The "Caspian‑Black Sea‑Europe Green Energy Corridor" project is a clear example of the shared political will, strategic partnership, and mutual trust between our countries, said Minister Parviz Shahbazov during the 12th meeting of the Ministerial/Steering Committee under the "Agreement on Strategic Partnership in the Development and Transmission of Green Energy between the Governments of Azerbaijan, Georgia, Hungary, and Romania" held in Baku today, Report informs, citing the Ministry of Energy.
According to him, with the successful completion of the Feasibility Study, the project is moving from the planning phase to the development and implementation phase. "In line with the strategic course set by President Ilham Aliyev, our country is further strengthening its position as a reliable partner in the production, transmission, and export of green energy. The support of European Commission President Ursula von der Leyen for the project once again confirms that this initiative is recognised at the highest political level as strategically important for Europe's energy security and green energy transition. Through our joint efforts, this project will make a significant contribution to strengthening Europe's energy security, accelerating the green energy transition, and deepening regional cooperation."
The meeting was attended by Azerbaijan's Energy Minister Parviz Shahbazov, Georgia's Minister of Economy and Sustainable Development Mariam Kvrivishvili, Romania's Secretary of State at the Ministry of Energy Cristian Bușoi, and Hungary's Secretary of State at the Ministry of Economy and Energy András Tóth. Representatives of the European Union, Bulgaria, Italy, the Green Energy Corridor Energy Company (GECO), CESI S.p.A., the 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) also participated.
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 was delivered by CESI S.p.A. The presentation covered market simulations and cost‑benefit analysis, energy system integration, route studies, business model evaluation, as well as conceptual design, implementation plan, and procurement strategy. A report by the Green Energy Corridor Energy Company (GECO) was also presented, covering the project's implementation status and development directions beyond the feasibility study phase. Project financing issues and regional developments in renewable energy were also reviewed.
As a result of the discussions, it was declared that the feasibility study phase has been completed and the project has officially moved to the next development stage. GECO was tasked with preparing a detailed roadmap covering activities to be undertaken until the Final Investment Decision. It was also agreed to establish a cooperation dialogue between the national energy regulatory authorities of the participating countries to strengthen the regulatory framework for project implementation.
At the conclusion of the discussions, a Protocol reflecting the outcomes of the meeting was signed, along with a Joint Letter addressed to EU Commissioner for Energy and Housing Dan Jørgensen, expressing support and commitment to the implementation of the project with a view to its inclusion in the 3rd list of Projects of Mutual Interest and Projects of Common Interest of the European Union.
The next meeting was decided to be held in Romania in November of this year.
It should be recalled that the "Agreement on Strategic Partnership in the Development and Transmission of Green Energy between the Governments of the Republic of Azerbaijan, Georgia, Romania, and Hungary" was signed on 17 December 2022 in Bucharest.
https://report.az/en/energy/shahbazov-azerbaijan-strengthens-position-as-reliable-partner-in-green-energy