Black Sea electrical energy mission to unleash Azerbaijan’s renewable power era potential – EU

05 Jul 2023

The Black Sea electrical energy mission to unleash Azerbaijan’s renewable power era potential, an EU official instructed Trend.“We stand behind the Member States and the companions supportingthis initiative to construct an electrical energy cable underneath the Black Seato attach the Southern Caucasus area and the European Union.This mission has the potential to boost power safety on each sides, and allow commerce in electrical energy from renewable sources throughout our markets, in addition to unleashing the photo voltaic and wind energy era potential of Azerbaijan,” mentioned the EU consultant. The official famous that EU is due to this fact following with nice curiosity the continuing feasibility examine commissioned by the World Bank and, constructing on that, the work of the Bucharest Green Energy Memorandum between Azerbaijan, Georgia, Romania and Hungary. “The EU is on the forefront of the worldwide clear power transition. Accelerating funding in renewables has develop into significantly essential within the context of the double local weather an power disaster. In line with our REPowerEU plan, we’re already supporting our South Caucasus neighbours and companions in growing their renewable power era. It is essential to have the appropriate regulatory atmosphere in place to encourage non-public funding, together with unbundling energy era from transmission, establishing an impartial electrical energy market operator, and establishing renewable power auctions. Azerbaijan is taking essential steps on this regard,” mentioned the EU official. Azerbaijan, Georgia, Hungary, and Romania signed an settlement in Bucharest on December 17, 2022 to construct an underwater electrical cable underneath the Black Sea. The mission might develop into a brand new energy supply for the European Union. The 1,100-kilometer cable from Azerbaijan to Romania will present Azerbaijani power for the remaining of the continent. The mission might be accomplished inside three to 4 years.