ICGB Shares Forecasts For Capacity Utilization Of Interconnector Greece-Bulgaria

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 1. Capacity utilization of the Interconnector Greece-Bulgaria (IGB) is expected to remain above 90 percent in 2023 and 2024, Executive Officer of ICGB, the pipeline operator, Teodora Georgieva said in an exclusive interview with trend .

'In 2023, ICGB, as a reliable transmission operator, will fulfill the already undertaken commitments to transfer gas quantities under the already signed long-term contracts,' she said.

Georgieva noted that the market of natural gas in the region and Europe as a whole is very dynamic right now, given the ongoing war in Ukraine as well as the measures that European countries are taking to overcome its consequences.

'As a result of these circumstances, in the third month since the start of commercial operation of IGB, the capacity of the gas pipeline was utilized above 90 percent. We expect that this trend will persist and continue in 2023 and possibly in 2024, but ultimately this will be determined by the needs and demand for natural gas of the countries in the region,' said the executive officer.

The Interconnector Greece-Bulgaria began commercial operation on October 1, 2022.

Since the beginning of the current heating season, the interconnector provides nearly 1/3 of the winter consumption of natural gas in Bulgaria. IGB is the first route for diversified supplies of natural gas to Bulgaria, guaranteeing increased security of supply and diversity of sources, contributing significantly to the competition in the natural gas market, which is a prerequisite for optimized prices for businesses and domestic consumers in the country.

The gas pipeline creates an entirely new route through Bulgaria for the transportation of natural gas from new sources to a number of countries, which reinforces the key role of the interconnector not only at a national level, but also for the entire region of Central and Southeastern Europe.


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