The Georgian energy exchange will become fully operational in September. The exchange aims to ensure transparent and competitive markets and provide accurate price signals to existing and potential market participants.
What is the Georgian energy exchange?
The Georgian energy exchange was first established as a trading platform to provide the Georgian market with energy. In addition, the Exchange intends to develop into a regional hub that linked market players may use to engage in cross-border trade. Prices based on fair market principles will create a basis for new projects and bring us closer to a high level of energy security. Equal growth of all energy industry sectors will eventually result in the development of renewable energy production projects in the nation, boosting energy security and independence.
Additionally, Davitashvili mentioned the Black Sea submarine transmission cable project as “one of the most important and strategic projects.” This project involves the construction of a new cable that connects the power systems of Georgia and Romania. Davitashvili called this “one of the most important and strategic projects.”
Read About: All You Need To Know About Georgia
Georgia EU energy systems
Georgia and the EU are exploring the possibility of constructing a high-voltage transmission line through Georgia’s seabed to link Georgia eu energy systems which will be reflected on Georgian national energy The project’s implementation – over a distance of up to 1,200 km, which would make it probably the most extended electricity cable – would allow Georgia to be directly connected to the European Union market. This, of course, will create new opportunities for the countries of the South Caucasus and increase the capacity of the Georgian energy system, making it even more attractive to investors”, Davitashvili said.
The Italian consulting firm CESI is now conducting a feasibility study for the project. This research will establish the most effective approaches and possibilities for implementing the initiative in the real world. The consulting firm kicked up the research project on May 11 and is expected to be finished in a little over a year.
Electricity trading platform
The Georgia Independent Electric Company (GIEC) is a significant participant in the energy sector and is recognized as one of Georgia’s most significant private power providers. The corporation now sells power to the nations that are geographically close to it and has plans to expand into other markets. Shortly after the completion of the GIEC purchase, GIG Holding began to increase the firm’s value by implementing aggressive expansion plans and using skilled management. GIG Holding runs the firm, and its ambitious plan is to strengthen its leadership position in the energy industry across the Caucasus Region.
The company is confident in its clear understanding of the dynamics of the energy industry. As a result, it believes there will be strong returns on the planned and implemented modernization program, intended to improve the existing plants and increase power generation capacity resulting from the construction of new assets. For further details on the GIEC’s projects, please see the “Projects in Pipeline.” The present power plants have a combined installed capacity of about 362 megawatts, of which hydroelectric power plants account for 49 megawatts, gas-fired thermal power plants account for approximately 300 megawatts, and coal-fired thermal power plants account for the remaining 13,2 megawatts.
Georgia EU energy systems
Natia Turnava, the Minister of the Georgian Economy, announced that Georgia and the European Union are discussing the possibility of laying a high voltage transmission line along the seabed of Georgia’s portion of the Black Sea to connect the energy systems of Georgia and the EU. According to what she said, this was one of the topics at the 6th EU-Georgia Association Committee meeting in Brussels, Belgium. Minister of the Economy: The EU has committed to providing help for increasing ferry traffic between the ports of Georgia, Bulgaria, Romania, and Ukraine. She said that the concept for the project first came to her roughly three years ago and is of significant historical importance. Trnava said that the World Bank had shown signs of preparedness to support the project’s technical and economic assessment and that these indications were offered.
