Azerbaijan, Georgia, Romania and Hungary have signed an agreement on the construction of a 1,100 km, 1 GW transmission power cable that will run under the Black Sea to carry Azeri energy to Europe from planned renewable projects. The projects include 3 GW of wind and 1 GW of solar, which will be commissioned by 2027. 80% of the power generated from those projects will be exported.
The subsea cable will run from Azerbaijan to Romania as part of the European Union’s efforts to diversify energy resources in the context of Russia’s war in Ukraine. The project will require an investment of €2.3bn and will be financed by the EU. A feasibility study will be completed before the end of 2023, and the project is expected to take three or four years to build. As of end-2021, Azerbaijan’s electricity network was interconnected with Russia (Dagestan), Georgia, Turkey, and Iran.
In addition to the transmission project, Azerbaijan has announced it will slightly increase its natural gas exports to the European Union to 11.6 bcm in 2023, compared the 11.5 bcm expected for the year 2022. In July 2022, Azerbaijan signed a preliminary deal with the EU to double Azeri gas deliveries to at least 20 bcm/year by 2027.
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