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Kazakhstan's citizens have collectively contributed over 1.1 trillion tenge towards modernizing the nation's power stations through electricity tariffs. This significant sum was gathered under the 'Tariff in Exchange for Investments' program, aimed at crucial upgrades and expansions of the country's energy infrastructure.

However, a lack of detailed public information regarding the precise allocation of these funds has raised questions, with energy companies reportedly hesitant to disclose the specifics of their spending.

Investment Surge in Energy Infrastructure

According to the Ministry of Energy, the annual investment limit for station modernization saw a substantial increase, rising from 32 billion tenge to 428 billion tenge in 2023. This policy shift facilitated the signing of 16 investment agreements, paving the way for the renewal of approximately 3 GW of generating capacity.

The program projected significant investment inflows, with 326.7 billion tenge anticipated for 2024 and 348 billion tenge for 2025. These figures highlight the scale of the planned infrastructure improvements.

Progress and Spending in 2024-2025

By the end of 2024, 608 MW of generating capacity was commissioned. Key projects included the restoration of Unit 1 at the Ekibastuz GRES-1 station (500 MW), the replacement of Turbine No. 6 at the Atyrau CHPP (65 MW), and the launch of Boiler No. 8 at the Zhezkazgan CHPP (43 MW).

In 2025, an additional 166 MW of capacity was added, and all planned repair works were completed. The total expenditure for these works amounted to 348 billion tenge.

Transparency Concerns Persist

Despite the substantial investments, a full breakdown of how these investment charges are incorporated into tariffs is not being made available for public discussion. This contrasts with the more open processes for discussing tariffs of regional electricity distribution companies.

While the Ministry had previously pledged full transparency regarding tariff estimates and investment programs, this commitment has not yet been entirely fulfilled, leaving citizens without a clear view of how their contributions are being utilized.

Profitability of Samruk-Energy

Meanwhile, the state-owned holding company 'Samruk-Energy' has reported a significant increase in its profitability in recent years. In 2023, the company posted a net profit of 43.7 billion tenge, followed by 113 billion tenge in 2024. For the first nine months of 2025, its net profit reached 140 billion tenge.

A substantial portion of this profit is generated through tariffs. Concurrently, the company's debt has also grown, with these liabilities also being serviced through tariff revenues.