A meeting of Coordinating Council established for phased power market implementation was held

The first meeting of the Coordinating Council, established to implement the Action Plan for the Phased Introduction of Electricity Market Elements, was held under the chairmanship of Minister of Energy of Azerbaijan, Parviz Shahbazov.

In his speech, the minister highlighted that Presidential Decree No. 1209, dated May 29, 2019, on Accelerating Reforms in the Energy Sector of the Republic of Azerbaijan, outlines the main directions of the reforms, and relevant work is underway in this regard. It was highlighted that the foremost focus of the energy enhancements is the constant cultivation of energy security, the creation of management systems grounded in global guidelines, garnering private investments, and alleviating the fiscal load on the state. The main priorities for sector development were also highlighted, including optimizing electricity production costs, further improving efficiency and service quality, as well as ensuring a competitive environment.

The meeting agenda included a report on the work done by relevant structures in connection with the implementation of the Law of the Republic of Azerbaijan On Electric Power Engineering and the Action Plan for the Phased Implementation of Electricity Market Elements.

Subgroups have sprung into action under the Coordinating Council, specifying significant sectors, setting strategic tasks for the swiftly approaching season, and sealing decisive determinations.

The representatives from the Ministries of Energy, Economy, Finance, Justice, the Azerbaijan Investment Holding, Azerenergy OJSC, Azerishig OJSC, and the Agency for Energy Regulation attended at the meeting.