Meeting within the Framework of the Electricity Balancing Market Project

Ucha Uchaneishvili, Chairman of the Management Board of Georgian State Electrosystem, made a presentation at the meeting held by the Energy Committee of the Georgian Business Association, the main purpose of which was discussion of the draft rules of the electricity market and the principles of arrangement. The meeting was also attended by Deputy Minister of Economy and Sustainable Development of Georgia David Tvalabeishvili and the authorities of the Energy and Water Regulatory Commission, the Georgian Energy Exchange and the Electricity Market Operator.

In the presentation, Ucha Uchaneishvili spoke about the main tasks of the electricity balancing market and the maximum benefit increase of Georgia's electricity generation in the conditions of the modern energy market. He said that achieving fair prices in the energy markets will eliminate the imbalance at any time of the year at the most fair and optimal price. And competition between entities providing balancing services ensures lower prices.The head of the Georgian State Electrosystem noted that the introduction of the electricity balancing market will increase the energy potential of Georgia as a regional hub and will create new opportunities for increasing market integration and liquidity with neighboring countries.The investment environment will be improved, which will attract more foreign investment in the energy sector.

Organized wholesale electricity markets will be launched in 2021 and will introduce a day-ahead market and a balancing mechanism.