Uzbekhydroenergo Achieves Milestone: First Export of Green Energy Certificates
Uzbekhydroenergo, a state-owned company, recently made its first export of green energy certificates on February 11th. The company sold 301 certificates through the Uzbek Commodity Exchange (UZEX) within the exchange’s dedicated “Green Energy” section, as stated in a press release.
In 2024, the UZEX saw over 64.3 thousand green certificates being traded, amounting to more than 875.9 million UZS, with an average exchange price of 13,600 UZS per certificate. Each certificate verifies the production of 1,000 kWh of electricity generated from renewable energy sources.
Individual entrepreneurs, local businesses, and foreign companies are encouraged to participate in the trading of green certificates on the UZEX platform, according to their statement.
The introduction of green certificates aligns with the government’s 2023 program, which aimed to promote the purchase of these certificates by companies utilizing at least 30% of their energy from environmentally friendly sources.
Since July 2023, Uzbekhydroenergo has been actively selling green energy certificates, with plans to issue and sell up to 7 million certificates annually. Furthermore, revenue generated from the sale of these certificates is exempt from income tax, following a recent amendment to the Tax Code of Uzbekistan approved by the president in February 2024.
