U.S., Kazakhstan to create Central Asian Regional Electricity Market

AKIPRESS.COM - Javier Piedra, USAID assistant sdministrator for Asia, and Kazakhstan's Vice Minister of Energy Sungat Yesimkhanov signed on 21 November a Memorandum of Understanding (MOU), which aims to create the Central Asian Regional Electricity Market (CAREM), the New Europe reports.
The document was signed at the Ministry of Foreign Affairs of Kazakhstan, the press service of the US Embassy in Nur Sultan said on 21 November.
Each of the five Central Asian countries has its own internal energy resources. All republics want reliable and safe electricity to meet demand at the lowest cost.
The partners are confident that an improved regional energy system will not only save money and increase energy security and economic stability, it will also facilitate commercial turnover and attract investment in the energy sectors of all five Central Asian countries, the press service said.
"The integrated CAREM market will contribute to cost savings, increase energy security and economic stability, as well as facilitate the process of commercial trade and attract investment in the energy sectors of all five countries of Central Asia and neighbouring countries of South Asia," Piedra said after the signing ceremony .
According to the embassy, ​​the United States Agency for International Development (USAID) will support Central Asian countries: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan in creating this economically viable and sustainable electricity market.
"The regional electricity market will supply low-cost electricity to Central Asian countries to meet the needs of each country and support economic and social development," the report says.
The ultimate goal of CAREM is an integrated electricity market that provides fair and stable electricity trade, which, in turn, provides ample opportunities for economic growth in all countries of the region.