EAEU countries to create common electricity market

The Eurasian Economic Union member countries will create a common electricity market. At the meeting of the Mazhilis, Kazakh Energy Minister Bolat Akchulakov told what economic effect could be brought by the ratification of the corresponding protocol. According to him, it is expected to adopt new rules, which will have a positive impact on Kazakhstan’s economy. Also, he added that the formation will be carried out through the integration of the national electricity markets of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, while maintaining the balance of economic interests of producers and consumers. In addition, experts will create conditions for cooperation based on equality, mutual benefit and avoiding financial damage to any of the member states.

“The economic effect here lies in the fact that we are strengthening the stability of Kazakhstan’s energy system due to the correct and clear rules developed for interaction with the neighboring EU member states. This does not directly lead to rise in prices, because it prescribes the rules of cooperation,” noted Bolat Akchulakov, Kazakh Energy Minister.

Translation and editing by Saniya Sakenova