Senate approves new edition of law on electric power industry to enhance market transparency and investment

The 54th plenary session of the Senate saw this document spark many discussions, according to the press service of the upper house of parliament.

It was noted that the current law, adopted in 2009, lacks mechanisms to support competition in wholesale and retail markets, fails to reflect norms that ensure stable and cost-effective power supply, and does not establish guarantees for protecting consumer interests regarding prices and service quality.

The new edition of the Law "On Electric Power Industry" aims to promote the emergence and development of an efficient, transparent, non-discriminatory, and competitive electricity market to protect consumer interests in terms of pricing, reliable power supply, and service quality. It also aims to form a liquid market where electricity can be sold without significant obstacles.

The law establishes the structure and general rules for the efficient functioning of the electric power industry, encouraging the development of a competitive environment and the attraction and implementation of private investments.

Furthermore, the law introduces general provisions aimed at regulating the activities of traders (individuals or legal entities) in the electricity market, outlining their rights and obligations.

"Passing the law will attract private investments into the electric power industry, define the rights, obligations, and responsibilities of electric power enterprises, and stimulate the production of electricity from renewable sources," noted the senators.