First-Ever Energy Exchange established in Georgia

The Energy Exchange was established for the first time in Georgia, the main activity of which is the establishment of bilateral agreements, the day before and afterward preparation, organization and coordination of the activities necessary for the formation of daily organized markets and the establishment of a market operator.

According to Natia Turnava's office, the Georgian Energy Exchange was established by the instruction and coordination of the Ministry of Economy and Sustainable Development with 50/50% shares of Georgian State Electricity System and Commercial Electricity System Operator.

The Energy Exchange is an objective and transparent organization that upon obtaining the appropriate licenses, ensures the functioning of the operator of the relevant organized electricity markets. Day-to-day markets are introduced and operated by the Exchange through the software services of consulting company Nord Pool Consulting.

According to the Economy Ministry, the introduction of free, competitive and hourly energy markets is part of the reform that Georgia needs to implement in terms of joining the energy community. The Energy Market Project will make it possible to attract more investment in the energy sector, the electricity pricing process will become more transparent, and a European model will be introduced, which is an important factor for Georgia's energy sustainability.

The electricity market will be operational from 2021 and will include the introduction of a clock market and a balance sheet mechanism the day before.

On 4-5 December Exhibition Center "Expo Georgia" will host the International Exhibition of Energy and Electrical Engineering - Elcomm Caucasus 2019.

Within the exhibition, organized by the Ministry of Economy and Sustainable Development and with the support of the National Committee of High Dams of Georgia, the conference "Global Energy Trends, Moving to Energy Package, Challenges and Opportunities for Georgia" will be held today.

Minister of Economy and Sustainable Development Natia Turnava will attend the opening ceremony. Among the guests is David Mirtskhulava, President of the National Committee of High Dams of Georgia.

The exhibition will feature electric transformers and reactors, hydraulic turbines, controlled reactors, monitoring systems, solar panels, new energy products, and services, as well as communication systems.