BUCHAREST, Romania (AP) 鈥 Romania, Hungary, Georgia and Azerbaijan launched a joint venture Tuesday to install a power line under the Black Sea aimed at bringing more renewable energy into the European Union from the eastern Caucasus.
The project, of the four countries in 2022, gained momentum after Russia launched its full-scale invasion of Ukraine and on Russian energy as prices sharply rose. The 27-nation bloc has since pushed to wean itself off Russian energy.
The cable would link Azerbaijan, which is seen as having substantial potential to generate power at Caspian Sea wind farms, to EU members Romania and Hungary via Georgia.
Government ministers from the four countries launched the joint venture at a meeting Tuesday in Romania's capital, saying the project would help strengthen energy security and drive down electricity prices for consumers.
Romania鈥檚 Energy Minister Sebastian Burduja said the project was of strategic importance for his country and the EU.
鈥淚f you look at the energy map of Europe over the past few months 鈥 you see that on the eastern flank essentially we are paying a very high price recently 鈥 and that鈥檚 because there is not enough diversification," Burduja said.
Azerbaijan鈥檚 Energy Minister Parviz Shahbazov said the harnessing of renewable energy would help tackle climate change issues. The undersea line is important for energy security, he said, 鈥渂ut at the same time it is going to provide the green energy ... which is very high on the agenda of the international community.鈥
Bulgaria鈥檚 deputy energy minister also joined Tuesday鈥檚 meeting, and there were discussions about the EU member joining the infrastructure project. Burduja and Shahbazov said the next meeting on the project would be at a UN climate change meeting later this year in Azerbaijan.
