Over $ 5 bln investments required for growth of Azerbaijan's energy system capacity

Photo: Over $ 5 bln investments required for growth of Azerbaijan's energy system capacity / Oil&Gas

Baku, Azerbaijan, April 15
By Emil Ismayilov - Trend:

Azerbaijan's energy system capacity must exceed 10,000 megawatts in the near future to increase the electricity generated by power stations per capita up to the level of developed countries.

Azerbaijani Minister of Energy Natig Aliyev said at a meeting of the Cabinet of Ministers chaired by President Aliyev, dedicated to the results of the country's socio -economic development in the first quarter of 2014 and the further challenges.

"It is necessary to draw investments worth four billion manat in this sphere to achieve this index," he said.

"As a result, the volume of electricity generated per capita in the country will reach the index in European developed countries and will exceed 3,600 kilowatt / hours," Aliyev said.

Azerbaijan's power generation capacity has increased by 30 percent in the past five years. Currently, the index hits 7,105 megawatts, which allows generating annually about 24 billion kilowatt hours of electricity. This means that it is possible to annually export 2.1 billion kilowatt hours of electricity.

"From this point of view, it is important to ensure the export of electricity to Europe, Russia and Iran," he said.

In particular, Aliyev stressed the work carried out within the "Azerbaijan-Georgia- Turkey Energy Bridge" project, which will create an opportunity to ensure electricity flow with the Western Europe in 2014 at 350 megawatts, and in 2015 - 700 MW.

The official exchange rate is 0.7843 AZN/USD on April 15.

translated by NH
edited by CN

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