SHTERYO NOZHAROV: BULGARIA WAS FALLEN INTO 30 YEARS OF ENERGY TIMELESSNESS

Three weeks after the start of hostilities in Ukraine, Europe has placed Russia in absolute isolation. A total of four times the European Commission has updated a package of economic, financial and diplomatic sanctions against Moscow and Russia's elite close to President Vladimir Putin. This structure is well known to the Russian head of state, who has been preparing for this moment since 2014.

"Russia was preparing for an escalation of tensions - economic and financial. That is - a sharp reduction in government debt, restructuring of reserves, attempts to find alternative markets for raw materials that it exports to Europe. What is surprising for her is the intensity of the fighting," economist Shteryo Nozharov said in an interview.

"Here we must distinguish the situation of Europe from that of Bulgaria. Europe has its energy problems, but in Bulgaria they are multiplying by 3. The energy intensity of our economy is about 3.5 times higher than the EU average. Countries have a different energy mix. In the short term, we are not prepared and we will have problems, not only with fuels, but with the prices of metals and grain. In the long run, everything that is happening will be positive for Bulgaria, as we had fallen into a 30-year energy timelessness," said the expert.

As an EU member, Bulgaria is in solidarity with the sanctions against Russia. This position is understandable, but the suspension of Russian supplies will affect Bulgarian consumers, at least until the commissioning of the pipeline with Greece.

Bulgaria has great potential for increasing energy efficiency. Unlike other countries in Central and Eastern Europe, we have advantages for the development of the RES sector - a suitable climate, enough sun and experienced companies and professionals.

"If the current 2nd and 3rd generation renewable energy technologies are replaced by 4th and 5th generation technologies, we could reach 40% of renewable energy. This conflict is the trigger that will force Bulgaria to diversify the energy mix," predicts Nozharov.