History (text)

Kazakhstan Electricity and Power Market Operator Joint-Stock Company (JSC "KOREM") was established in accordance with Resolution No. 606 of the Government of the Republic of Kazakhstan dated 20 April 2000 "On Additional Measures to Increase the Efficiency of the Wholesale Electricity and Power Market", in order to ensure the sustainable functioning, development and increased efficiency of the wholesale electricity market of the Republic of Kazakhstan.

Subsequently, by Resolution No. 190 of the Government of the Republic of Kazakhstan dated 18 February 2004 "On Measures for the Further Development of Market Relations in the Electric Power Industry of the Republic of Kazakhstan" and Order No. 54 of the Minister of Energy and Mineral Resources of the Republic of Kazakhstan dated 4 March 2004, JSC "KOREM" was designated as the operator of the centralized electricity trading market.

By Resolution No. 1020 of the Government of the Republic of Kazakhstan dated 24 October 2006, the shares of JSC "KOREM" were transferred to the charter capital of "Samruk" Kazakhstan Holding for State Assets Management Joint-Stock Company.

In accordance with subparagraph 53) of Article 5 of the Law of the Republic of Kazakhstan "On Electric Power Industry", by Order No. 226 of the Minister of Energy of the Republic of Kazakhstan dated 20 March 2015, JSC "KOREM" was designated as the operator of the centralized trading market.

From 1 January 2017, in accordance with the Entrepreneurial Code of the Republic of Kazakhstan, JSC "KOREM" was included in the list of entities of the socially significant market for the services it provided at that time.

In accordance with subparagraph 5-6) of Article 6 of the Law of the Republic of Kazakhstan "On Support for the Use of Renewable Energy Sources", by Order No. 280 of the Minister of Energy of the Republic of Kazakhstan dated 7 August 2017, JSC "KOREM" was designated as the auction trading organizer responsible for organizing and conducting auction trading.

In 2021, a 100% stake in JSC "KOREM" was transferred to state ownership. The rights of ownership and use belong to the Ministry of Energy of the Republic of Kazakhstan.

In accordance with Order No. 211 of the Minister of Energy of the Republic of Kazakhstan dated 6 June 2023, JSC "KOREM" was designated as the settlement center of the balancing market, carrying out the centralized purchase and sale of balancing electricity and negative imbalances within the framework of subparagraph 22-5) of Article 1 of the Law of the Republic of Kazakhstan "On Electric Power Industry".

Since 1 July 2023, the activities of the Company have been carried out under the transition to a new electricity market model based on the single buyer mechanism and the operation of the balancing market in real time.