Budapest, March 10 Hungary and four partner nations are working on what could become Europe's largest green energy project to boost regional energy security and lower costs, Hungarian Foreign Minister Peter Szijjarto said on Monday.
Speaking at a joint press conference in Budapest with the energy ministers of Azerbaijan, Bulgaria, Georgia, and Romania, Szijjarto said the five countries are preparing a large-scale green energy corridor to import significant amounts of renewable electricity from the Caspian Sea region to Europe.
"We expect electricity demand to grow by around 50 per cent by the end of the decade, and we must ensure this demand is met in an efficient, predictable, environmentally friendly, and cost-effective manner," Szijjarto said.
As part of the project, the countries plan to build the world's longest subsea power cable, stretching 1,100 kilometers under the Black Sea. Once completed, the infrastructure will facilitate green energy imports and enhance Central Europe's competitiveness. He added that the region currently faces electricity prices three to four times higher than those in the United States or China.
The Hungarian minister confirmed that Azerbaijan, Georgia, Hungary, and Romania have already established a joint venture to execute the project, and that Bulgaria is set to join soon.
In addition to electricity imports, the project may include laying an optical fiber cable, further integrating the region's digital infrastructure, Xinhua news agency reported.
"This is expected to be an investment exceeding 10 billion euros (10.8 billion U.S. dollars), bringing new renewable energy sources to Europe," Szijjarto noted.
He called the initiative a key step in securing energy supplies for the region, ensuring that future energy prices remain more affordable than the rest of Europe.
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