On June 22nd, 2022, AmCham Energy and Mineral Resources Committee held a hybrid meeting with a key note speakers Mr. Martin Georgiev, Executive Director of the National Electricity Company, and Mr. Slavtcho Neykov, Executive Director of the Energy Management Institute. The meeting was opened by Krassimir Nenov, Co-Chair, who presented the guests and the main topics, and Prof. Iliya Garkov, who briefed the audience about the recent advocacy on the introduced new levels of mining royalties by the Ministry of Finance and Ministry of Energy.

Mr. Martin Georgiev, CEO of NEK opened his presentation by addressing the importance of having the coordinated and focused efforts by all stakeholders in order to achieve success in the energy sector. Undoubtedly AmCham members will have a key role to play in the successful functioning and transformation of the power industry in Bulgaria.

Mr. Georgiev then gave a brief overview of NEK’s main activities and outlined the priorities and the tasks that lie ahead.

By its hydro power generation NEK is the biggest producer of electricity from renewable sources in Bulgaria. Water is also a domestic source of energy, allowing the country to produce its own energy without being reliant on international fuel sources. The flexible generation facilities of the company have a key role in ensuring security of supply and reliability and security of the grid system of Bulgaria. NEK’s dams and pump and hydro power plants function as giant green batteries allowing the storage of energy and are an essential element in the integration of renewable producers in the country.

Regarding the priorities of NEK, Mr. Georgiev explained that the company will have priority focus on the rehabilitation and modernization of its HPPs and PSHPPs. The investments are intended to improve the reliability and efficiency of the power plants so as to increase the share of renewable electricity output and utilize efficiently the hydropower potential of the country. Hydro systems play a substantial role in achieving the goals of the Green Deal and the transition to sustainable energy. Moreover, Europe’s geopolitical and economic context call for further efforts to reduce the dependence on fossil fuels and accelerate the green transition.

Another main priority for NEK is establishing and developing strategic and effective partnership with other companies in the industry. The activities in the energy sector are all interconnected and it is only through close cooperation and open dialogue that the so much needed synergy can be achieved for a sustainable and resilient economy.