Georgia is moving ahead in the process of establishing gas exchange and a competitive gas market.
This news follows the working meeting between the Energy Community Secretariat, the European Bank for Reconstruction and Development (EBRD), the Ministry of Economy and Sustainable Development of Georgia and the Georgian energy sector’s key stakeholders, the Georgian Oil and Gas Corporation (GOGC) and the Georgian Gas Corporation Company (GGTC).
The meeting which took place within the framework of a Memorandum of Understanding (MoU) focused on the cooperation for the liberalisation and digitalisation of commodity markets in Georgia.
The current state of Georgia’s gas sector and the legal establishment of the Georgian Gas Exchange (GGEX) were among the main subjects of the discussion with the Energy Community Secretariat calling the latter “a landmark development in the creation of a competitive gas market in Georgia”.
Draft gas market rules, concerns regarding the tariff system and the public service obligation (PSO) scheme also featured on consecutive bilateral meetings between Energy Community Secretariat and stakeholders of Georgian gas sector.
The memorandum which was signed in July 2021, is expected to help the country achieve several objectives covering the liberalisation of its energy market and the establishment of competitive, transparent commodity exchange that is “based on the principles of non-discrimination, free trade and equality”, as suggests the press statement of the Ministry of Economy and Sustainable Development of Georgia.
The cooperation between the signatories of the Memorandum is also supposed to advance the processes of decarbonisation and energy transition through the utilisation of renewable energy resources.
“Such efforts are important for the country to achieve the goals set out in the Paris Agreement”, concludes the Ministry’s statement.