Construction of “energy bridge” beneath Black Sea planned – Green Energy Corridor Power Company to be founded

Romania, Georgia, Azerbaijan and Hungary are founding a joint company to install an underwater cable beneath the Black Sea.

The transfer operators in Romania and Georgia, Transelectrica and Georgian State Electrosystem, the power company of Azerbaijan, AzerEnerji, and the Hungarian power company, MVM, have announced the founding of a joint company, Green Energy Corridor Power Company, which will supervise the installation of the underwater cable beneath the Black Sea, reports Capital.ba.

The agreement on the founding was signed during the ministerial meeting for the Green Corridor project, held in Bucharest. The new company’s seat will be in Romania.

The Green Energy Corridor project aims to develop a high-voltage direct-current (HVDC) interconnector which will initially connect Romania and Georgia, with plans to expand the cable to Hungary and Azerbaijan.

This mutual connection should integrate the transfer networks of the four countries and enable the flow of renewable energy through the region. The project, which the four countries formally approved in December 2022, is included in the plans of the European Network of Transmission System Operators for Electricity (ENTSO-E).

Georgia estimates that the total costs of the project will exceed EUR 2 billion, and the aim is for it to become operational by the end of 2009.

According to the Ministry of Energy of Romania, the underwater cable will improve national and regional energy security, as well as connectivity in the Black Sea basin, diversify energy supply sources and use the potential for the production of renewable energy. It is expected to increase the share of renewable energy in the Romanian energy mix.

Transelectrica

Georgian State Electrosystem

AzerEnerji

MVM

Green Energy Corridor Power Company

European Network of Transmission System Operators for Electricity

ENTSO E

Ministry of Energy of Romania

Bucharest

Black Sea

company for installation of underwater cable beneath the Black Sea

development of high voltage direct current interconnector

HVDC