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Azerbaijan diversifies energy sources to export to Europe

2024-08-15 18:22:00, Aktualitet Anar Huseynov

An international feasibility study conducted since 2022 by the Italian consulting firm "CESI" has confirmed the economic and technical viability of Azerbaijan's green energy cable project in the Black Sea. The study confirms that the Black Sea submarine cable project is promising and technically and economically feasible.

On December 17, 2022, Azerbaijan, Georgia, Romania and Hungary signed a strategic partnership agreement in Bucharest to build the Black Sea Energy submarine electric cable. The project will feature a 1 GV capacity cable spanning 1,195 kilometers designed to transport green electricity from future offshore wind farms in Azerbaijan through Georgia and the Black Sea to Romania, for further distribution in Hungary and other parts of Europe. The European Commission plans to distribute 2.3 billion euros for this project.

In May 2024, energy operators from Azerbaijan, Romania, Georgia and Hungary signed a memorandum to create a joint venture for the Black Sea Energy project, headquartered in Bucharest.

Azerbaijan's transition to green energy and its ongoing projects highlight the country's success in executing global investment initiatives amid global military, political and economic turmoil. New hydro, wind and solar power plants are essential for addressing Azerbaijan's growing energy needs and increasing its capacity to export green energy.

Azerbaijan aims to become a major regional electricity supplier in Europe by increasing investments in this sector.

Recent large-scale investments by the United Arab Emirates' Masdar and Saudi Arabia's ACWA Power reflect Azerbaijan's favorable investment climate. These investments, totaling over $500 million, include the 240 MV Khizi-Absheron and 230 MV Garadagh wind power plants, which are the first foreign-invested power projects in Azerbaijan. Currently, a number of other well-known foreign companies are in talks with Azerbaijan regarding investments in renewable resources.

The operation of these plants is expected to produce 1.5 billion kWh of electricity per year, save more than 330 million m³ of additional natural gas to be exported to Europe and prevent over 600,000 tons of carbon dioxide emissions.

According to the estimates of international experts, Azerbaijan has more than 27 gigawatts of wind and solar energy potential on land and 157 gigawatts of wind energy potential in the Caspian Sea. In Karabakh and Zangezur, the combined potential of wind, solar and hydropower exceeds 10 gigawatts. Effective use of these resources will significantly meet Azerbaijan's growing demand for electricity as well as allow for related exports.

By focusing on alternative energy production, Azerbaijan, while also hosting COP29 this year, aims to reduce dependence on oil and natural gas for power plants, thereby increasing its ability to export more oil and gas to Europe and thus, contributing to European Energy Security as well as to mutually beneficial bilateral relations, including Albania.