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Azerbaijan energy report

Azerbaijan energy report
3 files (PDF report, 2 Excel files)
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This analysis includes a comprehensive Azerbaijan energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.


  • The hydrocarbon sector accounts for 85% of total exports of goods and around 45% of the GDP.
  • A new law on energy efficiency was published in 2021 and the first NEEAP is under development.
  • State electricity company Azerenerji is the main player in the electricity sector.
  • Two consortia operated by BP dominate the hydrocarbon sector (AIOC for oil and Shah Deniz for gas), in which SOCAR, the national public oil company, has stakes of around 20%.
  • Gas production has more than doubled since 2010.
  • Gasoline and diesel prices remained stable in 2023 and are much lower than in the EU and Turkey (by a factor 2 and 3, respectively).
  • Electricity prices for households dropped by 20% in 2022 and remained stable in 2023.
  • Per capita consumption is rather low and equals about half of the CIS region average.
  • Two thirds of total energy consumption is made up of gas.
  • Europe aims to import 20 bcm/year of gas from the Southern Gas Corridor in 2027.
  • The Ministry of Energy signed agreements with foreign companies to develop over 20 GW of renewables.
7 GW
offshore wind potential by 2040
share of power generation from gas (2022)
annual increase in gas production since 2010
  • Institutions & Energy Policy

    The Ministry of Energy is the central executive authority responsible for implementing energy policy.

    The "Tariff Council" regulates the prices of commodities and services under a monopoly situation, including energy prices.

  • Energy Companies


    Azerenerji is Azerbaijan's public vertically integrated electricity company. It was transformed into a public holding company in 1996 and should be privatised once it has been able to produce sufficient profit to reimburse its debts.

  • Energy Supply


    Oil production has been decreasing since 2010, by around 4%/year, from 51 Mt to 30 Mt in 2023 (-40%). In the past, foreign investments greatly boosted the country's oil production, which more than tripled between 2004 and 2010, partly with the start of the Shah-Deniz field in 2006.

  • Energy Prices


    Between 2017 and 2023, the price of electricity for industry remained stable at around US$6.5c/kWh. For households, it dropped by 20% in 2022 to US$4.7c/kWh and remained stable in 2023, while between 2017 and 2020 prices remained at around US$5.3c/kWh.


  • Energy Consumption

    Per capita consumption was around 1.6 toe in 2021, including 2 330 kWh of electricity.

    Total energy consumption increased by 6%/year between 2020 and 2022 and remained stable in 2023 (17 Mtoe). It rose very rapidly in 2019 (+9%) and dropped by 3% in 2020. It increased before by 4%/year between 2010 and 2016, then remained stable until 2018.

  • Issues & Prospects

    Three objectives are to be met in the future in the hydrocarbon sector: the development of oil and gas resources; the retrofitting of the petrochemical industry; and the development of the infrastructure to facilitate exports and to promote Azerbaijan as a crossroads for transits to Europe.

  • GRAPH 1: CO2-energy Emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2023, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2023, %)
  • GRAPH 5: Gasoline & diesel prices (US$/l)
  • GRAPH 6: Electricity prices for industry and households (US$c/kWh)
  • GRAPH 7: Consumption trends by energy source (Mtoe)
  • GRAPH 8: Total consumption market share by energy (2023, %)
  • GRAPH 9: Final consumption market share by sector (2023, %)
  • Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
  • Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
  • Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
  • Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
  • Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.

The Azerbaijan energy market data since 1990 and up to is included in the Excel file accompanying the Azerbaijan country report.
It showcases the historical evolution, allowing users to easily work with the data.

Key Data included in the excelsheet:

  • Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
  • Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
  • Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
  • Energy Balance: total and per energy.
  • Azerbaijan Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Azerbaijan energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).