Tashkent, Uzbekistan (UzDaily.com) -- At the fifty-fourth plenary session of the Senate, the Law "On Electric Power Industry" in its new edition sparked active discussions.

It was noted that the current Law, adopted in 2009, did not provide mechanisms to support competition in the wholesale and retail electricity market, did not include standards ensuring reliable, safe, stable, and cost-effective power supply operations, and did not establish guarantees for protecting consumer interests regarding prices and service quality. Therefore, the Law does not fully meet today’s requirements.

The new edition of the Law "On Electric Power Industry" aims to promote the emergence and development of an efficient, transparent, non-discriminatory, and competitive electricity market to protect consumer interests in terms of prices, reliable power supply, and service quality, creating a liquid market where electricity can be sold without significant obstacles.

The Law establishes the structure and general rules for the effective functioning of the electric power industry, encouraging the development of a competitive environment, and attracting and implementing private investments.

In particular, the Law defines healthy competition, equality and accountability, openness and transparency, and prioritizing the safety of the electric power industry as the main principles of the industry. A new article on the goals of the electric power industry is introduced.

The Law also reflects the rules for the competitive wholesale and retail electricity markets.

Additionally, the Law introduces general provisions aimed at regulating the activities of traders (individuals or legal entities) in the electricity market, including their rights and responsibilities.

As noted by the senators, the adoption of the Law will attract private investments into the industry, thus ensuring the effective functioning of the electric power industry, defining the rights, obligations, and responsibilities of electric power enterprises, and stimulating the production of electricity from renewable energy sources.

The Law was approved by the senators.