The energy sector in the Black Sea region has gone through a significant transformation in the past decade. Notable advantages have been introduced for renewable energy producers across the countries surrounding the Black Sea. Some of them include feed-in tariffs, renewable energy zones, green certificates, and many more. Local energy demand in the countries of the region is forecast to grow in line with the GDP. Moreover, achieving energy security is at the top of the authorities’ agenda for many countries in the region, thus utilizing vast renewable energy potential is of great importance.
Utilization of Georgia’s renewable energy resources remains one of the top priorities of the state policy. As the CEO of GEDF, George Chikovani outlined, the target for 2030 is to have 35% of energy, generated from renewable energy sources. This shift will make investments in RE projects far more attractive. Businesses will seek ways to utilise power generated by RE, such as installing solar PV panels. HPP’s will strive to update their equipment and increase their capacity. As the experience with GEFF projects shows, an investment of only $20,000 can offer a 75% increase in electricity generating capacity to a small HPP; purchase and installation of solar PV systems can enable a retailer to annually save 23.9 MWh energy, thus reducing their energy costs and CO2.
In line with this development, the GEFF in Georgia participated in the investment forum “Energy Week Black Sea 2020”, which was held as online conference on September 29/30, 2020. The virtual event brought together authorities and energy companies from Georgia, Romania, Bulgaria, Ukraine and Turkey as well as international financial institutions and major multinational investors and consultancy firms for a dialogue aimed at fostering the deployment of renewable energy in the region and attracting foreign direct investment. The forum presents prospects for the development of the energy sectors of the countries of the region, and creates conditions for identifying the available potential for international cooperation.
Through a series of presentations, discussions and networking sessions, more than 250 participants developed a shared understanding of the current situation as well as the experiences and challenges faced.
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