License Granted to Georgian State Electrosystem to Operate Electricity Market
The Georgian National Energy and Water Supply Regulatory Commission has issued a license to Georgian State Electrosystem and the Georgian Energy Exchange for the operation of the electricity market.The licenses are issued on the basis of Georgian Law on Energy and Water Supply, the Law on Licenses and Permits, and the Concept of the Electricity Market Model approved by the Government of Georgia in 2020.
Under the terms of the license, the Georgian State Electrosystem ensures the operation of the balancing and ancillary services market, calculates the balance of payments and determines the amount of financial guarantees. Georgian Energy Exchange provides daily and day-ahead electricity market operation, registers market participants, sets up a transparent, affordable and reliable system of unified financial settlements.
Georgian Energy Exchange was founded with the instruction and coordination of the Ministry of Economy and Sustainable Development of Georgia with 50% stake of Georgian State Electrosystem. Its main activities are concluding bilateral agreements, forming day-ahead and daily organized markets and preparing, organizing and coordinating measures necessary for the establishment of a market operator.
The wholesale electricity market will be launched in 2021. As a result, the established model of the electricity market will ensure an attractive investment environment and free choice for consumers.