TIRANA, June 23
The Albanian day-ahead electricity market is now a concrete initiative that has the support of the International Finance Corporation (IFC), a member of the World Bank (WB). An agreement of understanding was signed on Tuesday in Tirana between the Albanian Ministry of Energy and Industry and IFC. The latter will advise the Albanian government on the creation of the day-ahead electricity market. The market will become the main arena for trading power, allowing Albania to buy electricity from and sell electricity to its neighbours quickly and easily.
According to IFC, the day-ahead market is expected to help promote the integration of Albania’s electric grid with the rest of Europe, including neighbouring Kosovo.
It is also expected that this initiative will increase price transparency, and improve the investment climate for new power projects.
“Albania is committed to the liberalization of its power market, and this is the reason why new laws on energy have been adopted recently,” Minister of Energy and Industry Damian Gjiknuri stated.
On his part, IFC Manager for the Western Balkans Thomas Lubeck highlighted that IFC is supporting the establishment of the electricity market in Albania through a combination of advisory and investment services.
Lubeck stated emphasised that establishment of the day-ahead electricity market going to benefit producers, traders, and customers in Albania.
This project is implemented by IFC’s public-private partnerships transaction advisory unit, supported by the Ministry of Foreign Affairs of Norway, the Swiss State Secretariat for Economic Affairs (SECO) and the Ministry of Finance of Austria.
Albania became a shareholder and member of IFC in 1991. Since then, IFC has invested 762.3 million dollars in the country, including 279 million dollars mobilised from our partners, in 24 projects across a variety of sectors. In addition, IFC has supported trade flows of 6 million dollars through its trade finance program.
“Currently, IFC’s committed investment portfolio in Albania is 187 million dollars. IFC’s 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,” it was said in the press statement issued by the Ministry of Energy and Industry.
News Source/Photo Credit: Min of Energy and Industry/IFC