KOREM

What KOREM does

KOREM (JSC Kazakhstan Electricity and Power Market Operator) is the state-designated centralized market operator for Kazakhstan's wholesale electricity and capacity markets. Founded in 2000 and headquartered in Astana, the company operates the trading platforms, balancing market infrastructure, and settlement/clearing systems through which licensed generators, wholesale consumers, and the Single Buyer entity transact electricity and capacity. Its mandate also extends to renewable energy procurement: in 2025 KOREM conducted Kazakhstan's first free renewable energy auction (600 MW solar) and a wind-plus-energy-storage auction, positioning the platform as the national mechanism for renewable capacity allocation.

KOREM's core technology stack comprises centralized electricity and capacity trading systems, balancing-market modules, and a settlement/clearing layer that processes wholesale transactions end-to-end. The company maintains ISO 9001:2015 (quality management) and ISO/IEC 27001:2013 (information security) certifications, reflecting the regulated infrastructure profile expected of a critical national market operator. In 2026 the company launched a Single Window integrated trading platform intended to unify access to electricity, capacity, and balancing markets for participants. KOREM is engaged in modernization through a 2024 AI partnership with IBA Astana Dev and is collaborating with the World Bank on REMIT-aligned market integrity frameworks and with the Asian Development Bank on hydropower development consultations.

The business model is regulatory and transaction-based: KOREM earns fees tied to electricity and capacity transactions cleared through its platforms, plus fees from renewable auction administration. As a statutory monopoly, the company faces no direct commercial competition within Kazakhstan; pricing and scope are determined by sectoral regulation. Customer segments comprise licensed electricity producers, wholesale consumers, the Single Buyer entity, and (via renewable auctions) renewable energy developers and investors.

Name

KOREM

Legal name

JSC "Kazakhstan electricity and power market operator" (АО «Казахстанский оператор рынка электрической энергии и мощности»)

Website

https://korem.kz

Company type

Private

Founded year

2000

Operating status

Operating

Short description

KOREM is Kazakhstan's state-designated wholesale electricity and capacity market operator, running centralized trading, balancing, and settlement infrastructure for licensed generators, consumers, and the Single Buyer, and administering national renewable energy auctions.

Ownership category

akta.pro rank

Product category

Energy Market Operator / Wholesale Electricity Trading Platform

NAICS

Securities and Commodity Exchanges (523210)

SIC

Commodity Contracts Brokers & Dealers (6221), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Trading Platforms, ETRM/CTRM & Market Connectivity (APIs, Messaging, Integrations) (EUAMAMAN)

akta.pro secondary industries

Balancing & Ancillary Services Optimization / Automated Bidding (Algo Trading) (EUAGAKAJ), Forecasting, Bidding & Automated Trading (Weather/Production Forecasts, Algo-Bidding) (EUAMAMAI), Real-Time Balancing Energy Trading (Imbalance/RT Markets) (EUAGAKAA)

Keywords

• