Electric power production in Azerbaijan will reach unprecedented level of 21 billion kwt/hr this year. According to President of Azerenergy joint stock company Etibar Pirverdiyev, 18,6 kwt/hr of electric power were produced in 2002.

Over a half of electric power of the republic is produced at the Azerbaijan hydraulic power station, the operating capacity of which comes to 2,4 gwt. Reconstruction of 8 blocks, construction of a new chimney and other works are to be done at this power station. About $80 million are to be invested in modernization of the station. This issue is being negotiated with the European Bank for Reconstruction and Development (EBRD), which is supposed to allocate these funds.

A number of German banks, particularly, KFW shows interest towards the implementation of this project. These big financial bodies have been cooperating with Azerenergy from long ago. Modernization of the Mingechavir hydraulic power station ($21 million) and completion of construction of the Yenikend hydraulic power station ($53 million) have been done for EBRD loans. The KFW is crediting the both stages of the modernization project of a transmission system of Azernergy.

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