EAEU members sign agreement on creation of common power market

AKIPRESS.COM - An agreement on creation of a common electricity market of the Eurasian Economic Union (EAEU) was signed on May 29 in Nur-Sultan at the EAEU summit.
Creation of the common power market will allow to establish transparent market prices on electricity for consumers and will boost economic growth.
Enterprises in the EAEU member states will be able to buy cheaper electricity in the EAEU, according to the Eurasian Economic Commission, which will make prime costs of products cheaper, consequently, it will make electricity for the EAEU population cheaper.
Creation of the common electricity market will also strengthen the energy security of the countries of the Union, the EEC said.
International agreement defines the legal basis and principles of formation, functioning, and development of the common power market and establishes the spheres to be regulated by the rules of its functioning, as well as entitles the Eurasian Inter-Governmental Council and the EEC council to approve legal acts regulating the EAEU power market.