The article introduces energy security policy as a new functional direction of Europe, including Georgia. The Russia-Ukraine war and the sanctions imposed on Russia raise the issue of European energy security and the search for new alternative routes, as the problems of transit of energy resources in the practice of EU energy diplomacy are increasingly aggravated. So far, the European Union has focused on creating energy security and national hubs in many directions, including Georgia as the hub of the South Caucasus and Caspian regions.
The aim of the study is to analyze the prospects of designing and implementing the energy hub policy in Georgia in accordance with the requirements of the European Union and to look for ways for its effective implementation.
The article concludes that Georgia's economic security based on energy security is related to activation of Georgia's transport corridor function, energy diplomacy with decision-making countries and maximum use of opportunities.
Due to its geographical position, Georgia can play an important role in solving the planned energy integration tasks in the Caucasus region (Black Sea Basin). This implies the exchange of electricity between these countries and the use and exploitation of hydropower resources of Georgia. In the current situation, the exchange of electricity from the Georgian power system to the neighboring power systems is carried out through transit power lines with a voltage of 500, 400, 330 and 220 kV. Electricity exchange takes place: from Georgia to Russia, Turkey, Azerbaijan, Armenia and vice versa; Also from Russia to Turkey, from Azerbaijan to Turkey; The transit lines of the transmission system of Georgia serve to fulfill these tasks, but their capacity is limited by the permissible operating parameters of the country's energy system.
Georgia has domestic production potential towards electricity. Especially in the summer months, Georgia can generate as much electricity as is needed for the country's own needs and also export it. Otherwise, Georgia mainly imports electricity from Azerbaijan and Russia.
Today, Georgia has a chance to become an electric power center like never before. Therefore, the country should take advantage of being a transit country. It is to become an electricity converter and transit country. The excess electricity in Azerbaijan, especially the base electricity generated by the thermal power plants, should be brought to Georgia and converted by the regulatory hydroelectric power plants in the country into electricity that can be sold at a much higher price on the European market, i.e. H. electricity at peak times. These opportunities and advantages should be used as extensively as possible in the future.
The functioning of the Transcaucasian power node of Georgia will be significantly strengthened by the implementation of the project of the high-voltage transmission network at the bottom of the Black Sea. In this context, the involvement of the World Bank in the global project (in each of its phases) has become important. This also envisages reducing energy dependency on the Russian Federation, as the Black Sea cable will allow Georgia to connect the region's energy system to the European Union's system and vice versa. The project will be of great importance for exporting electricity generated in Georgia to the EU market. It will also be a source of transit revenue for Georgia. This cable will also have another purpose. The infrastructure allows for the installation of a fiber optic cable, giving us an additional direct opportunity to set up a telecom/internet channel. It is difficult to overestimate this opportunity, which provides the opportunity to create an additional direct channel of telecommunications traffic between Southeast Europe and the South Caucasus/Central Asia.
According to experts, the involvement of the World Bank in a global project of this magnitude at any stage is proof of the seriousness and good prospects of the project. The idea of a high-voltage power transmission grid on the bottom of the Black Sea was discussed years ago, but for certain reasons, including the high cost of the project, it was not started at the time. This time this is the most important project for Georgia. It envisages the construction of a 1,200-kilometer high-voltage transmission network at the bottom of the Black Sea, which will connect the electrical power systems of Georgia and Europe. Together with the World Bank, governments as well as international financial institutions and large energy companies will be involved in financing the project. Which is interesting from a purely economic, geoeconomic and general geopolitical point of view. For example, Georgia is providing US$20 million for geological research in the Black Sea.
What will this project bring to the Georgian economy and in particular to the electricity sector of Georgia?
The high-voltage infrastructure will be expanded to include a 500-kilowatt transmission grid with a capacity of up to 1,000 megawatts, which represents an important step in terms of both energy independence and energy security. Energy dependency on Russia will be reduced as the Black Sea cable will allow Georgia to connect the region's energy system to the European Union's system and vice versa.
The new transmission line will be equally interesting for both sides, both for the energy system of the European Union and for our region, both in terms of receiving and issuing energy. Nowadays everyone is looking for cheap and green energy. This trend is already irreversible. Therefore, a practically guaranteed market opens up both for our future hydropower and for the future energy of Azerbaijan. The other side of the problem is when we talk about a new import option. Obviously, import diversification is one of the main tasks of our energy policy.
Both Europe and Asian countries will be interested in building new solid and bulky electricity connections, and it will obviously play a role in this and make things easier if there is already a high-voltage transmission grid in the Black Sea. Perhaps we should see the same infrastructure at the bottom of the Caspian Sea. The possibility of connecting the energy systems of Azerbaijan and Kazakhstan seems undeniably attractive. Analyzing the topic from this point of view, the already very interesting project gains even more interest for a number of energy actors. But before that, the project of the high-voltage transmission network at the bottom of the Black Sea should see the light of day, its launch should become an impetus for the energy development of Georgia, and thereby our country should take on the function of the Transcaucasian electric power center. At the same time, we must not lose sight of the fact that our country is a participant in the "Silk Road" project of the century. Therefore, within the framework of the One Road, One Belt project, Georgia has the most important role from the point of view of the transit function. Of course, when we talk about the transit function, we don't just mean the arrangement of the road or rail infrastructure, but we should also think about increasing the transit role of electricity on this global scale. Therefore, we can say that in addition to the logistical importance, Georgia will also become a kind of gateway between Asia and Europe in terms of energy.
Keywords: Energy hub, energy security, energy integration, energy policy of Georgia.
JEL Codes: P28, P48, Q48

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