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.