Azerbaijan, Kazakhstan, and Uzbekistan to Sign Strategic Partnership Agreement in Energy Sector at COP29

The hydropower plants of Karabakh and Eastern Zangezur, which possess high hydroenergy potential, are the main source of "clean energy" in the region, Energy Minister Parviz Shahbazov stated this in an article published in the newspaper "Azerbaijan." According to the minister, the energy needs of these two regions are met 100% through "green energy," with excess production directed to other regions of Azerbaijan.

In the first half of this year, the average price of a barrel of Azerbaijani oil “Azeri Light” was $86.5, the “Medium-Term Budget of the Republic of Azerbaijan for 2025-2028,” released by the Ministry of Finance. According to the document, this is  by 44.2% higher than the price of $60 used in the initial budget parameters for 2024 (which were revised in June, raising the average export price of “Azeri Light” to $75 per barrel).

By 2027, Azerbaijan plans to implement projects for the construction of eight solar and wind power plants, with a total cost of $2.8 billion, funded by foreign and local investments, Energy Minister Parviz Shahbazov stated in an article published in the official press. "The plans to build and connect to the grid eight large-scale solar and wind power plants, totaling around 2 GW, with investments of about $2.8 billion, demonstrate Azerbaijan's rapid progress towards 'green energy,' marking an irreversible process," the minister wrote.

With the commissioning of new power plants, Azerbaijan's energy system capacity has reached 8,415.6 MW, marking a 4% increase compared to 2023, Energy Minister Parviz Shahbazov mentioned  in an article published on October 18 in the official press.