The Green Energy Corridor entered a new phase with the establishment of a joint company to conduct feasibility studies and oversee the implementation of an initiative to supply gas from the Caspian region to Eastern European countries.
CNTEE Transelectrica, Georgian State Electrosystem, AzerEnerji, and MVM Electrical Works signed the founding documents of the Green Energy Corridor Power Company, which would be based in Romania and responsible for the implementation of the Green Energy Corridor project.
During the meeting, the energy ministers of Azerbaijan, Georgia, Romania, and Hungary also signed a protocol amending the original agreement.
The protocol specifies that EU legislation and the obligations of Romania and Hungary as EU member states take precedence over the provisions of the agreement.
The project involves the construction of a high-voltage direct current (HVDC) link across the Black Sea, connecting Romania and Georgia. The HVDC would stretch to Hungary and Azerbaijan.
Green Energy Corridor
This energy infrastructure project aims to interconnect energy markets in the Black Sea region and increase diversification of supply. However, Romanian Energy Minister Sebastian Burduja stated that energy prices were currently higher in Eastern Europe, partly due to “insufficient diversification.”
Burduja said the European energy market was not functioning “well enough, with cheaper energy sources not always reaching Eastern Europe.” He added that the project would support the decarbonisation of the energy sector, mainly transporting energy from renewable sources.
Azerbaijani Energy Minister Parviz Shahbazov proposed connecting the corridor with another one between Europe and Central Asia, creating a single energy corridor. The project could allow Georgia to “become part of the European energy market,” an important step towards Georgia’s EU membership, Levan Davitashvili, Georgian Minister of Economy and Sustainable Development, stated.
