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14 February 2024, 15:19

Belarus-Russia Union State common electricity market almost a reality

VITEBSK, 14 February (BelTA) – The draft interstate agreement on the formation of a common electricity market in the Union State can already be used to regulate trade in electricity between authorized legal entities of the Union State, which is the first stage of the formation of the common electricity market, Belarus’ Energy Minister Viktor Karankevich said at a meeting of the Energy Commission of the Parliamentary Assembly of the Belarus-Russia Union State in Vitebsk, BelTA has learned.

According to Viktor Karankevich, the tasks set by the leaders of Belarus and Russia have been fulfilled. “A draft interstate agreement on the formation of the common electricity market has been prepared, agreed upon and aligned during internal procedures. The document defines the powers of government bodies, market participants and infrastructure organizations, as well as the principles of cross-border trade. In furtherance of the agreement, the rules regulating operations on this market will be approved. The work on them is on the home stretch. In fact, the common electricity market is ready for the first stage of operation,” said Viktor Karankevich.

The energy minister noted that this stage envisages electricity trade between authorized legal entities. “The second stage will provide for deeper integration of the electric power industry with more market players stepping onto the scene, as well as the unification of the technological process of operational dispatch control. This work will go hand in hand with the formation of the common gas market and the planned alignment of pricing for gas. In the future, the operation of the common electricity market of the Union State will be synchronized with the work of the common electricity market of the Eurasian Economic Union,” the energy minister added.

Viktor Karankevich emphasized that the common electricity trading market is expected to create an equal competitive environment with a variety of price offers for electricity consumers. This will be an incentive to upgrade and expand generating capacities and attract additional investments into the industry.

The minister noted that the mechanisms underlying the common electricity market will help achieve common goals of ensuring sustainable development of energy systems, increasing the reliability of energy supply to consumers, and minimizing possible risks in the event of turbulence in global energy markets. Further integration of the Union State electric power industry will be highly instrumental in boosting the competitiveness of the economies of the two countries.

“Belarus and Russia have made significant progress towards the formation of the common natural gas market in the Union State. The governments and ministries have come up with the necessary solutions, including on the most sensitive issues affecting national interests,” Viktor Karankevich emphasized. He added that the gas price for Belarus is quite comfortable.

The energy minister also noted that a further cooperation strategy has been determined by the two energy ministries - it is necessary to agree on the principles of operation of the common gas market, regulate the prices and terms of operation for businesses of the two countries and put the agreements into practice. 

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