Axpo in Bulgaria: celebrating 20 years of growth and energy expertise
20 years ago, Axpo entered Bulgaria with big ambitions. From just a small number of people, the office has grown into an international hub of around 125 colleagues, supporting Axpo's business across Bulgaria and other European energy markets. We spoke with two of the team – Silviya Valeva and Yordan Mandevski – about change in the industry, new technologies, international experiences, and what it means to grow with Axpo.
Constant reliability amidst change
The energy landscape has changed tremendously over the last two decades, and Axpo’s business in Bulgaria has changed with it. Originally made up of a small team, the Axpo office in Bulgaria is now a thriving international hub. The over-100-strong team trades within the local market and plays a key role supporting Axpo's business across Europe's energy markets.
Much of the Bulgarian team’s success is based on its deep relationships with utilities and wholesale-market participants. The Sofia office has a long history of trading electricity in Bulgaria and across its borders, while developing fixed-price solutions in a market where power futures remain limited. It also trades across the short-, medium- and long-term physical and financial gas markets, within Bulgaria and South-Eastern Europe. In fact, Axpo in Bulgaria is a trusted and reputable partner in 17 countries for power and gas wholesale trading. The growth of renewables has also opened new opportunities, from power purchase agreements for solar, wind and battery projects to new services and solutions for generators and consumers.
Despite all the change in the industry, some things have stayed constant since 2006. These include Axpo’s reliable market access, international expertise combined with local knowledge, tailored solutions and, above all, relationships built to last. Twenty years on, the small Sofia office has transformed into a diverse international business – shaped by a changing energy market and the people who have grown with it.
In conversation: 18 years versus 18 months at Axpo Bulgaria
To mark the 20-year milestone, we spoke to two employees at different stages of their careers: Silviya Valeva, accountant, who joined the company in 2008, and Yordan Mandevski, one of Axpo Bulgaria’s newest joiners, who started as a back-office operations trainee in 2025. Their stories offer two perspectives on change, growth and opportunity.
What brought you to Axpo?
Silviya: My story with Axpo started in 2008, when I applied for a position. The interview went smoothly, and here we are 18 years later.
Yordan: I first heard about Axpo at a careers fair in 2024. Axpo was looking for individuals who could work with data, which is exactly what I wanted to do. But it was the people representing the company that really stood out for me – everyone was very kind, energetic and knowledgeable. I remember thinking: if these people are this enthusiastic about a presentation, I want to work with them.
What has changed, and what has stayed the same, since you joined?
Silviya: Almost everything has changed in scale. When I joined Axpo in 2008, there were just six of us in the whole company. Today we are more than 100 colleagues, and my team has grown from two to 11. The ways in which we work have also changed. In the early years we had very basic accounting software and completed a lot of tasks manually. Now we’re using a more mature ERP system, which automates many processes and lets us focus on the more complex aspects of our work.
What hasn't changed is my motivation to come in every day and find solutions to new problems. Similarly, Axpo has always placed lots of importance on relationships, and thankfully this hasn’t changed.
Yordan: My journey at Axpo has been all about change. As a trainee you rotate across business areas every six months, which means that just as you start to feel comfortable in a team, you move to the next one. I've already worked in settlement, confirmation, business analysis and change management, which means I’ve seen very different parts of the back office, and I’ve learnt so much, including how to work under pressure.
The people in the different teams have remained the same in the best sense – everybody is welcoming and always willing to help. The focus on growth and personal development is also a constant.
What about the culture?
Silviya: Axpo has always been focused on nurturing an open, people-first culture, built on trust and honest conversation. Teams support each other and learn together, and everyone has room to speak up.
Yordan: I agree. Everyone I've worked with, in Bulgaria and Spain, has been professional – but in a warm way. I'm also constantly given opportunities to improve myself, contribute more, expand my knowledge and develop my skills.
What trends do you feel are changing the energy industry?
Silviya: The rapid growth of renewable energy, especially solar, has changed the industry for good. At the same time, AI, automation, battery storage and data analytics are becoming increasingly important. The industry is becoming far more technology- and data-driven, though strong risk management remains essential.
Yordan: I think AI will have a major impact, particularly on processes that need to follow very specific rules and procedures, such as settlement and compliance. Axpo’s approach is focused on using AI to make people more productive, not replacing people with AI. There's an old saying that a computer can never be held accountable, so people will always need to approve and oversee. I think that's the right instinct.
What has been the highlight of your time at Axpo to date?
Silviya: One of my biggest highlights has been the various transformations we’ve completed successfully as a team. Automation and digitalisation have changed our work processes significantly, and we have also taken steps to strengthen our operational sustainability. Finding a good balance between my work and personal life has been another important milestone for me, as it has allowed me to be more productive in both areas.
Yordan: My biggest highlight was going to Madrid on rotation, as the first international trainee from Bulgaria. It was challenging because I was away from my family and friends and working in a new country with a different language. But the team was extremely welcoming and supportive, which made settling in so much easier.
I ‘ve also had the opportunity to help automate the reconciliation of broker invoices – a process I had done manually during another rotation. Seeing something that used to take two hours become automated was incredibly rewarding.
Having worked at Axpo for 18 years and 18 months respectively, what do you value most?
Silviya: Five things stand out for me: the people; the variety of work and challenges; the international exposure and experience that comes from working across international markets; real opportunities to grow within a large organisation; and access to modern, genuinely useful tools.
Yordan: For me, it's the people, the opportunities, the impact I get to make, the room to keep growing, and the culture. I also really value the work-life balance. People work hard, but Axpo provides a supportive environment through hybrid working, generous leave and great team leaders.
A forward-looking approach
Silviya and Yordan's answers span almost two decades, but the themes highlighted are similar: people, growth, and the ability to adapt. That same pattern holds true for the market they work in.
Bulgaria's energy sector has changed significantly over the past 20 years, developing liquid spot power markets and a more established gas exchange, while opening electricity purchasing to business consumers. The rapid growth of solar and growing interest in storage are also reshaping supply and demand. Looking ahead, flexibility and further market liberalisation are expected to play a bigger role, even as participants navigate price volatility and regulatory uncertainty.
Axpo is making the most of this shifting landscape, using its two decades of experience in power and gas to develop new solutions focused on renewable energy and flexibility.
As Silviya puts it: "Axpo is a dynamic, international company that combines its strong experience in energy markets with a forward-looking approach to the energy transition." For Yordan, one word sums up his experience so far: "Growth."
Both are fitting descriptions of Axpo's journey in Bulgaria over the last 20 years, and of what comes next.