Energy exchange established in Georgia
BAKU, Azerbaijan, December 3
By Tamilla Mammadova – Trend:
An energy exchange has been created in Georgia, Trend reports referring to Ministry of Economy and Sustainable Development of Georgia.
The main activity of the exchange will be the conclusion of bilateral agreements, coordination of actions and preparation of activities necessary for the formation and activities of electricity markets.
The Georgian Energy Exchange has been founded with the instruction and coordination of the Economy Ministry with equal co-participation of Georgian Electrosystem and Electricity System Commercial Operator (ESCO).
"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," said the Ministry of Economy and Sustainable Development.
The introduction of free, competitive and hourly electricity markets is part of the reform that Georgia must implement to join the European energy community.
The electricity market project will help attract more investment in the energy sector, and by introducing the European model, the pricing process will become more transparent, which is the key to Georgia’s energy stability.
The electricity market will begin to function in 2021.
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