MINSK, November 27. /TASS/. The Council of the Republic, the upper chamber of Belarus’s National Assembly, has approved the ratification of the Belarus-Russia agreement on the formation of a unified electricity market within the Union State, BelTA news agency reported.
Belarusian Energy Minister Denis Moroz noted that the agreement envisions a phased development of the common electricity market. At the first stage, cooperation will take place at the level of authorized infrastructure organizations. The second stage will begin after the establishment of a common gas market and will involve deeper integration of the two countries’ electricity markets.
"The creation of a unified electricity market will give our countries an opportunity to improve the efficiency and reliability of energy supply, strengthen energy security, and ensure the sustainable development of the energy sector. The integration of our energy systems will also allow us to reduce future costs associated with the production and transmission of electricity," BelTA quoted him as saying.
Moreover, the unified market is expected to create favorable conditions for attracting investment into the energy infrastructure connecting Belarus and Russia, providing additional momentum for its modernization and development. "Deeper integration of the Belarusian and Russian energy systems will create conditions for narrowing the gap in prices for primary energy resources, which will ultimately help eliminate differences in electricity tariffs for consumers in our two countries," the minister added.
On November 5, the House of Representatives — the lower chamber of the National Assembly — ratified the agreement. Under standard procedure, the document must now be sent to the president for signature.