Turkey intends to participate in the Caspian Sea–Black Sea–Europe energy corridor (Black Sea Energy) project, which is designed to ensure the supply of “green” electricity from the South Caucasus to the European Union market, said Turkish Minister of Energy and Natural Resources Alparslan Bayraktar.
According to him, the project involves connecting the power grids of Azerbaijan and Georgia, followed by the transmission of electricity via an undersea cable across the Black Sea to Romania and on to Hungary. At the invitation of the Azerbaijani side, Turkey expressed its intention to join the initiative and supported its implementation.
Ankara’s interest in the project is also confirmed by preliminary negotiations with Baku. On August 1, Azerbaijan’s Minister of Energy Parviz Shahbazov reported following a meeting with Bayraktar in Istanbul that the parties had discussed Turkey’s potential cooperation within the framework of the “Caspian–Black Sea–Europe” energy corridor and had also agreed to accelerate the implementation of other joint energy projects.
According to Bayraktar, cooperation between Turkey and Azerbaijan in the electricity sector is currently developing along three fronts.
The first involves integrating Nakhchivan’s power grid with Turkey’s and organizing electricity exchanges. In the future, this route could be connected to the main territory of Azerbaijan via the Zangezur Corridor.
The second direction is the “green” energy corridor connecting Azerbaijan, Georgia, Turkey, and Bulgaria. It is intended to facilitate the export of renewable electricity generated in Azerbaijan through Georgia and Turkey to Bulgaria and onward to EU markets. In August 2026, Baku and Ankara separately agreed to accelerate the implementation of this project.
The third initiative is Black Sea Energy itself. The main participants in the project remain Azerbaijan, Georgia, Romania, and Hungary. The four countries signed an agreement on strategic partnership in the development and transmission of “green” energy in Bucharest on December 17, 2022. The European Union supports the project, viewing it as a new supply route for renewable electricity from the South Caucasus to the EU.
In July 2026, the project moved to the next phase of implementation following the completion and approval of feasibility studies. The project operator, Green Energy Corridor Power Company, has begun developing the conceptual design, engineering solutions, and procurement strategy.
According to recent statements by the Azerbaijani side, the plan is to gradually export up to 3.9–4 GW of green electricity through the corridor, starting in 2032. The project has also been included in the TYNDP 2026 portfolio of the European Network of Transmission System Operators for Electricity (ENTSO-E).
A key infrastructure element will be a high-voltage subsea direct-current cable between Georgia and Romania. The preliminary construction cost is estimated at approximately 3.5 billion euros, with a construction period of three to four years. It was previously reported that up to 2.3 billion euros in European funding could be secured. However, in the latest Global Gateway documents, 2.3 billion euros is also cited as the indicative investment amount for the strategic Black Sea electricity interconnector, so the final financing structure for the project is still to be finalized.
The European Commission views Black Sea Energy as one of the tools for diversifying the EU’s energy supply and integrating renewable generation from the South Caucasus. The project is intended to connect the Caspian Sea region to the European power grid via Georgia and Romania, while also strengthening the energy resilience of the participating countries.
If Turkey joins, the project will take on additional significance, as Ankara will be able to participate in several parallel transmission routes for Azerbaijani “green” electricity to Europe—via the Black Sea and via the Turkey–Bulgaria overland corridor.
To help Ukraine repair and strengthen its energy infrastructure ahead of another winter under attack from Russia, Canada has announced new support.
The announcements were made during Ukrainian President Volodymyr Zelenskyy’s visit to Canada and his meeting with Canadian Prime Minister Mark Carney
According to the website of the Office of the Prime Minister of Canada, the Canadian government will provide the European Bank for Reconstruction and Development with new loan guarantees totaling nearly 435 million Canadian dollars to support energy security, including the purchase of natural gas during the winter and backup generators for electricity production during shortages.
Canada is allocating 200 million Canadian dollars in concessional loans through Export Development Canada to support Ukraine’s reconstruction. As emphasized by the Prime Minister’s Office, this will help Ukraine repair critical infrastructure while providing Canadian companies with the opportunity to support critical projects.
The support package includes an additional 10 million Canadian dollars for the Ukraine Energy Support Fund, bringing the total to $100 million, to support Ukraine’s energy infrastructure, including the procurement and delivery of critical energy equipment to enhance Ukrainians’ resilience to energy disruptions.
In addition, Canada announced a contribution of 2 million Canadian dollars to the International Energy Agency’s (IEA) Joint Work Program to support the development of Ukraine’s energy resources. This funding will strengthen Ukraine’s energy resilience, provide regulatory support, and promote clean energy projects.
Global demand for coal will rise this year and reach a new all-time high amid a surge in natural gas prices and a summer heat wave that has increased electricity consumption from air conditioners, according to forecasts by the International Energy Agency (IEA).
According to the agency’s estimates, global coal demand will rise by 1.2% in 2026 to 8.94 billion metric tons.
