The key facts

  • Six agreements worth $4.7 billion: 3,000 MW of generation and 400 MW of energy storage
  • Plans for a second and third nuclear power plant; the first with Rosatom in Jizzakh will cost up to $9.5 billion
  • By 2030 — 22 GW of new capacity and a renewables share of 54% versus the current 31%

$4.7 billion in agreements and new nuclear plants

Uzbekistan signed six energy agreements in Tashkent worth a total of $4.7 billion (€4.19 billion) and announced plans to build a second and third nuclear power plant. According to the presidential administration, the agreements provide for the commissioning of 3,000 MW of new generating capacity and 400 MW of energy storage. The list of projects, obtained by Euronews, includes Saudi Arabia's ACWA Power and Saudi Tabreed, the Emirati AMEA Power, Japan's Toyota Tsusho and Sojitz, France's EDF, Qatar's Nebras Power, as well as StorEn and CRE International. Negotiations with potential investors on the second nuclear plant are scheduled for Saturday. “We have begun construction of the first nuclear power plant and already have plans for a second and a third,” said President Shavkat Mirziyoyev.

The first nuclear plant and plans through 2030

Construction of the first nuclear power plant together with Russia's Rosatom in the Jizzakh region began in June. Two large and two small reactors are to provide 2,110 MW; the project cost is estimated at up to $9.5 billion (€8.48 billion), with initial technical commissioning planned for 2029 and completion in 2034–2035. The partners, budget and timelines for the additional plants have not yet been disclosed. Mirziyoyev said that $35 billion has been attracted to the energy sector over the past decade, but acknowledged that developers' independent selection of sites led to a concentration of generation and increased transmission costs. “We need a unified power system, not isolated power plants,” he said. Future projects will be allocated through competitive tenders with pre-disclosed conditions for grid connection and electricity purchase; six solar and wind projects totaling 2,200 MW will be tendered separately. The first National General Plan for Energy Development through 2050 is to be ready by July 2027, and a grid connection opportunity map by March. By 2030, the government intends to add 22 GW of capacity, build 5,000 km of power lines and 16 substations, increase storage capacity to 4.5 GW, and raise annual output to over 129 billion kWh. The share of renewables, including hydropower, is to grow from the current 31% to 54%. Twelve manufacturing projects worth $850 million (€758 million) have also been proposed to localize the production of energy equipment.

Oil, gas and exports to Europe

British BP and Azerbaijani SOCAR are conducting geological exploration in six blocks in the Ustyurt region; another 128 blocks have been prepared for foreign investors. According to preliminary government estimates, they may contain 5.8 trillion cubic meters of gas and 560 million tons of liquid hydrocarbons. The authorities also plan a methanol-to-olefins project in the Bukhara region, modernization of two oil refineries, and attracting private investors to liquefied gas distribution. Mirziyoyev noted progress on plans to export green electricity to Europe via Kazakhstan and Azerbaijan: the Caspian Green Energy Corridor, supported by the Asian Development Bank and the Asian Infrastructure Investment Bank, envisions a line across the Caspian Sea and connections through the South Caucasus and the Black Sea, but it is still at the feasibility study stage.

Investors call for reforms

Mirziyoyev acknowledged persisting barriers: “We have serious problems, shortcomings, bureaucracy and corruption.” To address them, including land allocation and grid connection, an Energy Investors Council has been established under the leadership of presidential administration head Saida Mirziyoyeva. ACWA Power founder Mohammed Abunayyan called for reforming the financial sector and capital market, as well as tightening requirements for hiring Uzbek workers and using local suppliers. Masdar CEO Mohamed Jameel Al Ramahi said that since 2019 the company has invested more than $2 billion, created over 2 GW of renewable capacity and committed to building another 2 GW: “In return, we expect predictability, certainty and stability in policy, regulation and contractual terms.”

Assessments from international organizations

World Bank Regional Director for Central Asia Najy Benhassine noted that rapid growth will require not only new generating capacity but also transmission infrastructure and efficient electricity distribution. Head of the International Finance Corporation office in Uzbekistan and Turkmenistan Neil McKain pointed to energy efficiency: “This is still a very energy-intensive economy.” According to him, competitive tenders and tariff increases have made projects more attractive to investors; he cited the 1.6 GW gas-fired power plant in Syrdarya, financed with international partners and expected to launch this year.