The project of the Black Sea Submarine Electricity Cable connecting the European Union and Georgia has been discussed at the meeting of the EU Global Gateway Board. According to Oliver Varhelyi, EU Commissioner for Neighbourhood and Enlargement, EUR 2.3 billion will be invested in the mentioned project.
The project of the Black Sea submarine cable provides arrangement of an underwater high-voltage transmission network, which should connect the electrical energy systems of Georgia and Europe.
If the project is implemented, a 1,195-km long cable (1,100 km - underwater, and 95 km land part) will be connected to Romania, which will allow the countries of the South Caucasus and Romania to take advantage of the expanded export opportunities and trade in electricity, taking into account the hourly prices of the electricity market.
The implementation of the project will help to strengthen the energy security of Europe and the South Caucasus region, development of the renewable energy sector and increase the transit opportunities between the mentioned regions.source