Georgia, Azerbaijan, Romania, Hungary sign Black Sea Submarine Electricity Cable deal
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The high officials of Georgia, Azerbaijan, Romania and Hungary on Saturday signed an Agreement on the Black Sea Submarine Electricity Cable project in Bucharest, to export green energy to Europe via Georgia.
The electricity cable will connect Georgia and the entire South Caucasus to Romania, allowing the export of green energy to Europe and the strengthening of mutual resilience.
Photo: PM's press office
The EU Commissioner for Neighbourhood and Enlargement Olivér Várhelyi announced on December 12 that the EU would allocate €17 billion for the economic and investment plan of the Eastern Partnership, including € 2.3 billion aimed at creating the Black Sea strategic submarine electricity cable between Georgia and the EU.
- EU announces €2.3 bln in investments for project allowing green energy exports to Europe via Georgia
The project involves the construction of a high-voltage underwater transmission grid which will connect Georgia with Romania and allow the export of green energy to Europe.
Great privilege to participate in the signing ceremony of the Memorandum of Understanding for the development of the Black Sea electricity cable! The project will unleash new opportunities for the wider region & sustainable energy security infrastructure. pic.twitter.com/F4s7El9scE
— Irakli Garibashvili (@GharibashviliGe) December 17, 2022
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.