WASHINGTON, Azerbaijan, March 10. Azerbaijan is
interested in implementing energy storage projects that will help
ensure the stability of the power system amid the energy
transition, said SOCAR Vice President Afghan Isayev, Trend's special correspondent
reports.
He made the remarks during a panel discussion titled “Energy
Infrastructure and Capital Flows into the Energy Future” at the
U.S.-Azerbaijan Trade and Investment Conference marking the 30th
anniversary of the U.S.–Azerbaijan Chamber of Commerce in
Washington.
According to Isayev, advances in renewable energy technologies
are gradually making many previously expensive projects
economically viable.
“Today we see how technological progress - for example in solar
power or offshore wind farms - has made projects that were once
considered too costly economically feasible and attractive for the
industry,” he noted.
At the same time, he emphasized that countries implementing the
energy transition face the challenge of limited grid capacity.
“The power system cannot endlessly absorb new energy sources.
Therefore, additional balancing capacities are required, including
energy storage solutions,” Isayev said.
According to him, this is why Azerbaijan’s Ministry of Energy,
together with the Ministry of Economy and the Ministry of Finance,
is considering projects to introduce energy storage systems.
“We are closely monitoring the development of energy storage
technologies and are interested in implementing such projects that
will help ensure the resilience of the power system,” he added.
