EU invests €500 million to connect Armenia’s power grid with Turkey and Georgia

The European Union (EU) is investing €500 million to strengthen Armenia’s energy security and diversify its energy sources, EU Commissioner for Enlargement Marta Kos told Armenian journalists in Brussels.

“When I was in Tashkent we signed the Caucasus Transmission Network project. It is worth 500 million. So this is a project, we in these big projects, especially in the connectivity, we work together with the international financial institutions and this is now the German bank KfW. So, it is a 500 million investment to connect your power grid with the Georgian one and we are already working on the power grid of Armenia and Turkey. Why? That you get less and less dependent on energy from Russia. And we have experiences. Also we have now special energy plans for Moldova, for Ukraine and also for us. For instance, when the war [in Ukraine] started in 2022, Europe was importing 60% of gas from Russia, 50% of coal, and I think it was 40% of oil. Now coal is 0, oil is 0, and with the gas we are now slowly down to 0, which is not always easy as you also know,” Commissioner Kos said.