Azernews.Az

By Mushvig Mehdiyev

The 13th annual Investments and Energy Regulations Conference of the Energy Regulators Regional Association kicked off in Baku on October 27.

Addressing the event, ERRA Chairman Alparslan Bayraktar hailed Azerbaijan's importance in terms of energy security. "Azerbaijan plays the role of an energy corridor between Europe and Asia together with Georgia and Turkey," he said.

Bayraktar noted that the energy projects, both initiated and attended by Azerbaijan are of critical importance for ensuring energy security in the region and whole Europe.

"Azerbaijan is a reliable partner not only for the Caspian Sea's hydrocarbon reserves, but also for other energy resources."

Addressing the conference, Georgia's Deputy Energy Minister Mariam Valiashvili said the electricity would become an additional product to develop Azerbaijan-Georgia-Turkey energy corridor. "Development of this energy corridor, which is the result of close cooperation, is essential for the economy of Azerbaijan, Georgia and Turkey," she stressed.

Valiashvili added that the development of Azerbaijan-Georgia-Turkey corridor is highly critical for guaranteeing the power supply to the European markets and it will play an important role in the expansion of energy supplies from the Caspian region in the future.
Electricity export via Azerbaijan-Georgia-Turkey route could begin before the end of 2015, Azerbaijan's Energy Minister Natig Aliyev has said earlier.

Currently, the power grid of Azerbaijan is 7,105 megawatts, which exceeds the country's electricity demand by 1,500 megawatts. Azerbaijan is able to produce about 22 billion kilowatt-hours of electricity a year and create an export capacity of 2.3 billion kilowatt hours for each year.

Reports related to Azerbaijan's power industry, security of energy supplies, problems in the use of renewable energy and empowerment of consumers on the energy market were also discussed during the conference.

The Senior Vice President of State Oil Company of Azerbaijan, Khoshbakht Yusifzade said that the projected gas reserves of Azerbaijan are estimated at 3.45 trillion cubic meters, while oil reserves at 2 billion metric tons.

He further added that Azerbaijan's proven gas reserves amount to 2.55 trillion cubic meters along with about 2 billion metric tons proven oil reserves."Total oil and gas reserves of the country are estimated at 10 billion metric tons in oil equivalent," Yusifzade noted.

Azerbaijan is a member of ERRA, which unites the energy regulators from the Central Europe, the U.S., Africa, Asia and the Near East countries.

The ERRA annually holds its conferences to attract about 300 representatives of more than 100 regulators, experts, investors, scientists, consumers representatives, organizations for environmental protection, agencies on development and other professionals.