You're reading: Kazakhstan, Russia and Belarus may form common electricity market

Kazakhstan, Russia and Belarus plan to adopt a program in 2016 that will help them establish a common electricity market, a member (minister) of the Eurasian Economic Commission's energy and infrastructure board, Danial Akhmetov, has said.

“We expect this program to be adopted in 2016, while its concept should be adopted a little earlier – in mid-2015,” he told reporters in Astana on May 22.

The 3 states’ common electricity market is expected to appear earlier than their common hydrocarbons market, Akhmetov said.

“This more rapid pace in the electricity sector can be explained by the following reasons: our three states hold vast energy potential, we share one technical and technological basis, and our previous operations within a unified energy system will confidently allow us to create a common energy market in line with the new realities,” he said.

Vigorous work is already underway in this area, he added.

“We rely on the historical experience of our countries, which is one of the fundamental factors. Another factor is our serious analysis of the experience of our colleagues from the European Union. As you know, several markets are functioning successfully there [in the EU]. Although a single market has not yet been established within the European Union, the EU, nevertheless, is taking serious steps on this issue. And we are studying and analyzing them. We are also looking at ways to better use that electrical energy practice,” Akhmetov said.