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Azerbaijan’s new strategy is to become a green energy hub

COMMENT: Azerbaijan’s new strategy is to become a green energy hub

Two agreements signed at the end of May advanced Azerbaijan’s efforts to establish itself as a key energy provider in Southeast Europe, going beyond its role as a producer of hydrocarbons to enter the electricity markets in the region as well.

On May 29, Azerbaijan, Georgia, Romania and Hungary signed a memorandum to create a joint venture as part of the implementation of the Black Sea Energy Caspian-Black Sea-Europe Green Energy Corridor project. The first agreement regarding the submarine cable was signed in 2022 and it is supposed to be fully operational in 2029. The Black Sea submarine cable will be 1,195 km long and is set to be an important pillar of the transition to green energy, with the plan to integrate it into the EU’s internal electricity market. As an attempt to diversify energy supplies in response to Russia’s war in Ukraine in February 2022, the Black Sea cable is of particular importance. Continue reading