Will Aksa Energy Invest $1 billion in North Macedonia?

(Photo via aksainvestorrelations.com) T urkish energy giant Aksa Energy is set to invest over $1 billion in North Macedonia as part of a major infrastructure project that includes the construction of a natural gas network, a heating network, and cogeneration power plants, Turkish media reported.

Why did the new government of North Macedonia need securing energy supplies?

Firstly, the Ministry of Energy, Mining, and Mineral Resources needed to address a critical issue: securing energy supplies for the winter. Sanja Božinovska stated that the new Government of North Macedonia inherited a challenging situation in the energy sector and had to make every effort to ensure a reliable energy supply throughout the winter.

What is North Macedonia's Energy Strategy?

As the world moves towards decarbonisation and green energy, North Macedonia is executing an ambitious national energy strategy, which foresees a 66% reduction of greenhouse gas emissions from the energy sector compared to 1990 by 2030.

Will North Macedonia become self-sufficient in electricity production?

The vision of the new ministry is for North Macedonia to become self-sufficient in electricity production. According to Božinovska, it is crucial for the country to focus on domestic electricity generation, as it currently lacks new renewable energy capacities.

Is North Macedonia a state-owned power company?

North Macedonia’s state-owned power company was unbundled and partially privatized in the early 2000s. Austrian utility company EVN has been responsible for electricity distribution in North Macedonia since entering the market in 2006.

Does North Macedonia need private investors?

“One thing is certain: if private investors are included, we want to have majority ownership because North Macedonia needs to own energy production capacities,” she says. Like other countries in Southeast Europe, North Macedonia is flooded with investor applications for the grid connections of new solar and wind projects.