Azerbaijan and Iran to Treble Increase Capacity of Energy Overflow: Minister Parviz Fatah
Azerbaijan, Baku, 17 June / corr. Trend E. Ismayilov/ Iran is going to put into exploitation a big electric main that will enable to increase the capacity of electricity overflow with Azerbaijan up to 700mWt from the current 250mWt, the Energy Minister of Iran Parviz Fattah said in Baku on 17 June.
"We have very good links with Azerbaijan in power industry," Fattah said.
Azerbaijan purchases energy from Iran to supply Nakhchivan Autonomous Republic of Azerbaijan with the electricity. Azerbaijan purchases energy from Iran in winter and pays back for the purchased energy in summer. According to the agreement between the two parties, Azerbaijan has to repay the outstanding debt by cash in case the debt is not fully repaid in a year. The debt is repaid with 11% ad-on interest, which is considered to be compensation for Iran owing to the loss of electricity while supplying.
"We have been supplying electricity to the Nakhchivan region for many years, and if there is a need we are ready to meet the demand of Nakhchivan for both gas and electricity," Fattah said.