BUCHAREST, Romania (AP) — Romania, Hungary, Georgia and Azerbaijan launched a joint venture Tuesday to install an electricity line under the Black Sea that will bring more renewable energy from the eastern Caucasus to the European Union.
The project, approved by leaders of the four countries in 2022, gained momentum after Russia launched its full-scale invasion of Ukraine and stressed the dependence on the EU on Russian energy, while prices rose sharply. The 27-nation bloc has since made efforts to wean itself off Russian energy.
The cable would connect Azerbaijan, seen as a country with great potential for energy generation through wind farms in the Caspian Sea, to EU member states Romania and Hungary via Georgia.
Ministers from the four countries launched the joint venture at a meeting in the Romanian capital on Tuesday, saying the project would help strengthen energy security and lower electricity prices for consumers.
Romanian Energy Minister Sebastian Burduja said the project is of strategic importance for his country and the EU.
“If you look at the energy map of Europe over the past few months … you see that on the eastern flank we have been paying a very high price lately – and that is because there is not enough diversification,” Burduja said.
Azerbaijan’s Energy Minister Parviz Shahbazov said harnessing renewable energy would help address climate change issues. The subsea line is important for energy security, he said, “but at the same time it will provide green energy … which is very high on the agenda of the international community.”
Bulgaria’s deputy energy minister was also present at Tuesday’s meeting, and the EU member’s accession to the infrastructure project was discussed. Burduja and Shahbazov said the next meeting on the project would be held in Azerbaijan later this year during a UN climate change meeting.
