Share of Alternative Energy in Azerbaijan Less Than 0.1% of Total Product
The share of alternative energy in Azerbaijan in the first two months of the year amounted to 0.067% (2.7 thousand megawatt hours) of total electricity generation, the State Statistics Committee of Azerbaijan reported in January-February.
In general, the total product amounted to 4.007 million MW / h. It is equivalent to 3,828,000 MW / h with average technical losses in electricity and transformers up to 18% (this figure is higher in the winter).
According to the State Statistics Committee, the wind energy sector was 2 thousand MW / h (+ 11.1% over the same period last year), and solar energy was 0.7 thousand MW / h..
Recall that 9.7 thousand MW / h of renewable energy was produced last year, of which wind energy was 5.7 thousand MW / h, and solar energy was 4 thousand MW / h. --17D-
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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