Eurasian Economic Union develops concept of common electricity market

Almaty is hosting a session of the Eurasian Economic Commission (EEC) Consultative Committee for Oil and Gas, chaired by Danial Akhmetov (a member of the energy and infrastructure board of the Commission). One of the topics being discussed there is the formation of a common electricity market and balance of energy resources, News Kazakhstan reports.

A concept for the development and formation of the electricity market should be presented to heads of Eurasian states by July 2015. A program for formation of the market should be ready by January 1, 2016. The project will then be accomplished in 2019.

The electricity market project takes the experiences of Scandinavia, Central Europe and the U.S. into account. It will be developed according to national peculiarities.

92% of the Kazakh electricity market consists of long-term contracts. Akhmetov noted that the Eurasian Economic Union had good transit lines left over from the Soviet Union. Consumers in the Customs Union and the Common Economic Space will be allowed to purchase electricity from common markets.