BLACK SEA RESERVES, ENERGY POTENTIAL AND RENEWABLE ALTERNATIVES

Abstract

The Black Sea region has always been considered a bridge between Europe and Asia. When it comes to the energy sector, the status of all these countries might be different, as some are producers, some rely heavily on imports and some others just serve as corridors. However, the future is one and only and over the last years all these countries have started working in the same direction. The urgency of the fight against climate change has been acknowledged almost by every country. So far well-known for its role in the gas industry, the Black Sea region is now emerging as a potential renewables hub. In particular, concerning renewable energy sources, significant advantages have been introduced across the countries, such as feed-in tariffs, renewable energy zones, green certificates, and other attractive incentives. Today, the local energy demand in the countries of the region is forecast to grow in line with the GDP, with Türkiye alone registering a 5.1 percent electricity demand growth since 2002. The Black Sea presents strong resources of renewable energy in each of the six surrounding countries (Romania, Bulgaria, Georgia, Ukraine, Türkiye, and Russia).