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1 985,00 € – 3 970,00 €
Update: June 2025
Format: 1 file(s) (PDF report) in English language and 1 file(s) in MS Excel with data from charts and tables
Author: Renewable Market WatchTM
Pages: 123
Report production №: RMWIN3502025095
Delivery: Up to 24 hours by e-mail
Subscription: In the report price is included a subscription for 1 year period with up to 4 quarterly updates
Bulgaria is situated in the South-Eastern part of the Balkan Peninsula. The country’s population is 7.284 million people, and its territory spans 110,912 sq.km. Bulgaria borders Greece and Turkey to the South, and North Macedonia and Serbia – to the West. The Danube River to the North is our natural border with Romania; the Black Sea is situated to the East. Bulgaria is in the centre of a region, which is undergoing a dynamic transition. Within 500 km of our capital city, Sofia (1.4 million people), a population of over 90 million lives in 9 countries that have recently embarked on their way to a market economy. This is a large market with rapidly increasing purchasing power.
In the last few years, Bulgaria has been the focus of the investors’ interest. The political stability and predictability due to the NATO membership and the EU accession, the stable economic perspective and the growing credit rating of the country after the acceptance in the Euro zone from 1 January 2026 and its institutions were only some of the elements attracting the investors’ interest. External investors have been attracted by the rapidly developing national industry, a highly skilled workforce and a significant new market.
The Bulgarian solar power market has been experiencing significant growth since 2021. As a result of the high economic growth in the last 3 years, industrialisation and urbanisation, the demand for new energy generation sources to replace the coal-based power plants in Bulgaria is increasing. By the end of 2024, Bulgaria had a cumulative installed solar capacity of 4,568 MW (4.57 GW), representing an increase of 1,283 MW (1.28 GW) compared to 2023. The rapid growth of solar PV capacity in Bulgaria necessitates a corresponding increase in battery storage to prevent grid imbalance issues. The battery energy storage system (BESS) market in Bulgaria will experience robust growth by 2030 in the co-located/behind-the-meter (BTM) and front-of-the-meter (FTM) segments. Together with the already approved at the end of April 2025, 82 projects for the construction of batteries for the storage of electricity under the Recovery and Sustainability Plan for nearly BGN 1.2 billion (€ 600 million), awaiting the signing of contracts, and 30 reserve projects for which additional money is still being sought through the new chapter of the plan – RePowerEU, Bulgaria intends to become a balancing force in the region.
The report provides a complete picture of the market situation, dynamics, current issues and prospects. You will find more than 120 pages of valuable information in this unique in-depth analysis of the Bulgarian Battery Energy Storage System (BESS) and will receive an overview of how the military conflict in Ukraine and the European Union’s efforts to achieve a significant reduction of Russian gas and other energy commodities import will impact it. With comprehensive market data, this report brings clear and concise insights to help investors in their decision-making process. As 2023 and 2024 were challenging years for the Battery Energy Storage System (BESS) industry, the time for making the right decisions during 2025 and the next few years is limited. The fast-changing market environment requires relevant and accurate information. For your convenience, we offer the opportunity for orders with customised report content. Reasons to buy this market report are, but are not limited to:
