2024-09-06 02:58:35
Romania, Hungary, Georgia and Azerbaijan have launched a joint venture to lay a power line under the Black Sea that will bring more renewable energy from the Eastern Caucasus to the European Union.
The submarine cable in the Black Sea with a length of 1,200 kilometers and a transmission capacity of 1,000 MW is planned to be put into operation by 2030. It will connect Azerbaijan and its significant wind farm potential in the Caspian Sea with Romania and Hungary, via Georgia. The headquarters of the joint venture will be in Bucharest. The project is expected to improve energy security and lower the price of electricity for consumers, writes BNT.
“If you look at the energy map of Europe in the last months, weeks and even days, you will see that on the eastern flank we have been paying a very high price lately. The reason is that there is a lack of diversification. The European market is not working well enough. The cheaper energy sources of the west doesn’t always reach the east. That’s why we need additional roads. For more security, competitiveness, and of course, it’s a green corridor, green energy passes through it,” explained Romanian Energy Minister Sebastian Burduia.