The leaders of the Republic of Azerbaijan, Georgia, Hungary, and Romania signed an agreement on December 17 to build an electric submarine cable under the Black Sea to deliver green Azeri energy from the Caspian area to Europe, as reported by Reuters on the same day. The quadrilateral agreement will provide financial and technical support for the implementation of the project. Per the agreement, Azerbaijan will transport green electricity via power lines to Georgia, then via the submarine cable to Romania, and to the rest of Europe through the European transport system. The electric cable under the Black Sea will be 1,100 kilometers long with a capacity of 1 gigawatt (GW). A feasibility study on the cable project will be finished by the end of 2023, followed by three to four years of construction of the submarine cable. 

European Commission President Ursula von der Leyen remarked that the cooperation on energy is crucial for the enhancement of Europe’s energy resilience and diversification of energy supply and transport route. The European Commission plans to contribute EUR2.3bn (USD2.45bn) to support the construction of the undersea cable, as part of the EU’s effort to achieve the clean energy transition and reduce dependence on Russian fossil fuels. The project also aims to diversify energy suppliers and secure affordable and clean energy supply for countries in the EU. 

Sources:

https://www.reuters.com/business/energy/four-leaders-sign-agreement-bring-green-azeri-energy-europe-2022-12-18/

https://www.globaltimes.cn/page/202212/1282067.shtml

https://ec.europa.eu/commission/presscorner/detail/en/statement_22_7807