Transelectrica shareholders approve company's participation in Black Sea Green Energy Cable project

Shareholders of the Romanian power grid operator Transelectrica have approved the company's participation in the project to create a green energy corridor Azerbaijan-Georgia-Europe along the bottom of the Black Sea, Report informs referring to Romanian media.

"The shareholders of Transelectrica, controlled by the government (58%), have approved the company's participation in the project aimed at supplying green and affordable electricity from the Caspian Sea region via a 1,200 km submarine cable that will cross the Black Sea and reach Hungary," reads the report.

"For Romania, the new interconnection will mean access to a new market, strengthening the security of the national energy system, and in the medium and long term, greener energy at a more affordable price for all Romanians," Romanian Energy Minister Sebastian Burduja said earlier this year.