Iraq plans new law to regulate power sector
Tue, 17 Nov 2009
Dr Kareem Waheed al-Aboudi
The Iraqi government is working with the US State Department Iraq Transition Office (ITAO) to create a new 'Electricity Regulatory Law' aimed at providing all homes and businesses with 24 hours of reliable electricity in the country.
The ITAO, which provides a programming and oversight role to executive departments and agencies in concluding the remaining large infrastructure projects in Iraq, said the new law proposed by Iraq Ministry of Electricity will help create a regulatory environment that fosters private investment in the power sector.
For the first time, a two-day conference will be held on the topic of regulation and investment in Iraq’s electricity industry in Istanbul where international funders, government officials, regulators, and potential investors will meet to discuss the issue.
The interactive conference 'Practical Approaches to Regulation and Investment in Iraq’s Electricity Industry' will be held at the Ciragan Palace Kempinski Hotel on Wednesday (November 18).
“We have worked with the sponsors of this conference to develop an Electricity Regulatory Law that creates a transparent, fair regulatory department of regulation that will establish a secure and predictable environment for investors,” said Iraq’s Minister of Electricity Dr Kareem Waheed al-Aboudi.
“At the same time, the regulatory body will balance the interests of producers and consumers,” he noted.
The attendees will participate in group discussions and interactive presentations about the role and duties of a Department of Regulation within Iraq’s Ministry of Electricity and the obligations and responsibilities of private investors in the generation market.
Implementation of the law will involve procedural and financial issues impacting investors, donors and regulators whose business or public administration interests are dominated by the restructuring of a centrally planned industry and liberalisation of emerging markets.
David Ensign, deputy senior consultant, ITAO Electricity, said the Electricity Regulatory Law represents the initial and most practical step toward the independent regulation of Iraq’s electricity industry.
'Implementation of this law is imperative for the growth of Iraq’s economy and stabilization of the political and social environments,' he added.
TradeArabia News Service
