformation.

The reaction of the Business 

Electricity, generated by solar and wind power plants is significantly cheaper. Photovoltaic facilities are a guarantee for increasing energy security and reducing electricity costs for a number of companies in the country. The Business recognized the "Green idea" and saw it as the only way out of its difficult economic situation. Every day we observe the number of solar panels installed on the roofs of enterprises. And this is not a coincidence - so they generate electricity themselves and part of the energy they consume amounts to BGN 100 per MWh compared to BGN 500 as before. 

Possible scenarios

Is it possible to significantly reduce electricity prices for businesses and households in Bulgaria? Is it realistic to build more and more solar power facilities to shift the role of coal? Will Bulgaria be able to achieve energy independence without having to build new NPP /Nuclear Power Plant/units? The Vision 2030: Towards Cheaper Electricity and a More Competitive Economy Plan answers all these questions. It was developed by a team of international experts from the PostScriptum Energy Transition Investment Fund and is supported by: Bulgarian Wind Energy Association (BGWEA), Bulgarian Photovoltaic Association (BFA), and the Association for Production, Storage and Trade of Electricity (APSTE).

The Plan envisions the construction of 7 GW of new solar and wind power facilities in the period up to 2030 which would reduce the price of electricity by more than 30 euros per MWh. 

  • One of the scenarios is based on the current strategy - zero investment in NPPs, 2,300 MW of RES (solar and wind power plants), 1,200 MW of gas power plants, and 1,911 MW fewer coal-fired power plants. 
  • The other – so-called “gas scenario” envisages 1,470 MW of steam and gas capacity, 4,600 MW of RES - small biomass capacities as well as geothermal sources.

Optimistic forecasts

Stability, predictability, and low electricity prices will help increase the competitiveness of the entire Bulgarian economy. This will guarantee the continuity and the chance for growth of our domestic companies on the International markets. And not only! Making our country one of the lowest carbon energy systems in Europe would attract strong Global investors for whom this is a top priority. Bulgaria, without much effort, could become a major exporter of green electricity and an energy leader in the region. The development of the RES sector will stimulate the business of Bulgarian construction and engineering companies will increase employment in the field and will lead to the creation of over 20,000 new jobs. This will inevitably increase the quality of life in the country and will contribute to the development of other important sectors of the domestic economy.

Compare