Formation of common markets of energy resources of EAEU to be discussed at Eurasian week

Bishkek, July 29, 2019. / Kabar /. Within the framework of the IV International Exhibition Forum "Eurasian Week", a round table "Common Markets of Energy Resources of the Eurasian Economic Union (EAEU): A Factor of Increasing Energy Security and New Business Opportunities" chaired by a member of the Board (Minister) for Energy and Infrastructure of the Eurasian Economic Commission (EEC) Emil Kaikiyev will take place on Sept. 25, the press service of the EEC reported.
"The formation of a common electricity market of the EAEU is one of the important factors for the development of integration processes in the Eurasian economic space. I want to note that the creation of the market is aimed primarily at the transition to market, including exchange pricing mechanisms, as well as ensuring fair competition," emphasized Emil Kaikiyev.
At the round table, participants will discuss the creation of common markets for energy resources (electricity, gas, oil and petroleum products), the state and prospects of the EAEU fuel and energy complexes in the field of energy security and energy efficiency, as well as the importance of business in creating common markets for energy resources of the Union.
"The view of representatives of other energy organizations on the ongoing integration processes in this area and their vision of further cooperation will also be interesting," the EEC Minister noted.
In May of this year, within the framework of the meeting of the Supreme Eurasian Economic Council, the heads of state signed an international agreement on the formation of a common electricity market of the EAEU. The document determined the legal basis for the formation, functioning and development of the market, the bodies and organizations that manage and ensure the functioning of the common electricity market of the Union, its participants and infrastructure organizations, as well as ways to trade electricity.
An important event of energy integration was also the accession of Armenia and Kyrgyzstan to the Methodology for the implementation of interstate transmission of electrical energy between member states. This allowed the use of common principles and rules for the Union to access the services of natural monopolies in the electricity sector, including the basics of pricing and tariff policy.
Creating markets for the energy resources of the Union will allow businesses to freely choose their energy suppliers, which will have a positive impact on the cost of production. In addition, the formation of common energy markets will improve the energy security of the EAEU states, and will also contribute to the formation of transparent prices for electricity and hydrocarbons for the sustainable development of the economies of the Eurasian five countries.
More information is available on the Eurasian Week website www.eurasianweek.com.