“Coal is virtually not shipped through the Strait of Hormuz, as the Middle East is neither a major producer nor a significant consumer of coal, but the closure of the strait still affected the coal market due to rising natural gas prices,” the IEA said in a statement. “This has stimulated an increase in electricity generation at coal-fired power plants in countries where there is a choice between gas and coal.”
If shipping through the Strait of Hormuz resumes and liquefied natural gas (LNG) supplies return to the levels seen before the start of hostilities in the Middle East, global demand for coal will decline next year. Otherwise, 2027 will once again set a record for coal consumption, IEA analysts noted.
From February 2022 to February 2026, the IDS Ukraine Group of Companies allocated 875 million UAH of its own funds to business development, the company’s CEO, Marko Tkachuk, said in an interview with Interfax-Ukraine. External financing was virtually unavailable to the group during this period.
Of the total amount, 161 million UAH was invested in equipment upgrades, 220 million UAH in the refrigerated fleet, and 87 million UAH in infrastructure projects.
The largest single area of investment was digital transformation and software, in which the company invested 363.4 million UAH.
IDS Ukraine invested another 43.6 million UAH directly in ensuring the energy independence of its facilities. A powerful generator was installed at the plant in Morshyn, and a solar power plant was built in Myrhorod. The company’s total in-house power generation capacity reached 1.6 MW.
Even with backup capacity, it is not yet possible to completely replace the centralized power supply. In Myrhorod, during a blackout, one or two of the four power lines may remain operational, and at the “Oskar” plant in Morshyn, one of the five lines may remain operational. This allows production of the most in-demand drinking water to continue even during prolonged outages.
Separately, IDS Ukraine has invested 9.2 million UAH in providing backup power to schools and kindergartens in Myrhorod and the Morshyn community. The project covers educational institutions attended by more than 6,000 children. The company announced that this program will be completed on August 31, 2026.
“Ukrnafta” is preparing for the fall-winter period amid ongoing Russian attacks on civilian oil and gas production infrastructure.
Bogdan Kukura, Chairman of the Board of Ukrnafta, and Serhiy Fedorenko, Acting Chairman of the Board of Naftogaz of Ukraine, visited Ukrnafta’s production units in northern and eastern Ukraine.
“The main focus is on people’s safety and the protection of production facilities. Our top priority is to safeguard our personnel and minimize the consequences of possible attacks,” said Bogdan Kukura, Chairman of the Board of JSC “Ukrnafta.”
During the visit, they inspected shelters for employees, warning systems, and the availability of personal protective equipment. They also specifically checked the security status of production facilities and the units’ readiness for operations during the fall and winter months.
The company continues to strengthen security measures and prepare its production infrastructure to operate under conditions of constant threats. The primary objective is to protect people and ensure the stable operation of production facilities.
JSC “Ukrnafta” is Ukraine’s largest oil producer and operates the country’s largest national network of gas stations—UKRNAFTA. In 2024, the company began managing Glusco’s assets. In 2025, it finalized a deal with Shell Overseas Investments BV to acquire the Shell network in Ukraine. In total, it operates nearly 700 gas stations.
The company is implementing a comprehensive program to resume operations and modernize the format of the gas stations in its network. Since February 2023, it has been issuing its own fuel vouchers and “NAFTACard” cards, which are sold to legal entities and individuals through Ukrnafta-Postach LLC.
The largest shareholder of Ukrnafta is NJSC Naftogaz of Ukraine, with a stake of 50% + 1 share.
In November 2022, the Supreme Commander-in-Chief of the Armed Forces of Ukraine decided to transfer to the state the portion of the company’s corporate rights that belonged to private owners; this portion is now managed by the Ministry of Defense.
U.S. Treasury Secretary Scott Bessent cited Ukraine’s attacks on Russian oil infrastructure as one of the causes of the global energy crisis and rising energy prices, according to The New York Times.
“We are currently experiencing an energy shock due to the war in Ukraine, as Ukraine has decided to target Russian energy assets and oil refineries, which is driving up prices globally,” Bessent said.
According to The New York Times, Bessent made this statement after two days of meetings in North Carolina with finance ministers from around the world. He cited Ukraine’s strikes on Russian oil infrastructure as one of the causes of the global energy crisis, which he said was primarily caused by the U.S. war with Iran.
The publication notes that Bessent’s remarks came after the U.S. invited Russian Finance Minister Anton Siluanov to the G20 meeting, a move that drew criticism from some of Ukraine’s allies.
Bessent also defended his bilateral meeting with Siluanov, citing the need for cooperation to resolve Russia’s war against Ukraine.
At the same time, as the American publication notes, Bessent’s criticism of Ukraine’s military tactics sparked a negative reaction among Ukrainians.
Source: https://www.nytimes.com/2026/09/03/business/bessent-energy-prices-ukraine.html
