27 Nov 2023 19:21

Belarusian president approves draft agreement with Russia on common electricity market

MINSK. Nov 27 (Interfax) - Belarusian President Alexander Lukashenko has signed a decree approving, as a basis for negotiations, a draft agreement on the creation of a common Union State electricity market, the presidential press service said.

"This international agreement establishes the legal basis for the formation, functioning and development of a common Union State electricity market and governs the purchase and sale of electricity between participants in this market. The agreement also determines common market participants and their rights and obligations," it said.

It was previously reported that in accordance with the Union State energy program, a common 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 common 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.

The draft agreement on the formation of a common electricity market between the Union State of Belarus and Russia is at an advanced state of readiness, Belarusian Energy Minister Viktor Karankevich said at the end of October.

"We continue to work with our Russian colleagues on the creation of common markets for gas and electricity. An interstate agreement on electricity has been drafted. It has been agreed upon with our Russian colleagues and has been approved by government bodies, and submitted to the Council of Ministers in the prescribed manner. Work is also actively underway now to agree on the rules for the common electricity market to function. By the end of the year, we must have an approved draft of this document by the end of the year," Karankevich said.