The lower house of Kazakhstan parliament, Mazhilis, has approved the ratification of amendments to the Eurasian Economic Union (EAEU) Treaty paving the way for the establishment of a common energy market at its plenary session on Wednesday
ALMATY (Pakistan Point News / Sputnik - 19th January, 2022) The lower house of Kazakhstan parliament, Mazhilis, has approved the ratification of amendments to the Eurasian Economic Union (EAEU) Treaty paving the way for the establishment of a common energy market at its plenary session on Wednesday.
"The protocol is aimed at creating a common energy market of the Eurasian Economic Union through integrating domestic electricity markets of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, while observing parity of economic interests of electricity producers and consumers as well as other actors of the EAEU common energy market," according to the conclusions of the Mazhilis Committee on issues of ecology and environmental management.
Kazakhstan's Energy Minister Bolat Akchulakov said that while establishing the common energy market, the parties agreed to cooperate based on equality, and mutual benefit, without causing any economic damage to the member states. Furthermore, the parties intend to apply the mechanisms of market relations and fair competition as a major priority.
"Creation of the common market unveils opportunities for the member states' economic actors to trade electricity among themselves within the framework of the agreements reached," Akchulakov said.
According to the minister, the sides envisage setting up a mechanism to track hourly deviations of actual electricity supplies from the target values to raise suppliers' responsibility for compliance with the schedules agreed.
"The effect from establishing the common market will manifest itself in rising efficiency of generation and transmission capacities, increasing the amount of mutual and foreign electricity trade. Competition among power generating enterprises is also expected to increase," Akchulakov added.
The� approved protocol will now be passed on to the Senate, the upper chamber of Kazakhstan's parliament for further deliberations.
