News

IFC helping Albania develop day-ahead power market

Published

June 23, 2016

Comments

0

Share

Published:

June 23, 2016

Comments:

0

Share

International Finance Corporation said it has signed a memorandum of understanding with Albania’s Ministry of Energy on establishing a domestic day-ahead electricity market.

The member of the World Bank Group will advise the government in order to help enable purchasing electricity from and selling electricity to neighbouring countries. It will increase price transparency, and improve the investment climate for new power projects, IFC said. “Albania is committed to the liberalization of its power market, and we have recently adopted new energy laws,” minister Damian Gjiknuri said. “The establishment of the day-ahead electricity market is an important step in that process.”

The marketplace is expected to help promote the integration of Albania’s electric grid with the rest of Europe, including neighouring Kosovo*, IFC added. Albania became a shareholder and member of IFC in 1991. Since then, the international financing institution has invested USD 762.3 million (EUR 688.3) million) in the country.

The project is implemented by IFC’s public–private partnerships transaction advisory unit, and supported by the Ministry of Foreign Affairs of Norway, the Swiss State Secretariat for Economic Affairs (SECO) and the Ministry of Finance of Austria.

IFC’s committed investment portfolio in Albania is EUR 168.85 million. It said its advisory services in Albania, some offered in partnership with the World Bank, aim to improve the investment climate, boost the performance of private sector companies, increase access to finance, and help attract private sector participation in development of infrastructure projects. Elsewhere in Southeast Europe, Bulgaria launched a day-ahead market in January, followed by its neighbours Serbia and Croatia in February.

 

* This designation is without prejudice to positions on status and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.
Tags: , ,

Related Articles

GEK Terna signs solar power PPAs with PPC, RWE in Greece

GEK Terna signs solar power PPAs with PPC, RWE in Greece

08 June 2023 - Electricity supplier HERON and Meton Energy have signed power purchase agreements (PPAs) for three solar power projects in Greece

Rumen Radev Hydrogen investor becomes Bulgaria s new energy minister

Hydrogen investor becomes Bulgaria’s new energy minister

08 June 2023 - Bulgaria's new Minister of Energy Rumen Radev is a director of Holding Zagora, which participates in the Stara Zagora hydrogen valley project

low carbon strategy serbia

Serbia adopts Low Carbon Development Strategy

07 June 2023 - The most expensive scenario for the country is to ignore the costs related to climate change, the document said

Hidroelectrica-IPO-Bucharest-Stock-Exchange-July

Hidroelectrica to conduct IPO on Bucharest Stock Exchange in July

07 June 2023 - Fondul Proprietatea intends to sell most of its 19.94% ownership of state-owned Hidroelectrica or the entire stake