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.
