Minsk and Moscow completed the preparation of a draft agreement on the common electricity market

The Ministries of Energy of Belarus and Russia have completed the preparation of a draft interstate agreement on the formation of the common electricity market. Minister of Energy of Belarus Viktor Karankevich announced this on Sunday on the the Belarus-1 TV channel.

"A draft interstate agreement on the formation of the common electricity market has been prepared. It has already been finalized and will be sent to domestic procedures," Karankevich said.

According to him, the agreement will fix the legal foundation for the formation and functioning of the common electricity market of the Union State, define the powers of government bodies and infrastructure organizations of the two countries, as well as the subject composition of the market. The preparation of the draft rules for the functioning of the common electricity market is at the final stage.

As Karankevich informed, the formation of such a market will take place in three stages. It is planned that from January 1, 2024, electricity trading on the common market will be conducted through authorized business entities - one from each side. From 2025, the work of the common electricity market of the Union State will be synchronized with the work of the electricity market of the Eurasian Economic Union. "From 2027, deeper integration is envisaged, which involves expanding the subject composition of the market," the minister said.