CEO: MVM interested in developing green energy in Azerbaijan

Hungarian energy company MVM shows interest in participating in Azerbaijan's renewable energy sector, MVM CEO Károly Mátrai said during an event on "Innovative Pathways to a Greener Future: Renewable Energy and Emission Reduction," Report informs.

"We would like to share our experience and competencies with Azerbaijan. We are also interested in participating in its renewable energy sector, as we see a wide range of business opportunities in the region," noted Mátrai.

He said that the project to create a green energy corridor along the Black Sea bed is of strategic importance for Hungary.

"Just as the Shah Deniz project opened a path for our country to diversify gas supplies, the green corridor represents a new strategic opportunity - this time in the electricity sector," the company head added.

Mátrai explained that Hungary does not produce electricity in sufficient volume and covers 20-25% of its needs through imports, depending on weather conditions.

"The green energy corridor will provide access to affordable electricity from the Caspian region. This will create both economic and political foundations for further supply diversification. This is its strategic importance for Hungary," he said.

Additionally, the MVM head emphasized that the implementation of this project could be a turning point for the entire region.

"In the Balkans, due to the lack of generating capacity, electricity prices sometimes reach extremely high levels. If we can establish supplies of Azerbaijani electricity through the green corridor, this will help stabilize and possibly reduce tariffs compared to current levels," Mátrai added.