On the next pages, you will see the full table of contents of this report. To order this report click on the button “ADD TO CART”. If you have any other questions, please do not hesitate to call us on ++44 203 807 00 79 or write an e-mail to orders@renewablemarketwatch.com
TABLE OF CONTENTS 3
FOREWORD 8
1 METHODOLOGY AND LIMITATIONS 9
1.1 Research Methodology 9
1.2 Forecast Software and Methodology 11
1.2.1 Purpose 11
1.2.2 Description 11
1.2.3 Input data 12
1.2.4 Output data 12
1.2.5 Features 12
1.3 Limitations 13
2 EXECUTIVE SUMMARY 14
2.1 Historical and Current Development Overview of Battery Energy Storage System (BESS) Market in Bulgaria 14
2.2 Bulgaria Battery Energy Storage System (BESS) Potential 14
2.3 Renewable Energy Sources (RES) Policies and Targets 15
2.4 Key Stakeholders Affecting Battery Energy Storage System (BESS) Market Development in Bulgaria 15
2.5 Market Drivers and Constraints 15
2.6 Recent and Pending Changes in Renewable Energy Law in Bulgaria 16
2.7 Market Forecast Summary 16
3 BULGARIA POLITICAL AND ECONOMIC ENVIRONMENT. PEST ANALYSIS 17
3.1 Basic Country Data 17
3.2 Political Climate and Ruling Party 21
3.3 GDP and Economic Growth 21
3.4 Taxes 24
3.4.1 VAT 25
3.4.2 Income and Corporate Taxes 25
3.4.3 Exemption of excise duty 26
4 CENTRAL-EAST EUROPE (CEE) AND SOUTH-EAST EUROPE (SEE) POWER MARKET 27
4.1 General Electricity Market Information 27
4.2 Battery Energy Storage Systems (BESS) in the Energy Sector 33
4.3 Single Electricity Market 36
5 CENTRAL-EAST EUROPE (CEE) AND SOUTH-EAST EUROPE (SEE) BATTERY ENERGY STORAGE SYSTEM (BESS) MARKET 39
5.1 Market Overview 39
5.2 Cumulative Installed Battery Energy Storage System (BESS) Capacity and Revenue 40
5.3 Annual Installed Battery Energy Storage System (BESS) Capacity 42
5.4 Future Development Trends 42
6 BULGARIA POWER MARKET 44
6.1 Electricity Transmission and Distribution 44
6.2 Electricity Consumption and Generation 46
6.3 Electricity Imports and Exports 50
6.4 Electricity Prices for Business and Households 51
6.5 Renewable Energy Sources (RES) Targets 52
7 BULGARIA BATTERY ENERGY STORAGE SYSTEM (BESS) MARKET 54
7.1 Why Invest in Battery Energy Storage System (BESS) in Bulgaria? 54
7.2 Bulgaria Battery Energy Storage System (BESS) Potential 55
7.3 Battery Energy Storage System (BESS) Demand and Supply in Bulgaria 56
7.4 Regional Substation Capacities for Battery Energy Storage System (BESS) Projects in Bulgaria 57
7.5 Overview of Battery Energy Storage System (BESS) Market in Bulgaria 58
7.6 Market Segmentation 60
7.6.1 Technology 60
7.6.2 End User 63
7.7 Investment Trends and Development Roadmap 64
7.8 Competitive Environment in Battery Energy Storage System (BESS) Market 66
7.9 Profiles of Key Players and Investors in Battery Energy Storage System (BESS) Market 66
7.10 Cumulative Installed Battery Energy Storage System (BESS) Capacity and Revenue 68
7.11 Annual Installed Battery Energy Storage System (BESS) Capacity 70
7.12 Market Prices for Battery Energy Storage System (BESS) Projects in Bulgaria in Development, Ready to Build and Operational (Grid Connected) Condition 71
7.13 Key Cost Structure Elements of Battery Energy Storage System Plant in Bulgaria 72
7.14 Key Battery Energy Storage System (BESS) Projects in Bulgaria Under Development 73
7.15 Mergers and Acquisitions 76
8 DRIVERS AND CONSTRAINTS OF BATTERY ENERGY STORAGE SYSTEM (BESS) MARKET IN BULGARIA. SWOT ANALYSIS 77
8.1 Market Drivers 77
8.2 Market Drivers Explained 77
8.3 Market Constraints 78
8.4 Market Constraints Explained 78
