Azerbaijan's current law on electric power industry not meeting modern demands - energy minister (UPDATED)

Economy Materials 8 April 2023 10:47 (UTC +04:00)

First published April 7, 17:25

BAKU, Azerbaijan, April 7. Azerbaijan's current law on the electric power industry does not meet modern demands, Azerbaijan's Energy Minister Parviz Shahbazov said during the discussions of a new draft law "On the electric power industry" held at today's meeting of the Committee of Azerbaijan's Milli Majlis (Parliament) for Natural Resources, Energy and Ecology, Trend reports.

"Currently, we are observing very serious transformational processes in the energy system on a global scale, countries of the world are intensely carrying out energy transition processes, implementing development models that responds to today’s challenges," the minister said.

As he noted, the action plan of the “Strategy for Socio-Economic Development for 2022-2026”, approved by the relevant decree of the head of state, covers the issues of production, transmission, distribution and power supply. At the same time, this plan encompasses promotion of the activities of independent supply entities, and applying market-based principles in general with the formation of the necessary regulatory environment. The main aim is to provide citizens with affordable, reliable, high-quality and sustainable electricity.

According to the minister, this will create favorable conditions for modern areas of energy development, facilitating the rational use of resources, declining country’s financial burden, and a favorable environment for private investment.