Azerbaijan’s Azərenerji sees dramatic drop in electricity export revenues

Azerbaijan’s largest electrical power producer, Azərenerji, reported export revenues of $73.7 million for the first nine months of 2024.

This figure represents a dramatic decrease of $256 million, or 4.5 times less than the same period last year, as highlighted in the October edition of the "Export Review" by the Centre for Analysis and Communication of Economic Reforms, Caliber.Az reports per local media.

In contrast, Azerbaijan's total exports for January to September 2024 reached $34.498 billion, with non-oil sector exports accounting for $2.5 billion.

Note that, in 2019, starting from May 1, 2019, Azərenerji initiated its electricity exports to Greece via Georgia and Türkiye, while also exporting to Romania and Hungary through Georgia, Türkiye, and Bulgaria. The company achieved notable success in auctions held in Greece and Bulgaria earlier this year.

The company is actively engaged in initiatives to enhance its export capabilities, ensure the safety of the energy system, and explore new generating options as part of its Rehabilitation Programme.

By Aghakazim Guliyev