Subsidiary Companies

JSC Georgian State Electrosystem is the owner of 99.4% of the shares of Karchal Energy Electric Topthan Tijaret, a joint-stock company for trading energy and electricity as wholesale. The company carries out electricity trading activities in Turkey and holds an electricity trading license issued under Turkish law.

Georgian State Electrosystem is also the owner of 25% of JSC Georgian Energy Exchange (S/N 404589432). The company carries out electricity market operation activities and holds day-ahead and daily market operator's license issued by the Georgian National Energy and Water Supply Regulatory Commission.