Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto said after the meeting with Azerbaijani Minister of Energy Parviz Shahbazov that Hungary will join the project for transfer of green electricity from Azerbaijan, both for domestic consumption and transit to other European markets.
According to the project, Azerbaijan will produce large volumes of electricity from renewable sources, which will be delivered through a fiber- optic cable through Azerbaijan and Georgia along the bottom of the Black Sea to Romania. Romania was invited to participate in the project in March.
Minister Szijjarto said that Hungary will join this large-scale plan as the project could receive EU support only if the participation of at least two EU member states is granted. Thus, green electricity can be transported to Hungary, which it can consume and transport further towards the European market. Although it will take three to four years to implement the investment, once it is done it would strengthen energy supply, integrate a new supply source into the energy mix and bring the country closer to its net-zero goals.
The EU opened a new chapter in its energy cooperation with Azerbaijan in July when it signed a new energy agreement that could support EU’s efforts to move away from Russian fossil fuels. European Commission’s President Ursula von der Leyen underlined that besides securing stable and reliable gas supplies to the EU via the Southern Gas Corridor, the new agreement also lays the foundations of a long-term partnership on energy efficiency and clean energy.
