OREANDA-NEWS. November 26, 2014. More than eight trillion tenge (44 billion dollars) of investments will be attracted in Kazakhstan energy sector for the period 2016-2030. This was announced by Vice Minister of Energy Bakhytzhan Dzhaksaliyev, who was speaking at Energy Forum "Innovations in energy – Kazakhstan 2050".

"As part of our plans it is supposed to achieve a number of objectives, in particular: significant reduction in the average level of deterioration of electric power equipment in Kazakhstan by 2030, investments attraction in electric power industry in the amount of 8.2 trillion tenge for the period 2016-2030, provision of moderate rates growth of electricity to final consumers by 2030, independence and self-sufficiency of the Unified Energy system of Kazakhstan by 2030," he said.

According to him, extensive participation of the government is necessary for building an efficient energy system of the future in this process for the purpose of forming an adequate investment climate in electric power industry, a corresponding increase in technical and technological requirements as well as improving energy supervision over the implementation of these requirements.

Vice Minister added that over five years of cap rates operation the annual investment volume in electric power industry of Kazakhstan has increased five times, and today investments amounted to about 700 billion tenge (180.87 tenge = 1 dollar).

"It allowed to modernize five thousand megawatts of existing and put into operation 1700 megawatts of additional electrical capacity, which in turn fully covered the needs of the State program for accelerated industrial and innovative development of Kazakhstan's electricity. By the end of 2015 this figure will reach 3,300 megawatts," Dzhaksaliyev said.

"We live in market environment, therefore special arrangements must be provided not only forcing, but also adequately stimulating energy companies to use modern innovative technologies in their work. Energy management policy follows this development police," he said.