November 15, 2024 [Reuters]- North Macedonia’s ESM power utility and Azerbaijan’s state energy company SOCAR on Thursday signed a memorandum of understanding aiming to strengthen energy stability in the Balkan country, ESM said on its website.

The cooperation will focus on improving the access and expanding opportunities for natural gas supplies to ensure a stable supply at competitive prices, the country’s largest power producer said.

It added that the memorandum was in line with state efforts to provide natural gas and with the SOCAR goal to increase its presence in the regional market.

“It is fantastic news, and very positive for our country,” North Macedonian Prime Minister Hristijan Mickoski told reporters. “SOCAR is a giant as a company, delivering gas to Europe … I expect that through this MoU we can get lower prices and regular energy supplies next year.”

Mickoski on Thursday said the government has been negotiating a 1 billion euro investment into the co-generative gas system aiming to cut pollution and provide stable heating from clean energy but declined to identify potential investors.

Annual gas consumption in North Macedonia amounts to 3,621 cubic feet of natural gas per capita.

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