BAKU, Azerbaijan, May 20. A meeting was held at the Ministry of Energy between Minister Parviz Shahbazov and Valérie Levkov, the World Bank’s Vice President for Infrastructure, which discussed cooperation on regional energy interconnections and environmental initiatives, Trend reports, citing the Ministry of Energy.
The meeting discussed issues related to expanding cooperation in the fields of renewable energy, power grid modernization, energy efficiency, and regional energy interconnections.
Meanwhile, it was noted that Azerbaijan and the World Bank have established successful cooperation in various areas, ranging from hydrocarbons to renewable energy projects, and that there is significant potential for further expanding this cooperation in the coming years. It was emphasized that the results achieved by Azerbaijan in the field of renewable energy in a short period of time are an important indicator of the reforms carried out in the energy sector. The importance of the programs implemented by Azerbaijan in the energy sector, particularly efforts to strengthen the transmission grid, regional energy integration, and energy efficiency, was emphasized.
In addition, it was noted that one of the main challenges facing the global energy sector in recent years has been the reliability of transmission grids and the integration of renewable energy sources into the grid. In this regard, the measures taken by Azerbaijan to expand and modernize its transmission grid were recognized as a sound and strategic approach. A review was conducted of the work carried out under the “Strengthening the Transmission Grid” (AZURE) project to ensure the integration of renewable energy sources into the grid.
Throughout the meeting, particular attention was paid to Azerbaijan’s initiatives regarding regional energy connections. Information was presented on the progress of the feasibility study for the “Green Energy Corridor” project extending toward the Black Sea and Eastern Europe. In addition, work on the Azerbaijan-Central Asia and Azerbaijan-Georgia-Türkiye-Bulgaria interregional interconnection projects was discussed. It was noted that the power transmission line project from the Caspian region to Nakhchivan and Türkiye is also in the implementation phase.
The possibility of cooperating with the World Bank on energy efficiency projects based on the energy service company (ESCO) model was also assessed. It was noted that this model, in which the private sector generates revenue through energy savings without government funding, could also be beneficial for Azerbaijan.
The meeting also addressed cooperation on offshore wind energy projects, the application of smart grid technologies, and battery energy storage systems (BESS). The World Bank expressed its readiness to support Azerbaijan in these areas.
