Serbia is closely monitoring all initiatives that can contribute to improved market coupling and greater energy security in the region, such as the agreement signed last year by Azerbaijan, Georgia, Romania and Hungary regarding the supply of green energy to the EU through a new underwater cable under the Black Sea, a source at the Ministry of Mining and Energy of the Republic of Serbia told Trend.
"The inclusion of cooperation in the field of green energy also opens up new opportunities for cooperation in the process of transition to green energy, involving investments in RES and the development of energy infrastructure. Serbia shares the vision of the European Union to achieve carbon neutrality. Through the development of strategic documents and the improvement of the legislative framework, we are working to create conditions for the construction of new energy capacities from RES, which will significantly contribute to our energy independence and energy security in the future," noted the source.
The source pointed out that Serbia is also exploring various options for ensuring sufficient baseload energy, including the possibility of constructing power plants that use gas as a transitional energy source.
"In addition to investments in new production capacities and investments in increasing energy efficiency, a top priority is the construction of transmission systems towards neighboring countries through projects such as the Trans-Balkan Corridor, which is crucial for enhancing the security of supply, integrating new RES capacities, and developing the electricity market in the region."
On December 17, 2022, Azerbaijan, Georgia, Romania, and Hungary signed a strategic partnership agreement that provides for the construction of an energy bridge from the Caucasus region to Europe.
As per the agreement, a 1,000 MW Black Sea Energy submarine electric cable spanning 1,195 kilometers is set to be constructed. The cable is intended to transmit 'green' electricity generated in Azerbaijan, routed through Georgia and the Black Sea to Romania, and further distributed to Hungary and the rest of Europe. This infrastructure will facilitate the supply of up to four gigawatts of green energy.
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