“The feasibility study for the Caspian-Black Sea-Europe Green Energy Corridor, with a total capacity of four gigawatts, confirmed the feasibility of the project. The final investment decision is planned for 2029, with the corridor gradually commissioned beginning in 2032 and reaching full capacity in 2040,” minister Parviz Shahbazov stated.
According to him, the corridor connecting Azerbaijan with Hungary is included as a single project in the draft Ten-Year Network Development Plan of the European Network of Transmission System Operators for Electricity (ENTSO-E).
Azerbaijan and the European Union (EU) discussed expanding cooperation on the Caspian-Black Sea-Europe Green Energy Corridor.
Azerbaijani Energy Minister Parviz Shahbazov wrote this on his X social media page.
"In Brussels, we held the 4th meeting of the High-Level Energy Dialogue between Azerbaijan and the EU with EU Commissioner for Energy and Housing, Dan Jørgensen. We discussed energy security, reliable gas supply, renewable energy, and expanding cooperation on the Caspian-Black Sea-Europe Green Energy Corridor."
We expressed mutual interest in further strengthening the strategic energy partnership between Azerbaijan and the EU through the development of green energy and electricity connectivity. Against the backdrop of growing electrification and demand for green energy in Europe, we emphasized the importance of including the Green Energy Corridor project in the list of Projects of Mutual Interest (PMI)," the publication states.
It should be noted that P. Shakhbazov previously stated that the Caspian-Black Sea-Europe Green Energy Corridor is planned to be commissioned in stages beginning in 2032 and reach full capacity in 2040.
"The feasibility study for the Caspian-Black Sea-Europe Green Energy Corridor, with a total capacity of four gigawatts, confirmed the feasibility of the project. The final investment decision is planned for 2029, with the corridor gradually commissioned beginning in 2032 and reaching full capacity in 2040," the minister stated.
According to him, the corridor connecting Azerbaijan with Hungary is included as a single project in the draft Ten-Year Network Development Plan of the European Network of Transmission System Operators for Electricity (ENTSO-E).
"An application for Project of Mutual Interest status with the European Union may be submitted in the coming days. Attracting grants and concessional financing within the relevant EU mechanisms is essential for the project's implementation," Shahbazov emphasized.
The Minister noted that the project will contribute to the expansion of interregional cooperation, the diversification of Europe's energy supplies and the transition to clean energy, by linking energy systems, economies and investment opportunities.