Minister: Caspian Sea-Europe Green Energy Corridor enters development phase PHOTO

Green Energy Corridor from the Caspian Sea to Europe enters implementation phase, Parviz Shahbazov, Azerbaijani Minister of Energy, has said at the 12th Ministerial and Steering Committee Meeting held in Baku.

He noted that the Caspian-Black Sea-Europe Green Energy Corridor project is a clear manifestation of the shared political will, strategic partnership and mutual trust among the participating countries, Caliber.Az reports, citing local media.

According to Shahbazov, the successful completion of the feasibility study marks the project's transition from the planning phase to the stage of development and implementation.

"In line with the strategic course set by Azerbaijani President Ilham Aliyev, our country is further consolidating its position as a reliable partner in the production, transmission, and export of green energy. The support of European Commission President Ursula von der Leyen confirms the project's strategic importance for Europe's energy security and green transition at the highest political level. Through joint efforts, this initiative will significantly contribute to strengthening Europe's energy security, accelerating the green transition, and deepening regional cooperation," he added.

The meeting took place within the framework of the implementation of the Strategic Partnership Agreement between Azerbaijan, Georgia, Hungary and Romania on the development and transmission of green energy, Report said, citing Azerbaijan's Economy Ministry.

It brought together Azerbaijan's Energy Minister Parviz Shahbazov, Georgia's Minister of Economy and Sustainable Development Mariam Kvrivishvili, Romania's State Secretary at the Ministry of Energy Cristian Bușoi, and Hungary's State Secretary at the Ministry of Economy and Energy András Tóth.

Representatives of the European Union, Bulgaria, Italy, the Green Energy Corridor Energy Company (GECO), CESI S.p.A., transmission system operators from the four participating countries, as well as officials from the World Bank Group, the European Bank for Reconstruction and Development and the Asian Development Bank also attended the event.

Participants reviewed progress on the Caspian-Black Sea-Europe Green Energy Corridor project, while CESI S.p.A. presented the final results of the feasibility study.

The presentation covered market simulations, cost-benefit assessments, energy system integration, route analysis, business model evaluation, and the project's conceptual design, implementation roadmap and procurement strategy.

GECO also presented an update on the project's implementation status and outlined future development priorities following the completion of the feasibility stage. The meeting additionally addressed financing issues and regional developments in the renewable energy sector.

Following the discussions, participants announced the completion of the feasibility stage and confirmed that the initiative had officially entered the next phase of development.

GECO was tasked with preparing a detailed roadmap outlining measures required ahead of the Final Investment Decision, while the participating countries agreed to launch a dialogue between their national energy regulators aimed at strengthening the project's regulatory framework.

At the conclusion of the meeting, participants signed a protocol reflecting the outcomes of the discussions and approved a joint letter to EU Commissioner for Energy and Housing Dan Jørgensen expressing support for the initiative and requesting its inclusion in the European Union's third list of Projects of Mutual Interest and Projects of Common Interest.

The next ministerial meeting is scheduled to take place in Romania in November.

The Strategic Partnership Agreement on the Development and Transmission of Green Energy between Azerbaijan, Georgia, Romania and Hungary was signed in Bucharest on Dec. 17, 2022.

By Bakhtiyar Abbasov