ICGB AD organized a promotional event for holding the second, binding, phase of the market test for capacity in Greece-Bulgaria gas pipeline.

06 October 2016

Yesterday, 5th October 2016, a promotional event was held for the participants in the second, binding, phase of the market test for capacity management and allocation of IGB gas pipeline - Interconnector Greece-Bulgaria.

The second phase of the market test was officially launched on 5th August 2016 after the regulatory authorities of Bulgaria and Greece, Energy and Water Regulatory Commission and RAE officially approved the Guidelines for capacity management and allocation of IGB gas pipeline. The deadline for submission of binding offers in the second phase of the Market test is 31st October 2016.

The promotional event was organized by the project company ICGB AD represented by Ms. Teodora Georgieva and Dr. Konstantinos Karayannakos, under the auspices of the Minister of Energy of the Republic of Bulgaria- Ms. Temenuzhka Petkova and the Minister of Energy and Climate Change of the Republic of Greece- Mr. Panos Skourletis and with the support of the EC. The Chairman of EWRC, Mr. Ivan Ivanov, Dr Dionysios Papachristou representative of the Greek energy regulator RAE, representatives of the shareholders in the project company-BEH EAD and IGI Poseidon as well as of the national gas transmission network operator Bulgartransgaz EAD participated in the event. Future customers of the IGB project - companies operating on the gas trading markets not only in Europe but in the whole world, transmission system operators and investors were invited to and attended the event.

The purpose of the event was to present the strategic importance of the project, its role and effect on the construction of the vertical gas corridor, the potential for development of the gas market in the region and the vision for development of gas infrastructure in the short and long- term future.

Minister Temenuzhka Petkova welcomed all participants in the event and once again emphasized the important role of IGB gas pipeline for providing security of supplies and providing diversification of sources and routes for the Bulgarian market which is a constant and consistent policy of the Bulgarian government. The project is important for the whole region but is of particular importance for Bulgaria which is almost a 100% dependent on one source.
“We are very pleased of the progress achieved so far in the development of the project: a final investment decision has been taken, IGB Project successfully completed all environmental permit procedures in Bulgaria and Greece and the binding phase of the market test, launched in August, represents the next important step for the development of the IGB project”, Ms. Catharina Sikow-Magny, representative of DG ENER stated.

The event was attended by the CEO of BEH Mr. Petyo Ivanov, the CEO of DEPA Mr. Theodoros Kitsakos and the SVP for Gas Supply Origination & Infrastructures of Edison and CEO of IGI Poseidon Mr.Elio Ruggeri, which all stated the strong commitment of the ultimate shareholders for the realization of the project.

„With today’s event we want to demonstrate  that the project company welcomes all future customers, it has established equal and non-discriminatory conditions for all willing to participate in the market test and last but not least that we are developing a competitive, economically viable and strategically important project which will have an important role for the development of the market in the region as well as for the energy security and diversification of natural gas sources“ Ms. Teodora Georgieva, Executive officer from Bulgarian side of the project company ICGB said.

I am satisfied to see the support for the implementation of the project which is demonstrated by the shareholders in the project company, the positive attitude of state institutions, the European Commission and politicians as well as the constructive attitude of regulatory authorities. I am convinced that this support will not pass unnoticed by economic operators participating in the market test” the Executive officer from Greek side, Dr. Konstantinos Karayannakos stated.

The plans for development of the transmission network which the operator of the national transmission network intends to implement in the medium and long term and which would directly affect the interest of gas traders with a potential for market expansion were presented at the event held.

The new initiative of Greece, Bulgaria, Romania and Hungary for construction of the Vertical Gas Corridor and connectivity of transmission networks, which is part of the initiative of the countries from Central and South-Eastern Europe for interconnectivity, was presented. An important aspect is that the gas interconnector Greece-Bulgaria is part of this initiative and will be part of the Vertical gas corridor which is an acknowledgement both for the importance of the project and its progress.