Over $44B to be invested in energy sector of Kazakhstan

Business Materials 24 November 2014 16:12 (UTC +04:00)

Astana, Kazakhstan, Nov.24

By Daniyar Mukhtarov - Trend:

Over 8 trillion KZT ($44 billion) of all investments will be attracted in the energy sector of Kazakhstan for the period of 2016-2030 years, said the Deputy Energy Minister of Kazakhstan Bakhytzhan Dzhaksaliyev, speaking Nov.24 at the Energy Forum "Innovation in the energy sector - Kazakhstan-2050."

"It is planned to achieve a number of objectives within the framework of our plans implementation, namely: a significant reduction in the average level of deterioration of electric power equipment in Kazakhstan in 2030, attracting investments in the power sector in the amount of 8.2 trillion KZT for the period of 2016-2030 years, providing moderate growth of rates for electricity to end users by 2030, independence and self-sufficiency of the Unified Energy system of Kazakhstan by 2030," he said.

He said that for the construction of efficient energy system of the future, a broader participation of the state in this process is needed in order to generate an adequate investment climate in the electricity sector, a corresponding increase in technical and technological requirements as well as improving energy supervision over the implementation of these requirements.

The deputy minister also said that during the five years of the validity of maximum tariffs, the annual investments volume in the power industry of Kazakhstan has increased five times, and today the investments amounted to about 700 billion KZT (180.87 KZT = $1).

"This made it possible to modernize 5,000 megawatts of existing capacities and put into operation 1,700 megawatts of additional electrical capacities, which in turn fully covered the needs of the State program for accelerated industrial and innovative development of Kazakhstan in the power industry. By the end of 2015, this figure will reach 3,300 megawatts," said Dzhaksaliyev.

"We live in market conditions, and therefore not only forcing conditions must be created, but also adequately stimulating the energy enterprises to use modern innovative technologies in their work," he said. "It is the very development vector the energy management policy adheres to."

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