On October 18, Azerbaijan's Minister of Energy, Parviz Shahbazov, announced that Azerbaijan, Kazakhstan, and Uzbekistan will sign an intergovernmental agreement on strategic partnership for the development and transfer of green energy during COP29.

Shahbazov emphasized Azerbaijan's key role in a new energy corridor originating in Central Asia. He stated that one of the upcoming tasks within the project is the creation of a joint venture, headquartered in Baku. "Among our plans for COP29 is the signing of an 'Intergovernmental Agreement on Strategic Partnership in the Development and Transfer of Green Energy between Azerbaijan, Kazakhstan, and Uzbekistan' during the Investment Forum on Energy Transition for Central Asia," Shahbazov wrote.

He also mentioned ongoing discussions about connecting the "Green Energy Corridor" from the Caspian Sea to the Black Sea and Europe with Central Asia. The draft agreement reflects the parties' intentions to supply clean energy to Europe and other regions, collaborate on new technologies, and enhance energy efficiency. The agreement will be concluded for an indefinite period.

Shahbazov further noted that on May 1, 2024, during the Tashkent International Investment Forum, the energy ministers of Azerbaijan, Kazakhstan, and Uzbekistan signed a memorandum of cooperation to explore the interconnection of their energy systems. The document outlines plans to study the feasibility of laying a high-voltage cable along the bottom of the Caspian Sea and through other states to supply green energy from these countries to Europe.

Shahbazov highlighted the growth of Azerbaijan's energy capacity, stating that the country's system now produces 8,415.6 MW of power, representing a 4% increase compared to 2023. He explained that Azerbaijan operates 22 thermal power plants with a total capacity of 6,623 MW, 58 hydroelectric power plants (HPPs) with a capacity of 1,406.6 MW, 9 solar power plants generating 278.1 MW, 5 wind power plants with a 63.7 MW capacity, a solid waste power plant generating 37 MW, and 3 hybrid power plants with a total capacity of 7.3 MW. Power plants using renewable energy, including HPPs, account for 1,792.6 MW, or about 21.3% of the total production capacity.

In the first nine months of 2024, Azerbaijan generated 21.8 billion kWh of electricity, 247.7 million kWh more than in the same period in 2023. During this time, the country exported over 1.2 billion kWh of electricity, including 898.7 million kWh to Georgia, 176.4 million kWh to Türkiye, 137.4 million kWh to Russia, and 27.9 million kWh to Iran. Meanwhile, electricity imports totaled 139.4 million kWh.