Uzbekistan to attract $52 billion worth of investments to modernize energy networks

The energy sector of our country is being consistently reformed. At the first stage, the industry management system was changed. In recent years, 22 power plants have been commissioned, including in those regions where there was no generation before. For the first time, private capital is being attracted to electricity production.

Currently, the country’s energy capacity has reached 85 billion kilowatt-hours. Another 20 gigawatts of capacity are planned to be launched in the coming years. It plans to create 9 gigawatts of generating capacity through $7 billion in private investment.

To meet the growing needs of a dynamically developing economy and population, it is necessary to increase the volume of electricity production to at least 120 billion kilowatt-hours. It is estimated that investments of $52 billion will be required to introduce new capacity and completely modernize networks.

At the presentation, Minister of Energy J. Mirzamakhmudov reported on the implementation deadlines provided for by the decree “On measures to carry out the next stage of energy sector reform” and planned work in the field.

The head of state gave specific instructions to responsible persons on developing the concept of power supply for the republic. It is specifically stated that the main condition for the transition to a free energy market is the creation in the country of sufficient generating capacity to fully satisfy the demand for electricity.

The task has also been set to create a unified electricity trading platform, test and launch it by the end of 2024.

The President emphasized that in the process of liberalizing the energy market, it is necessary to strictly comply with the requirement to sell electricity to the population at a single price in all regions of the republic until 2035, as well as the principle of social protection when setting tariffs.