First Energy Exchange Established in Georgia
The Energy Exchange has been established in Georgia, according to Ministry of Economy and Sustainable Development.
The Georgian Energy Exchange has been founded with the instruction and coordination of the Economy Ministry with 50%-50% co-participation of Georgian Electrosystem and Electricity System Commercial Operator (ESCO).
The Energy Exchange is a neutral, unbiased and transparent organization that acts as an operator of organized electricity markets. The exchange ensures an establishment of daily markets and operation though software services of Nord Pool Consulting company.
Establishment of free, competitive and hourly energy markets of electricity is the part of reform that Georgia is to implement after it joined the Energy Community. Thanks to the energy market project, investment inflows to the energy sector will increase, electricity tariffs formation process will become more transparent, European model will be established and this is an important factor for Georgia’s power sustainability.
The electricity market will launch operation in 2021.