8.5 SWOT Analysis 79
9 FINANCIAL ANALYSIS OF BATTERY ENERGY STORAGE SYSTEM (BESS) MARKET IN BULGARIA 83
9.1 Financing Options of Battery Energy Storage System (BESS) Projects in Bulgaria 83
9.2 Financial Model and Analysis of 100 MW/200 MWh Battery Energy Storage System (BESS) Plant investment in Bulgaria (IRR, WACC, Payback, NPV, Cash Flow, ETC.) 88
10 TECHNOLOGY ANALYSIS 93
10.1 Battery Energy Storage System (BESS) Technology Overview 93
10.2 Technology Trends 94
11 EUROPEAN RENEWABLE ENERGY POLICY LANDSCAPE 96
11.1 RES Regulations and EU Directives 96
11.1.1 Precedent EU regulations 96
11.1.2 Most recent EU renewable energy policy developments 97
12 BULGARIA RENEWABLE ENERGY SOURCES (RES) LEGAL AND REGULATORY FRAMEWORK 98
12.1 Main Laws and Regulations 98
12.2 Support Schemes 99
12.3 Green Certificates Trading 99
12.4 Changes in Renewable Energy Law in Bulgaria from 2020 to 2025 100
12.5 Auction (Tender) Procedure for Battery Energy Storage System (BESS) Plants in Bulgaria 103
12.6 Zoning, Planning and Construction Related Authorizations 104
12.7 Environmental Related Authorizations 104
12.7.1 Natura 2000 Network 104
12.7.2 Clean Development Mechanism (CDM) and Joint Implementation (JI) 106
12.8 Energy Law Authorizations 106
12.8.1 Power Generation Licensing and Unlicensed Power Generation Below 1 MW 106
12.8.2 Grid Interconnection 107
12.8.3 Feed-in Tariff (FIT) 108
12.8.4 Power Off-Take for Green Certificates 110
12.8.5 Power Off-Take under Auction (Tender) Scheme 111
12.8.6 Registers for Green Certificates (Guarantees of Origin) 111
12.9 Future Market Pricing Mechanisms 112
13 KEY STAKEHOLDERS AFFECTING BATTERY ENERGY STORAGE SYSTEM (BESS) MARKET DEVELOPMENT IN BULGARIA 113
13.1 Government Stakeholders 113
13.2 Non-Government Stakeholders 117
13.3 Electricity Generation, Transmission System Operator (TSO) and Distribution System Operators (DSO’s) 118
14 CONCLUSIONS AND RECOMMENDATIONS 123
15 LIST OF ABBREVIATIONS 125
16 REFERENCES 127
17 DISCLAIMER 129
APPENDIX I. EUROPE AND BULGARIA BATTERY ENERGY STORAGE SYSTEM (BESS) MAPS 130
Map 1: Where is Bulgaria on the European Map 17
Map 2: Bulgaria Road Network 18
Map 3: Bulgaria Administrative Regions Map 20
Map 4: Bulgaria Electricity Grids Network 45
Map 5: Battery Energy Storage System (BESS) Projects in Bulgaria 2025 55
MAP 6: Bulgaria Natura 2000 Areas Map 105
MAP 7: Battery Energy Storage System (BESS) Projects in Europe 2025 130
Map 8: Battery Energy Storage System (BESS) Projects in Bulgaria 2025 131
Chart 1: Bulgaria Real GDP Growth for the Period 2014 ÷ 2034 in % (including forecast) 22
Chart 2: Bulgaria GDP Growth Compared to EU-27 for the Period 2014 ÷ 2034 in % (including forecast) 23
Chart 3: Corporate Tax Income in Selected Central-East Europe (CEE) and South-East Europe (SEE) Countries 25
Chart 4: Physical Energy Flows Values in GW in Central-East Europe (CEE) and South-East Europe (SEE) in 2024 28
Chart 5: Breakdown of Electricity Production by Source Type in the EU-27 in 2024 (in %) 30
Chart 6: Average Base Load Electricity Price in Selected European Countries (€/MWh): 2014 – 2024; Renewable Market WatchTM 31
Chart 7: Forecast for RES Generation Capacity by Source Type in the EU to 2030 (in GW) 32
Chart 8: New Installed and Decommissioned Power Capacity by Source Type in the EU in 2024 (MW) 33
Chart 9: Age of Power Plants in Europe in 2024 34
Chart 10: Share of New Power Generation Capacities Added in the EU 27 in 2024 (MW) 35
Chart 11: Annual Installed Power Generating Capacity (MW) and Renewable Share (in %) 2011 – 2024 in the EU 35
Chart 12: Number of Filled Patents for Battery Energy Storage System (BESS) Technologies in CEE & SEE Countries 2014 – 2024, EPO PATSTAT 39
