History

The Joint Stock Company "Kazakhstan Operator of Electricity and Capacity Market" (hereinafter – KOREM JSC, the Company) was established in accordance with the Resolution of the Government of the Republic of Kazakhstan dated April 20, 2000 No. 606 "On Additional Measures to Improve the Efficiency of the Wholesale Market of Electricity and Capacity" with the aim of further developing the wholesale electricity and capacity market.

In accordance with the Resolution of the Government of the Republic of Kazakhstan dated February 18, 2004 No. 190 "On Measures for the Further Development of Market Relations in the Power Industry of the Republic of Kazakhstan" and the Order of the Minister of Energy and Mineral Resources of the Republic of Kazakhstan dated March 4, 2004 No. 54, KOREM JSC was designated as the Operator of the Centralized Electricity Trading Market.

By the Resolution of the Government of the Republic of Kazakhstan dated October 24, 2006 No. 1020 "On the Transfer of State-Owned Shares of Certain Joint Stock Companies into the Charter Capital of the Joint Stock Company ‘Kazakhstan Holding for the Management of State Assets ‘Samruk’", the shares of KOREM JSC were transferred into the charter capital of the said holding.

In accordance with subparagraph 53) of Article 5 of the Law of the Republic of Kazakhstan "On Electric Power Industry", by the Order of the Minister of Energy of the Republic of Kazakhstan dated March 20, 2015 No. 226, KOREM JSC was designated as the operator of the centralized trading market. The Company's activities as the centralized electricity market operator are carried out in accordance with the aforementioned Law, the Rules for the Organization and Functioning of the Wholesale Electricity Market approved by Order No. 106 of the Minister of Energy of the Republic of Kazakhstan dated February 20, 2015, and the Rules for the Organization of Centralized Electricity Trading approved by Order No. 137 of the Minister of Energy dated February 24, 2015.

In accordance with the Entrepreneurial Code of the Republic of Kazakhstan (hereinafter – the Code), as of January 1, 2017, the Company was included in the list of socially significant market entities.

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 August 7, 2017, KOREM JSC was designated as the organizer of auctions, responsible for organizing and conducting auction trading.

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

As of July 1, 2023, the transition to a new electricity market model was implemented, based on the mechanism of a single buyer of electricity and a real-time balancing electricity market.

In 2021, KOREM JSC was designated by the Order of the Minister of Energy of the Republic of Kazakhstan as an Industry Center of Technological Competence (ICTC) in the electric power sector. The main objective of the ICTC is to consolidate the efforts of government bodies, businesses, scientific and educational institutions to support industry development and digital transformation.

Within the framework of extra-budgetary funding attracted from the subsoil user NCOC, the "Digital Energy Platform" was developed. It includes modules for monitoring the condition and maintenance of energy companies, automation of reporting and tariff approval, development of human resources, a digital consumer cabinet, and others.

Since 2024, according to Order No. 68 of the Acting Minister of Energy of the Republic of Kazakhstan, the functions of the ICTC have been transferred to a Non-Profit Consortium composed of the Non-Profit Joint Stock Company "Almaty University of Power Engineering and Telecommunications named after G. Daukeyev" and the Joint Stock Company "Energoinform".

The Company's activities as the centralized market operator and auction organizer are directly stipulated and fully regulated by the Laws of the Republic of Kazakhstan "On Electric Power Industry" and "On Support for the Use of Renewable Energy Sources".