The 12th Ministerial/Steering Committee Meeting was held in Baku within the framework of the implementation of the Agreement among the Governments of the Republic of Azerbaijan, Georgia, Hungary and Romania on Strategic Partnership in the Field of Green Energy Development and Transmission.
The meeting was attended by Minister of Energy of Azerbaijan Parviz Shahbazov, Minister of Economy and Sustainable Development of Georgia Mariam Kvrivishvili, State Secretary of Ministry of Energy of Romania Mr. Cristian Bușoi and State Secretary of Ministry of Economy and Energy of Hungary András Tótth. Representatives from the European Union, Bulgaria, Italy, the Green Energy Corridor Power Company (GECO), CESI S.p.A., the electricity transmission system operators of the four participating countries, as well as the World Bank Group, the European Bank for Reconstruction and Development (EBRD), and the Asian Development Bank (ADB) also participated in the event.
During the meeting, progress on the Caspian-Black Sea-Europe Green Energy Corridor project was reviewed. Participants heard a presentation by CESI S.p.A. on the final results of the project's Feasibility Study (FS). The presentation outlined the outcomes of market simulations and cost-benefit analysis, energy system integration, route studies, business model assessment, as well as the project's conceptual design, implementation plan, and procurement strategy. In addition, the Green Energy Corridor Power Company (GECO) presented a report on the current implementation status of the project and its future development following the completion of the feasibility study. Project financing issues, as well as regional developments in the field of renewable energy, were also reviewed.
Minister of Energy Parviz Shahbazov noted that the Caspian-Black Sea-Europe Green Energy Corridor project stands as a clear demonstration of the shared political will, strategic partnership, and mutual trust among our countries. With the successful completion of the Feasibility Study, we are advancing the project from the planning phase to the development and implementation stage. In line with the strategic vision set forth by the President of the Republic of Azerbaijan, Mr. Ilham Aliyev, our country continues to strengthen its position as a reliable partner in the production, transmission, and export of green energy. The support extended to this project by the President of the European Commission Ursula von der Leyen, further emphasizes the high-level political recognition of its strategic importance for Europe's energy security and the green energy transition. Through our joint efforts, this project will make a significant contribution to strengthening Europe's energy security, accelerating the green energy transition, and further deepening regional cooperation."
As a result of the discussions, it was officially announced that the Feasibility Study phase had been successfully completed and that the project had formally advanced to its next stage of development. GECO was tasked with preparing a comprehensive roadmap covering the activities to be undertaken prior to the adoption of the Final Investment Decision (FID). To strengthen the project's regulatory framework, the participants also agreed to establish a cooperation dialogue among the national energy regulatory authorities of the participating countries.
At the conclusion of the meeting, the participants signed the Protocol reflecting the outcomes of the meeting, as well as a Joint Letter of Support and Commitment addressed to Dan Jørgensen, European Commissioner for Energy and Housing, in support of the implementation of the Green Energy Corridor project and its inclusion in the third list of the European Union's Projects of Mutual Interest (PMIs) and Projects of Common Interest (PCIs).
It was also decided that the next Ministerial/Steering Committee Meeting will be held in Romania in November this year.
It should be recalled that the Agreement between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary on Strategic Partnership in the Field of Green Energy Development and Transmission was signed in Bucharest on 17 December 2022.
