BAKU, Azerbaijan, July 18. The EU and Azerbaijan concur on the importance of continuing cooperation to ensure competitive markets for scaling up renewable energy generation capacity, in particular in the high-potential offshore energy sector, developing new renewable energy technologies, and identifying innovative ideas for enhancing incentives for promoting the use of renewable energy including within their respective territories and finding solutions relating to their integration into the energy grid, Trend reports citing the text of the new Memorandum of Understanding on a Strategic Partnership in the Field of Energy signed today between the EU and Azerbaijan.
In order to use in the most efficient way the renewable potential of both Sides and with a view to underpinning the uptake of renewable electricity generation and trade in accordance with open and competitive markets, the Sides also concur on the need to examine the development of electricity interconnections between the EU and Azerbaijan, including through the Black Sea and through the Nakhchivan Autonomous Republic of the Republic of Azerbaijan, and to discuss the potential cooperation for adaptation of electricity networks and exchanges to ENTSO-E standards.
The Sides also endeavour to cooperate to develop safe and sustainable energy technologies and identify innovative ideas for enhancing incentives for promoting the use of green energy and find climate-neutral solutions related to their integration into the energy grid, including through Projects of Common Interest and Projects of Mutual Interest.
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