Real picture of alternative power in Azerbaijan, still did not even reach 1%
In quarter 1. 2016 Azerbaijan generated 4.5 million kwh of power from alternative sources, a source from the Azerbaijan State Statistical Committee told Turan.
Generation of power from alternative sources increased by 2 million KWh or by 180% against the same period last year.
The Statistical Committee said that from January to March 2016 generation of wind power totaled 3.4 million KWh (2.2 million Kwh in quarter 1, 2015) and solar power – 1.1 million KWh (0.3 million KWh).
In quarter 1, 2016 Azerbaijan generated 5,976,200,000 KWh power (tank power totaled 5,709,600,000 kwh). Only 6.5% of power generation fell to the hydraulic power stations. Share of alternative power in generation of tank “electricity” constituted only 0.078%.
Azerbaijan has committed itself that in 2020 it will increase power generation from alternative sources up to 20% in total volume of power generation.---0—
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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