The Georgian Energy Exchange is operating in line with its final structure, and not in a “test mode,” according to its CEO Irakli Galdava. Speaking to BMG, he said the current system already reflects the target market model, allowing participants to engage in hourly trading and develop new trading strategies.
Galdava explained that the only difference from the full model is the delayed introduction of the balancing market and some participant categories. He stressed that price formation and market evaluation are already functioning as they would under full implementation.
He noted that the target market model is built on three pillars: hourly balancing, a balancing market, and the exchange itself. According to him, debates around issues such as import eligibility are political decisions rather than operational ones for the exchange.
As for the full market opening timeline, currently set for July 1, 2027 after multiple delays, Galdava said it is difficult to make firm predictions. The energy market reform aims to create a transparent, investment-friendly system with day-ahead, intraday, and balancing markets fully developed over time.
