Gennadi Arveladze, Deputy Minister of Economy and Sustainable Development, participated in the 20th anniversary event of the European Energy Community, which was held in Athens, the capital of Greece. The Energy Community was founded in the Greek capital 20 years ago. This jubilee year, Georgia is the presiding country of the organization. An informal ministerial meeting of the Energy Community was also held as part of the anniversary event.

“EU membership is the main goal of Georgia’s foreign policy. We have set a goal to implement over 90% of the Agreement by 2028, which, from a practical point of view, will prepare the country, for successful and rapid accession to the EU” –  the Deputy Minister of Economy and Sustainable Development said in his speech at the informal ministerial meeting. On behalf of Georgia, he reaffirmed an unwavering commitment to the European path and a common energy future and noted that Georgia is ready to cooperate with the European Union and all relevant partners, thereby contributing to the creation of a safer and more stable Black Sea region.

The Deputy Minister focused on the ongoing electricity market reform in Georgia, specifically on the target model of the energy market, whose implementation has been postponed. “The integration of Georgia’s electricity market with the European market is, at this stage, physically impossible. Our transmission systems are not yet interconnected. Accordingly, the goals of market coupling and full market integration cannot be achieved even by implementing the current parts of the Electricity Integration Package and by creating the EU electricity market model in Georgia. Georgia is well aware of this challenge, and that is why we believe that the full mutual benefit of the so-called ‘target model’ of the energy market will only be possible after the construction of the Black Sea submarine cable” – Gennadi Arveladze noted and added that Georgia is doing everything to be fully prepared for this moment.

Arveladze highlighted that Georgia is already taking preparatory steps in this direction – implementing energy efficiency regulations, supporting the development of renewable energy sources, and so on. He stated that last year, Georgia began a deep and comprehensive analysis of the “target model” and its potential impact on the country. “Based on the conclusions received, we decided to postpone the full implementation of the ‘target model’ by two years. We are currently working on developing a clear roadmap to solve all identified challenges. We expect that everything will be agreed upon with the Energy Community Secretariat” – Gennadi Arveladze said.

Nino Tandilashvili, First Deputy Minister of Environmental Protection and Agriculture, also participated in the informal ministerial meeting of the Energy Community.

The Energy Community is an international organization that ensures cooperation between the European Union and member countries in terms of energy security, energy sustainability, and achieving environmental goals. Georgia, which joined the organization in 2017, took over its chairmanship for the first time.