TEHRAN (Tasnim) – Iranian Energy Minister Hamid Chitchian unveiled plans for an increase in the country’s capacity of electricity generation and exports to neighboring countries.
Speaking to the Tasnim News Agency on Friday, Chitchian said plans have been devised to increase the country’s electricity generation and boost exports to neighboring countries given their “growing demands” for the purchase of electricity from Iran.
The minister noted that Iran can now swap electricity with all of its neighboring states with which it shares border.
According to Chitchian, Iran’s nominal capacity for power production currently stands at more than 73,000 megawatts.
Iran is now exporting around 12 billion kilowatt hours (kWh) of electricity to its neighbors each year, while the imports stand at an annual level of 4 billion kWh, the minister explained.
He, however, noted that the Energy Ministry’s priority is to fulfill the domestic demands for electricity before signing any new export contracts.
The Iranian officials had already unveiled plans to turn the country into the region’s energy hub, given its strategic geographical position, great capabilities in manufacturing power plants and suitable grounds for electricity exchange with the neighbors.
Experts believe that foreign investment in Iran’s energy industry would rise remarkably once the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), comes into force.
Iran and the six powers on July 14 reached a conclusion on the 159-page agreement that would terminate all nuclear-related sanctions imposed on Tehran over its nuclear energy program after taking effect.