Official: Azerbaijan's current law on electric power industry does not meet modern demands
Azerbaijan's current law on the electric power industry does not meet modern demands, Azerbaijani Energy Minister Parviz Shahbazov said.
The official made the remarks during the discussions of a new draft law "On the electric power industry" held at today's meeting of the Committee of Azerbaijani Parliament for Natural Resources, Energy and Ecology.
"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.
According to him, 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 the 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," the minister added.
He stressed that it will create favorable conditions for modern areas of energy development, facilitating the rational use of resources, declining the country’s financial burden, and a favorable environment for private investment.
Besides, the minister emphasized that liberalization of electricity prices is not envisaged in the near future and the tariffs will be regulated.
"Given that during the discussion of the bill, the deputies asked most of the questions regarding electricity tariffs, the adoption of the law should not mean an increase in prices," he noted.
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