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U.S. to assist Georgia in creating new model for energy market

Business Materials 24 January 2013 18:46
An agreement was signed between the Georgian Energy and Natural Resources Ministry and USAID to initiate a project on creation of an energy market model in Georgia and a mechanism for electricity trading.

Georgia, Tbilisi, Jan. 24 / Trend, N. Kirtskhalia /

An agreement was signed between the Georgian Energy and Natural Resources Ministry and USAID to initiate a project on creation of an energy market model in Georgia and a mechanism for electricity trading.

The document was signed by Energy Minister Kakha Kaladze and USAID Mission Director in Georgia Stephen Heiken.

As Kaladze told journalists, a new model for the energy market will be created under the agreement which will aim to develop the private sector in hydropower engineering, improve trading tools and mechanisms of reducing investment risks.

As the minister noted, a special group will be established which will be involved in preparation of legislative and regulatory package.

According to the agreement, the group will be staffed by representatives of the Ministry of Energy, USAID, "National Electricity System of Georgia," Commercial Operator of the Electric Power System, the National Commission on Energy Regulation as well as Georgian and foreign experts.

Work on the model will be completed by late 2014, and its implementation will begin in 2015.

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