“The activity and interest by the private sector observed in the auction of power generation capacity from renewable sources is very important for us - the commission considered the submitted proposals in the shortest possible time and in great detail. We selected the applications whose proposed tariff fell under the median tariff and identified the winners of the auction, 24 companies in total,” – First Deputy Minister of Economy and Sustainable Development, Romeo Mikautadze, said while evaluating the auction results.
According to Mikautadze, after the Government of Georgia reviews and approves the information about the winning companies in the power auction, detailed information about the energy projects that will be implemented under the support scheme based on the results of the first auction will be introduced to the public.
The Ministry of Economy and Sustainable Development announced the auction of the power generation capacity from renewable sources of the power plants on February 10 of this year. Acceptance of applications started on March 22, 2023 and ended on March 27 at 18:00. During the capacity auction, total 78 bids were submitted through sealed envelopes.
Investors’ interest in the auction was very high, since 900 MW of capacity announcements were submitted on top of the 300 MW of installed capacity announced in the first auction. (300 MW was distributed as follows: 150 MW for hydroelectric power plants (on-stream), 70-70 MW for wind and solar power plants, and 10 MW for other renewable energy power plants).
The auction commission, which includes representatives of the Ministry of Economy and Sustainable Development, the Ministry of Finance, the Public and Private Cooperation Agency and the State Electricity System of Georgia, reviewed and studied the documentation, feasibility studies, materials and applications submitted by the interested parties. The commission determined the median tariff for each type of power plant (hydro, wind and solar) and the capacity auction commission selected those applications whose proposed tariff fell under the median tariff and announced the winning power plants.
“The results of the auction confirm that the support scheme for the production and use of energy from renewable sources is being implemented very successfully, which will ultimately create opportunities to invest over 2 billion USD in the energy sector,” – Romeo Mikautadze added.
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