“We rejoice every time we achieve a new success”
This time, Career Blog features Zulfiyya Namazova, Head of the Economic Analysis, Tariffs and Statistics Department at the Azerbaijan Energy Regulatory Agency (AERA). She joined the Agency in January 2019 as a senior specialist in the Economic Analysis and Statistics Sector of the Economic Analysis, Tariffs and Statistics Department. In January 2020, she was appointed the deputy head of the department, as well as the head of the Economic Analysis and Statistics Sector. In July 2023, she was appointed as the department head.
Zulfiyya Namazova graduated from the Baku Secondary School No. 180 in 1985 with outstanding grades and applied to the Azerbaijan Industry Institute (now the Azerbaijan State Oil and Industry University). She then got the chance to study at the Faculty of Economics of the Lviv Polytechnic Institute (now the Lviv Polytechnic National University) in Ukraine. This opportunity was created by the Great Leader of Azerbaijan Heydar Aliyev, enabling thousands of Azerbaijani youths to pursue education abroad. Thanks to the wise policies and resolute determination of the National Leader Heydar Aliyev, more than 15,000 young Azerbaijanis were able to pursue around 250 different specialties across 170 higher education institutions in over 50 cities of the former USSR. Ms. Zulfiyya Namazova was among them.
Ms. Namazova, how did you get the opportunity to study abroad at that time?
One of the strategic goals set by the Great Leader was to cultivate a strong talent pool within the republic, securing multifaceted economic development and nurturing highly skilled professionals for our country’s future development. Using this opportunity, I applied for the “Economics and Organization of Energy” program at the Faculty of Economics of Lviv Polytechnic Institute. I successfully passed the exams and embarked on my studies in Lviv, Ukraine. Today, I proudly consider myself a product of the successful policies implemented by the Great Leader in the 1970s and 1980s.
In 1990, after completing my studies at the aforementioned institute, I returned to Azerbaijan and started working as an economist in the Economics Department of Azerenergy OJSC. I’d like to note that throughout my career there, I achieved promotion from economist to the department head. Since January 2019, I have been working at AERA and I currently head the Department of Economic Analysis, Tariffs and Statistics.
How would you describe your role at AERA?
As our department’s name suggests, we analyze reports from enterprises in the relevant field, contribute to preparation of forecasts on production and consumption of electricity, heat and gas, as well as participate in formulating the fuel-energy balance of the Republic of Azerbaijan and taking measures towards its implementation. We also evaluate proposals regarding the prices (tariffs) for electricity, thermal energy and gas, ensuring that proposals for state regulation of the prices (tariffs) are submitted accordingly. Additionally, we engage in various projects as part of AERA’s collaboration with international institutions, including energy regulators from other countries, and provide support in economic matters.
What aspects of your job do you enjoy the most?
We have highly skilled professionals and a friendly team. This enables us to complete any task effectively together.
What skills are essential for someone aspiring to build a career in this field?
People aiming for a career in this field should possess analytical thinking, creativity, and a strong knowledge of economics and finance. It is essential that they always improve themselves, continuously enhance their knowledge of data analysis tools, and specialize in financial modeling and data analysis.
What motivates you to excel in your work?
As you know, AERA is the first regulatory body established in Azerbaijan’s energy sector. In this regard, quite a lot is being done to develop the normative-legal framework by analyzing the present landscape and learning from the international experience. Just like any other field, we also encounter certain difficulties. However, we rejoice every time we achieve a new success: this motivates us to move towards the next milestone. It is worth noting that that under the new “Law on Electric Power”, which came into force on January 1, 2024, AREA will determine the regulated prices and tariffs in the electric power sector from July 1, 2028. This highlights the elevated responsibility of our work, and we do our best to justify the trust placed in us, complete the assigned tasks on time and to the highest standards of quality.
