Azerbaijan will submit an application in the coming days to grant the Caspian-Black Sea-Europe Green Energy Corridor the status of a Project of Mutual Interest (PMI) of the European Union.

Operativ Media reports that this was stated by Energy Minister Parviz Shahbazov at the 2nd Azerbaijan International Investment Forum in Baku.

According to him, the feasibility study for the Caspian-Black Sea-Europe Green Energy Corridor, which has a total transmission capacity of approximately 4 gigawatts, has confirmed that the project is technically and economically viable: "The goal is to reach a final investment decision in 2029, and the corridor is to be commissioned in phases from 2032 to 2040. This corridor, which connects Azerbaijan with Hungary, has been included as a single project in the draft 10-Year Network Development Plan of the European Network of Transmission System Operators for Electricity (ENTSO-E). Once fully operational, the corridor is expected to enable the export of more than 20 terawatt-hours of electricity."

He noted that the strategic importance of the project goes beyond the volume of electricity to be transmitted: "This corridor, stretching from the Caspian Sea to Europe, will connect not only energy systems but also economies and investment opportunities, foster interregional cooperation, diversify Europe's energy supply, and advance the clean energy transition."