Chart 13: Cumulative Installed Battery Energy Storage System (BESS) Capacity (in MWh) in Central-East Europe (CEE) and South-East Europe (SEE) by Segment (Residential, Commercial and Industrial, Utility-Scale) 2014 ÷ 2034, including forecast 40
Chart 14: Cumulative Revenue (in EUR Million) of Battery Energy Storage System (BESS) Plants (in MWh) in Central-East Europe (CEE) and South-East Europe (SEE) by Segment (Residential, Commercial and Industrial, Utility-Scale) 2014 ÷ 2034, including forecast 41
Chart 15: Annual Installed Battery Energy Storage System (BESS) Capacity (in MWh) in Central-East Europe (CEE) and South-East Europe (SEE) by Segment (Residential, Commercial and Industrial, Utility-Scale) 2014 ÷ 2034, including forecast 42
Chart 16: Bulgaria Power Market Structure 44
Chart 17: Share of RES electricity from Total Installed Power Capacity in Bulgaria in 2024 47
Chart 18: Bulgaria Total Annual Electricity Consumption (in TWh) 2014 – 2024 48
Chart 19: Bulgaria Power Generation Capacity Breakdown by Source (Fuel) Type in 2024 49
Chart 20: Electricity Imports and Exports in Bulgaria 2014 ÷ 2034 (in million kWh) including forecast 51
Chart 21: Bulgaria Targets for Renewable Energy Sources by 2030 (in %) set by National Renewable Energy Action Plan (NREAP) 53
Chart 22: Chart: Number of Filled Patents for Battery Energy Storage Systems (BESS) in Bulgaria 2014 – 2024, EPO PATSTAT 65
Chart 23: Cumulative Installed Battery Energy Storage System (BESS) Capacity in Bulgaria (in MWh) by Segment (Residential, Commercial and Industrial, Utility-Scale) 2014 ÷ 2034, including forecast 69
Chart 24: Cumulative Revenue of Battery Energy Storage System (BESS) Plants in Bulgaria (in EUR Million) by Segment (Residential, Commercial and Industrial, Utility-Scale) 2014 ÷ 2034, including forecast 70
Chart 25: Annual Installed Battery Energy Storage System (BESS) Capacity in Bulgaria (in MWh) by Segment (Residential, Commercial and Industrial, Utility-Scale) 2014 ÷ 2034, including forecast 71
Chart 27: Bulgarian SEFF Structure 84
Chart 28: Cumulative Cash Flows and Break-Even Point of 100 MWac/200 MWh Battery Energy Storage System (BESS) Plant Investment in Bulgaria 91
Chart 29: Battery Energy Storage System (BESS) Price Evolution (€/Wp) 2014 ÷ 2024 94
Chart 30: Market Shares by Sales of the Distribution System Operators (DSOs) in Bulgaria in 2024 118
Table 1: Electricity Prices for Business and Households 52
Table 2: Support Schemes for RES Generation Battery Energy Storage Systems (BESS) in the EU Countries and Bulgaria 54
Table 3: Market Prices for Battery Energy Storage System (BESS) Projects in Bulgaria for 2025 ÷ 2034 in Development, Ready to Build and Operational (Grid Connected) Condition (2025 Update) 71
Table 4: Key Cost Structure Elements of Battery Energy Storage System (BESS) Plants in Bulgaria in 2025 72
Table 5: Database with Major Operational, Under Construction and Planned Battery Energy Storage System (BESS) Projects in Bulgaria 74
Table 6: Key Financial Parameters of 100 MWac/200 MWh Battery Energy Storage System (BESS) Plant Investment in Bulgaria 89
Table 7: Key Financial Viability Indicators of 100 MWac/200 MWh Battery Energy Storage System (BESS) Plant Investment in Bulgaria (IRR, NPV, Payback, Benefit-Cost) 89
Table 8: Project Costs and Savings (Income) Summary of 100 MWac/200 MWh Battery Energy Storage System (BESS) Plant Investment in Bulgaria 90
Table 9: Yearly Cash Flows of 100 MWac/200 MWh Battery Energy Storage System (BESS) Plant Investment in Bulgaria (Pre-tax, After-tax, Cumulative) 91
Table 10: Battery Energy Storage System (BESS) Price Trend in 2025 95
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