Businesses in Georgia will benefit from variable prices starting January 1, 2022, as a result of the launch of the Georgian energy stock market, news agency Interpressnews (IPN) reports.
The energy stock market will start trading at hourly rates on January 1, head of the market, Irina Milorava, states.
Large enterprises that will trade on the wholesale market beginning January 1 will be able to buy electricity at various prices. At night prices will be lower than during the day and peak hours,” said Milorava.
She also noted that it depends on the Georgian National Energy Regulation Company (GNERC) when the general public will benefit from ‘variable hourly tariffs.’
She stated that gradually ‘this innovation will be reflected in the retail market as well,’ noting that it will require so-called smart electricity meters.
In order for a customer to take advantage of this opportunity, the customer’s meter must record electricity per hour,” said Milorava, referring to so-called smart meters.
The smart meter can itself transmit the information to the company and, in addition, turn the electricity on or off at a specific address.
There are 44 large enterprises in the wholesale market as of today.
The companies themselves have to decide what is worthwhile - to trade in the wholesale market themselves or by someone else, [and] in this case, they will pay a certain fee,” Milorava stated.
The GNERC stated earlier this year that all existing meters in the country will be gradually replaced by smart meters — though this process will require several years.