Masdar, a leading renewable energy company, expects the liberalization of Azerbaijan's electricity market within the next four years, Murad Sadikhov, the manager of Masdar Azerbaijan Energy LLC, said at the Green Financing Conference in Baku.
According to Report, Sadikhov acknowledged that the transformation has been challenging for the Azerbaijani government, as the national legislation was previously focused on regulating electricity generated from fossil fuels. However, as investors, Masdar sees definite progress. "In the next four years, Azerbaijan's electricity market will be liberalized, which will be a great boost in terms of green energy development," he said.
Sadikhov noted that Masdar, in collaboration with Azerbaijan's Ministry of Energy, conducted market research that included aspects such as domestic needs and the potential for green energy exports. He noted that the company's first green energy project in Azerbaijan was complex, but they are now optimistic and eagerly await further liberalization of the electricity market and the introduction of a liberalized energy tariff model by the Azerbaijani government.
He noted that Azerbaijan is investing heavily in modernizing its energy infrastructure to enable it to receive and transmit the planned volumes of green energy. "This includes both equipment and software, as well as the introduction of modern technologies to obtain more renewable energy and free up more natural gas and fossil fuels," Sadikhov explained.