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, approved by leaders of the four countries in 2022, gained momentum after Russia launched its full-scale invasion of Ukraine and spotlighted the EU's reliance 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.
Romanian Energy Minister Sebastian Burduja said the project was of strategic importance for his country and the EU.
"If you look at the energy map of Europe over the past few months … you see that on the eastern flank essentially we are paying a very high price recently — and that's because there is not enough diversification," Burduja said.
Azerbaijanian 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, "but at the same time it is going to provide the green energy ... which is very high on the agenda of the international community."
Bulgaria's deputy energy minister also joined Tuesday's 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 U.N. climate change meeting later this year in Azerbaijan.
