Georgian Economy Minister Levan Davitashvili on Friday highlighted the importance of the Black Sea submarine electricity cable project, a new transmission route to deliver green energy from the South Caucasus to Europe, at the second Green Energy Advisory Council Ministerial Meeting in Baku.
Governments of Georgia, Azerbaijan, Romania and Hungary discussed the progress of the project and the “key issues”, details of the establishment of the joint company for the initiative and steps for the further development of the project, the Georgian Ministry said.
In his address to the meeting, Davitashvili noted the project would contribute to strengthening of energy security, diversification of supply routes, attraction of foreign investments, as well as the development of green energy not only in Georgia but also in the wider region.
He also highlighted Georgia was trying to develop existing resources and diversify import sources to achieve energy security in parallel with the increasing energy consumption every year, and noted the country was expanding its role as a transit country not only in transit of hydrocarbons, but also in electricity.
“Georgia has the opportunity to directly connect to the European energy systems through the planned Black Sea submarine cable. Its implementation will have a significant economic and transformational effect for Georgia, it will contribute to further economic growth and development. Access to the European electricity markets will have a positive impact on the Georgian market, its transformation and convergence with the European one”, he said.
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