Belarus and Russia completing preparation of agreement on common electricity market - Belarusian Energy Ministry

MINSK. Oct 17 (Interfax) - The draft agreement on the formation of a unified electricity market between the Union State of Belarus and Russia is at a high level of readiness, Belarusian Energy Minister Viktor Karankevich said.

"Belarus and Russia are moving ahead gradually with the creation of united markets for natural gas and electricity. Internal state procedures are being completed on one of the fundamental documents, the draft agreement on the formation of a united electricity market of the Union State. The rules for the functioning of the united electricity market are also at the final stage of approval," he said, as quoted by the Ministry of Energy's press service.

The minister also noted that there is ongoing work related to unified principles for the functioning and regulation of the unified gas market. "Price conditions for the supply of Russian natural gas to Belarus for three years have been determined. The main task during 2023-2025 is to agree on the principles of operation of the united gas market so as to bring together the economic conditions for the constituent entities of our countries," he said.

Karankevich also stated the formation of a unified electricity market does not exclude the possible export of electricity produced at the BelNPP to Russia.

"The energy and export potential of the country is increasing with the commissioning of the BelNPP. If necessary, Belarus is ready to provide electricity for export. If our neighboring countries are interested," he said, as quoted by BelTA. "As for exports to the Russian Federation, this is a subject of conversation as part of the formation of a unified electricity market; active work is underway, and all issues related to the supply, consumption and purchase of electricity on this common market will be defined by the rules," the minister said.

It was previously reported that in accordance with the Union State energy program, the united electricity market of Belarus and Russia should launch on January 1, 2024. At the first stage, transactions for the purchase and sale of electricity will be conducted via authorized business entities - one from each party. From 2025 onwards, the united electricity market of Belarus and Russia should be synchronized with the electricity market of the Eurasian Economic Union. Starting in 2027, deeper integration is envisaged with an expansion in participating markets.