“The President has set before us a task – not to raise electricity tariffs in 2021-2022,” he said.

To accomplish this task, according to Mustafoyev, the modernization and reconstruction of the power system will be carried out not by increasing tariffs, but by reducing the costs.

On October 26, President Shavkat Mirziyoyev held a meeting held a meeting to discuss priority tasks in transforming electric power enterprises. The President noted that joint-stock companies National Electric Networks of Uzbekistan, Regional Power Networks, Thermal Power Plants and Uzbekhydroenergo should switch to a financial reporting system in accordance with world standards. 

According to the presidential press service, this will prove an important factor in obtaining an international credit rating and issuing Eurobonds in the future. Building on these objectives, responsible officials have been instructed to devise a three-year financial model and business plans for the four companies mentioned above.