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Investments in Georgia's energy sector may fall under filtering

Oil&Gas Materials 16 July 2020 09:15
Investments in Georgia's energy sector may fall under filtering

BAKU, Azerbaijan, July 16

By Tamilla Mammadova – Trend:

Investments may be filtered in the energy sector of Georgia, Trend reports via Georgian media.

This is provided for in the draft amendments to the Law of Georgia “On Energy and Water Supply”, which the Parliament will consider at an extraordinary plenary meeting this week.

The bill expands the mandate of the Georgian National Energy and Water Communication Regulatory Commission (GNERC).

If the bill is passed, GNERC will have the right to preliminarily evaluate the process of transferring more than 5 percent of the shares of energy companies and, if necessary, to suspend the transaction.

Under the new amendment, GNERC will have a 3-month period to give the company consent or prohibit the sale of a share.

The restrictions stipulated by the bill will not apply to legal entities of the member states of the EU Energy Union.

As reported, the bill does not violate property rights.

Meanwhile, GNERC introduced the bill to the Georgian parliament on July 13. The reason for the changes was called an increase in energy security and consumer protection.

Georgian government approved a new mechanism to support power plants and renewable energy sources.

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