11:22 - 24.05.2023

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May 24, Fineko/abc.az. The new approved Law on Electric Power Industry will not lead to an increase in electricity prices. On the contrary, this law will create conditions for activities of private participants in the energy sector, the production and sale of which is currently carried out only by Azərenergi and Azerişıq,  ABC.AZ reports with reference to the Ministry of Energy.

Under the new law, private companies that build stations and store energy will be able to sell electricity to consumers.

Energy Ministry’s department head Alesker Hasanov said that this law does not mention the liberalization of retail electricity prices. Here, tariffs will continue to be regulated by the state.

According to the department head, the new law will give, in particular, large enterprises the opportunity to choose an energy supplier. They will be able to sign a contract with a supplier who sells energy the cheapest.

In general, the growth of independent energy producers in the market will also lead to an increase in quality.

The new law will come into force from 2024 and will be applied in stages.