BAKU, Azerbaijan, June 5. Limiting the power system is an issue that has multiple solutions, Vice President of the State Oil Company of Azerbaijan (SOCAR) Afgan Isayev said, Trend reports.
He made the remark during today's panel discussions themed "Unlocking Sustainable Energy: Green Energy Potential in the Caspian Region" within the 29th Baku Energy Forum in Azerbaijan.
"SOCAR is one of the key factors in developing the strategy for expanding our reach. It's very important for us to continue these efforts. Are we facing challenges? Yes, we are confronted with serious challenges, and this is evident not only here in Azerbaijan but worldwide. One of the main issues in the accelerated adoption of renewable energy sources is the limitations of the energy system," he emphasized.
According to him, this problem is also evident in the US, the UK, and the EU.
"There are several approaches to solving this issue. The first is the installation of Battery Energy Storage Systems (BESS). At present, the current price is quite high, but we anticipate that as technology continues to progress, costs will decrease significantly, leading to a faster adoption of BESS. The second option is adding spinning reserves or additional baseload capacity. The third option is to combine both approaches.
We are grateful to the government and the Ministry of Energy for their efforts to modernize our grid, aimed at a sustainable energy future," he added.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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