ArmInfo.The common energy markets of the EAEU have great potential for successfully confronting the main challenges in the energy sector in the Eurasian space. This was stated by the director of the energy department of the Eurasian Economic Commission, Vadim Zakrevsky, at the round table "Economic and legal regulation in the energy sector", held in Kazan as part of the Tatarstan International Forum on Energy and Energy and Resource Efficiency.
According to the EEC press service, the director of the department informed about the energy potential of the Eurasian Economic Union member states, global challenges in the energy sector, as well as the principles of interaction between the five countries in the energy sector and the goals that the countries set for themselves in the formation of common energy markets. "The basic priorities underlying the formation of common markets for the Union's energy resources are stable supplies and availability of energy resources, the ability to meet domestic needs for them at affordable prices," said Vadim Zakrevsky.
The discussion participants got acquainted with the main indicators of the functioning of the electric power and oil and gas industries of the EAEU countries in 2023, as well as with the progress of the formation of the EAEU common electricity market.
Vadim Zakrevsky noted that today the common electricity market of the Union is at a high level of readiness. He also outlined the crucial importance of the cost of energy resources, which must be determined on transparent and non-discriminatory terms and ensure competitive (equal) conditions for business entities of the member states - this is the main expectation from the launch of the Union's common gas market.
The launch of common markets will make it possible to take a significant step forward, to pursue a more flexible economic policy, both on a bilateral and multilateral basis, and will enable economic entities to work independently, concluding both free (direct) contracts and exchange transactions on non- discriminatory conditions. The common energy market will contribute to the efficient use of the potential of fuel and energy complexes and increase the energy security of the EAEU member states, says Vadim Zakrevsky.
