The energy exchange will start functioning on July 1, 2024, after being postponed six times, - according to the report published by Galt&Taggart.
As of the document, the full opening is expected to take several years. In the first stage, trading may be voluntary and involve traders, suppliers, electricity producers and large/direct consumers.
According to the chairman of GNERC, the next stages will be a mandatory day ahead market, and finally an intraday market. Sector players welcome the phased launch of the exchange and believe that a direct full-scale launch would be premature given the risks involved.
Before the launch of the market, there are still some unclear issues.
1) It is important for the representatives of the sector whether the imported electricity will be sold on the exchange. According to their expectation, imported electricity on the exchange will increase the tariff.
2) A clear policy towards imbalance is important. According to the new market model, the person responsible for the imbalance (either the producer or the
consumer) is subject to a financial penalty, however, it is not yet known what the government’s approach will be in the first stage of the market.
