Iran demands $500 million from Iraq for electricity exports

Iran Materials 9 March 2012 14:31 (UTC +04:00)

Azerbaijan, Baku, Mar. 9/ Trend F.Milad/

Iran is claiming $500 million from Iraq for electricity exported to its western neighbours during the past three years, Iranian Energy Minister Majid Namjou said on Thursday.

"We have urged the Iraqi side to find ways to settle the debt as soon as possible," Namjou said at a meeting with his Iraqi counterpart in Tehran, according to ILNA news agency.

Iraq will increase power imports from neighbouring Iran to 1150 megawatts from 1000 megawatts a day, an Iraqi electricity ministry spokesman said.

The additional power will be imported through Iraq's four lines of supply from Iran "before the coming summer," Masaab Serri said, Bloomberg reported.

Iran currently trades power with Turkey, Armenia, Turkmenistan, Azerbaijan, Pakistan, Afghanistan and Iraq.

By the end of the fifth five-year economic development plan (2015), Iran will boost its electricity generation capacity by 25 gig watts to reach 73 gig watts, Namjou said on February 7.

The country's electricity exports will total $1 billion by the end of this current calendar year (March 19, 2012).