EEC: EAEU common electricity market is at high level of readiness

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.