The electricity market could generate up to $30 billion in benefits for countries across the region, Stephanie Gil, Energy Practice Manager for Europe and Central Asia at the World Bank, said at the 31st Baku Energy Forum, APA-Economics reports.
According to her, regional countries recently launched the Regional Electricity Market Integration and Trade (REMIT) initiative.
Gil noted that the initiative envisages not only the interconnection of energy systems but also the creation of the region’s first common electricity market and the expansion of electricity trade among countries.
“By 2050, this initiative could generate economic benefits ranging from $15 billion to $30 billion for the region. A higher level of interconnection would also enable an additional 20% increase in the integration of renewable energy sources into the energy system,” she emphasized.
The World Bank representative added that joint implementation of regional cooperation and financing mechanisms would strengthen the resilience and competitiveness of Central Asia’s energy systems.
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