Energy Exchange Established in Georgia
First time in Georgia, the Energy Exchange was established, the main activity of which is the establishment of bilateral contracts, Day-Ahead and later, preparation, organization and coordination of the activities needed to form the daily organized markets and establish the market operator.
The Georgian Energy Exchange has been founded with the instruction and coordination of the Ministry of Economy and Sustainable Development with 50%-50% co-participation of Georgian State Electrosystem and Electricity System Commercial Operator.
The Energy Exchange is a neutral, unbiased and transparent organization, that upon obtaining appropriate licenses will act as an operator of organized electricity markets. The Exchange will ensure introducing and operating Day-Ahead and daily markets through the software services of consulting company Nord Pool Consulting.
The introduction of free, competitive and hourly energy markets is part of the reform that Georgia needs to implement in terms of joining the energy community.
The Energy Market Project will attract more investment in the energy sector, the electricity tariff formation process will become more transparent and a European model will be introduced, which is an important factor for Georgian energy sustainability.
The Energy Market will launch operation in 2021 and will introduce Day-Ahead, hourly markets and Balancing mechanism.