Siemens to invest millions in electricity grid

Winner of the tender for concession of the “Baku Electricity Network” JSC, German Siemens intends to invest $139 million in the company over the next 3 years, minister for state property Farhad Aliyev told journalists Saturday. A total of $770 million will be invested in 25 years.

Touching upon the disadvantaged categories of the population, F. Aliyev said the problem still exists. According to him, 113,000 families in the capital use benefits in paying for electricity. Following the concession, the government will undertake payment for electrical energy consumed by such categories: either by paying the full amount to Siemens or giving some funds to the disadvantaged to pay themselves.

Mr. Aliyev added that energy tariffs would remain unchanged after the Siemens takeover.*