Energy Market Regulatory Agency Established for Tariff Oversight
The Agency for the Development and Regulation of the Energy Market has been given the authority to approve tariffs, according to the new version of the law “On Electric Power Industry” signed by Shavkat Mirziyoyev on August 7.
This new law, which passed through three readings in the Legislative Chamber and received approval from the Senate in June-July, aims to regulate relations in the electric power industry and create a competitive electricity market.
The Agency for the Development and Regulation of the Energy Market, under the jurisdiction of the Cabinet of Ministers, will issue licenses for the operation of power plants. The Cabinet of Ministers is tasked with implementing a unified state policy in the sector, with the Ministry of Energy appointed as the specially authorized state body for electricity matters.
The law outlines procedures for various aspects of the electricity industry, including production, transmission, distribution, storage, purchase and sale, import, and export. It also defines the roles and responsibilities of different market participants, such as the electricity market operator, producer, supplier, and consumer.
Tariffs and payments, along with their calculation methodology, will be approved by the Agency for the Development and Regulation of the Energy Market. Any new rates must be published at least 15 days before they come into effect and will not have retroactive force.
In addition to approving tariffs, the agency will set general rules for the electricity market and publish annual reports that provide information about market activities, participants, pricing mechanisms, and tariff applications. This move is expected to bring more transparency and efficiency to the energy sector in Uzbekistan.
