BAKU, Azerbaijan, July 8. The “Caspian Sea–Black Sea–Europe Green Energy Corridor” project has moved into the implementation phase.
This information was reported by the Azerbaijani Ministry of Energy.
The report noted that the 12th meeting of the Ministerial/Steering Committee was held in Baku within the framework of the implementation of the "Agreement on Strategic Partnership in the Development and Transmission of Green Energy between the Governments of Azerbaijan, Georgia, Hungary, and Romania".
Azerbaijan was represented at the meeting by the Energy Minister Parviz Shahbazov, Georgia - by the Minister of Economy and Sustainable Development Mariam Kvrivishvili, Romania - by the State Secretary of the Ministry of Energy Christian Bușoi, and Hungary - by the State Secretary of the Ministry of Economy and Energy András Tótth. The event was also attended by representatives of the European Union, Bulgaria, Italy, the Green Energy Corridor Energy Company (GECO), CESI S.p.A., electricity transmission system operators of the four countries, as well as the World Bank Group, the European Bank for Reconstruction and Development (EBRD), and the Asian Development Bank (ADB).
During the meeting, progress on the Caspian-Black Sea-Europe Green Energy Corridor project was reviewed. A presentation on the final results of the project's feasibility study (FES) was heard by CESI S.p.A. The presentation highlighted the results of market simulations and cost-benefit analysis, energy system integration, route studies, business model assessment, as well as the project's conceptual design, implementation plan, and procurement strategy. A report by the Green Energy Corridor Energy Company (GECO) covering the project's implementation status and development directions after the feasibility study stage was also presented. Project financing issues, as well as regional developments in the field of renewable energy, were reviewed.
Shahbazov noted that the "Caspian-Black Sea-Europe Green Energy Corridor" project is a vivid example of the common political will, strategic partnership, and mutual trust of our countries.
"With the successful completion of the feasibility study, we are moving the project from the planning stage to the development and implementation stage. In accordance with the strategic course set by the President of the Republic of Azerbaijan Ilham Aliyev, our country is further strengthening its position as a reliable partner in the field of production, transmission, and export of green energy.
The support of the President of the European Commission, Ursula von der Leyen, for the project once again confirms that the strategic importance of this initiative in terms of Europe's energy security and the green energy transition is recognized at a high political level. Our joint efforts will help accelerate the implementation of this strategic initiative, strengthen Europe’s energy security, speed up the transition to green energy, and further deepen regional cooperation," he added.
As a result of the discussions, it was announced that the feasibility study phase has been completed and the project has officially entered the next development phase. GECO has been tasked with developing a detailed roadmap covering the steps to be taken before the Final Investment Decision is made. An agreement was reached to establish a cooperative dialogue between the national energy regulatory authorities of the participating countries in order to strengthen the regulatory framework for the project’s implementation.
At the end of the discussions, a protocol reflecting the meeting results and a joint letter addressed to European Union Commissioner for Energy and Housing Dan Jørgensen, expressing support for the project’s inclusion in the European Union’s third list of Projects of Mutual Interest (PMI) and Projects of Common Interest (PCI), were signed.
A decision was made to hold the next meeting in Romania in November of this year.
The "Agreement on Strategic Partnership in the Field of Development and Transmission of Green Energy between the Governments of Azerbaijan, Georgia, Romania, and Hungary" was signed in Bucharest on December 17, 2022.
