Uzbekhydroenergo marks first export of green energy certificates

Uzbekhydroenergo made its first export of green energy certificates on February 11, selling 301 certificates through the Uzbek Commodity Exchange (UZEX) as part of the exchange’s "Green Energy" section, according to a press release from the platform.

Photo: Spot

In 2024, more than 64.3 thousand green certificates were traded on the platform, totaling over 875.9 million UZS. The average exchange price for a single certificate was 13,600 UZS.

Uzbekhydroenergo serves as the seller of these certificates on the exchange. Each certificate certifies the production of 1,000 kWh of electricity generated from renewable energy sources.

The UZEX emphasized that individual entrepreneurs, local businesses, and foreign companies are all welcome to participate in the trading of green certificates.

The introduction of green certificates is part of the government’s 2023 program. It was anticipated that these certificates would be purchased by companies that derive at least 30% of their energy from environmentally friendly sources.

In July 2023, Uzbekhydroenergo began selling green energy certificates, with the state-owned company expecting to annually issue and sell up to 7 million certificates.

Revenue from the sale of green energy certificates is exempt from income tax, following an amendment to the Tax Code of Uzbekistan, approved by the president in February 2024.