The completion of the feasibility study (FS) for the Black Sea Energy project, which involves laying an underwater energy cable, is expected in the third quarter of 2025, Károly Mátrai, CEO of the Hungarian MVM Group, said during the conference “Innovative Paths to a Greener Future: Renewable Energy and Emission Reduction.”
He mentioned that the feasibility study is being conducted by the Italian consulting company CESI, and the first preliminary estimates have already been presented.
“It is already clear that the required investment will amount to billions of euros — that is unquestionable. I completely agree that we don’t have time to waste. However, it is obvious that the implementation of the project, especially the laying of the line from Baku to Budapest via the Black Sea, will take more than one or two years,” said Mátrai.
According to MVM’s CEO, the construction work alone will take between three to five years.
“Moreover, the project will require the development of a new methodology for implementation. This will be a large-scale investment project — possibly around two billion euros. But before moving forward with implementation, several key issues need to be addressed. First, technical feasibility — can we actually implement this project at all? Second, it is important to understand whether there is a real market for such volumes of ‘green electricity’ in Europe,” he emphasized.
He also noted that the specifics of the underwater infrastructure open the possibility for a bilateral energy exchange between Europe and the Caspian region:
“In some cases, the energy market in the Caspian region will be able to support Europe, and in others, the European market will provide stability to the Caspian region. Both scenarios are possible and require detailed analysis.”
Mátrai mentioned that CESI has already prepared a model analysis using the Plexus tool and expressed interest in the final results.
“Despite the challenges, I believe the project remains highly promising. Especially if funding is obtained for both infrastructure and construction. From Hungary’s perspective, this project is strategically important not only for diversifying routes but also for diversifying energy sources themselves,” concluded the MVM CEO.
