IRAEE was founded in 1994 by 15 energy and energy economics experts in Iran, and then its statute endorsed by the Iranian Ministry of Science, Research and Technology.
IRAEE is affiliated with the International Association for Energy Economics (IAEE). It is a non-profit and non-political organization aiming at analyzing and studying scientific, research-oriented, and technical projects concerning energy economics and energy-related issues including: Electric Power, Oil, gas, and petrochemicals; developments of oil markets; energy auditing; energy conservation; etc.
It is in scientific and research contacts with 70 similar associations in different countries worldwide, and has 200 permanent and affiliate members.
The Ministry of Science, Research, and Technology has recognized IRAEE as one of the most distinguished and prolific Institutes in Iran since its foundation.