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On April 19, 2023, the Head of State signed the Law of the Republic of Kazakhstan «On Amendments and Additions to some Legislative Acts on administrative reform», within the framework of which amendments were made to the Law of the Republic of Kazakhstan «On Electric Power Industry»,  providing for the introduction of a new model of the electricity market from July 1 of this year. The model is based on the mechanism of a single buyer and a balancing electric energy market.

According to the amendments, the competence of the authorized body exercising leadership in the field of electric power industry was supplemented by the function of determining the settlement center of the balancing market.

In this connection, on June 06, 2023, by order of the Minister of Energy of the Republic of Kazakhstan, JSC «KOREM» was defined as the settlement center of the balancing market, which carries out centralized purchase and sale of balancing electricity and negative imbalances in the balancing electricity market.

The order comes into force on July 1, 2023.

The order can be found on the official resource of the Ministry of Energy of the Republic of Kazakhstan at the link: https://www.gov.kz/memleket/entities/energo/documents/details/482104?lang=ru