OREANDA-NEWS. July 11, 2014. The single electricity market of the Eurasian Economic Union (EEU) will be formed by 2019, the board member (Minister) of Energy and Infrastructure of the Eurasian Economic Commission (EEC) Danial Akhmetov said at the briefing in Almaty.

"Today, representatives of the three countries have examined the concept of single electricity market for the first time. We assume that the model existsing in Europe will be the basis. It suits us and is connected with the spot market. Our time-frame is tough enough - the single electricity market should be formed until 2019," S. Akhmetov said.

He explained that the Treaty Establishing the EEUdetails that by July 1, 2015,there must be formation of the development concept of an electricity market, which will then be submitted for approval of the EEU Heads of State. Formation of a single market in the field of oil and gas shall be conceptualizedon January 1, 2016.

"The program should be formed by January 2018, and the program’s implementation should be completed by 2024. By 2025, we will have to sign an international treaty which would form the single markets of Kazakhstan, Belarus and Russia in the field of oil and gas," he said.

D. Akhmetov said that the featureof the concept is to create a single market in accordance with national features of the three countries. "Nobody is going to break the energy characteristics of each state. We will examine the potential of each party closely," EEU board member said.

In addition, D. Akhmetov emphasized that the interstate transit lines that have been preserved from the times of the Soviet Union are the feature of a single electricity market in the framework of the Eurasian Economic Union (EEU).

EEC board member added that another key factor is that all countries are working on uniform technological standards and regulations, which is also a good opportunity to create a signle electricity market. Andthe common legal framework is a good basis to make it all happen.