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.