The EU will be ready to provide financial support for the Black Sea Energy submarine cable project, European Commission President Ursula von der Leyen said on 17 December, attending the signing in the Romanian capital Bucharest of a memorandum of understanding between Azerbaijan, Georgia, Hungary and Romania, which envisages the laying of an underwater electricity cable across the Black Sea.
Ursula von der Leyen said the agreement would bring the European Union closer to its partners in the South Caucasus region, and would help both regions achieve the clean energy transition. “Since the beginning of Russia’s war, we have decided to turn our back on Russian fossil fuels and to diversify towards reliable energy partners, like the partners here around the table. And it is working,” said the European Commission President.
She added the initiative would reinforce energy security in Europe and bring new opportunities to Georgia, Moldova and Ukraine: “This project could bring Georgia, a country with a European destiny, great benefits as well. It could transform the country into an electricity hub and integrate it in the EU internal electricity market. Finally, the Black Sea electric cable could also help bring electricity to our neighbours in Moldova and the Western Balkans, and of course to Ukraine – it will help start rebuilding Ukraine’s energy system and the reconstruction of the country.”
