Romania, Georgia, Azerbaijan, and Hungary to Connect via the Green Energy Corridor
Green Energy Corridor Project Enters a New Phase in Bucharest. Initiated two years ago in Bucharest, the Green Energy Corridor enters a new, crucial phase. A joint venture company has been established to conduct a feasibility study and oversee the implementation of the gas supply project from the Caspian Sea region to Eastern European countries.
The entities involved in the initiative – CNTEE Transelectrica, Georgian State Electrosystem, AzerEnerji, and MVM Electrical Works – have signed the founding documents of the newly created company, Green Energy Corridor Power Company. The company, based in Romania, will be responsible for the realization of this ambitious project. The formal signing took place during the eighth ministerial meeting of the Green Energy project, with the participation of representatives from Azerbaijan, Georgia, Romania, and Hungary. During the meeting, energy ministers from the four countries also signed a protocol amending the original terms of the agreement. This document clarifies that EU law and the commitments of Romania and Hungary as EU members take precedence over the provisions of the agreement.
Corridor to Support Energy Source Diversification
The project involves the construction of a subsea high-voltage direct current (HVDC) cable across the Black Sea, linking Romania with Georgia, with the possibility of extending it to Hungary and Azerbaijan. The aim is to integrate energy markets in the Black Sea region, enhancing the diversity of energy supplies. Romanian Energy Minister Sebastian Burduja emphasized that the current high energy prices in Eastern Europe are partly due to insufficient diversification of energy sources.
Burduja noted that the energy market in Europe does not function efficiently enough, which results in cheaper energy not always reaching Eastern European countries. “We need additional corridors for security, competitiveness, and green energy,” said the minister during a joint press conference after the meeting. As Burduja highlighted, the project also supports the decarbonization of the energy sector by aiming to transport energy mainly generated from renewable sources.
The Green Energy Corridor project has the support of the European Commission, and its inauguration took place in the presence of Ursula von der Leyen, who participated in the signing ceremony at Cotroceni Palace on December 17, 2022. According to Romania’s Ministry of Energy, the European Commission has participated in all ministerial and technical meetings related to the project.
Source: euractiv.pl