Oliver Varhelyi, the European Union Commissioner for Neighbourhood and Enlargement Policy, on Sunday announced the bloc would allocate €17 billion for the economic and investment plan of its Eastern Partnership initiative, including €2.3 billion in estimated total investments for the Black Sea Strategic Submarine Electricity Cable.
The project involves the construction of a high-voltage underwater transmission grid which will connect Georgia with Romania and allow export of green energy to Europe.
Economic and Investment Plan of #EasternPartnership ⏩️ €17b— Oliver Varhelyi (@OliverVarhelyi) December 11, 2022
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After implementation, the 1,195 km long cable - with 1,100 km of its length laid underwater - will enable the countries of the South Caucasus and Romania to take advantage of “broadened export opportunities” and also trade in electricity at hourly market prices.
The project is seen to contribute to the strengthening of energy security of both Europe - especially amid the Russia-Ukraine conflict - and the South Caucasus region.
Addressing the United Nations Climate Change conference in November, Georgian Prime Minister Irakli Garibashvili stressed his country could play an “important role” in diversifying transport routes and ensuring Europe's energy supply.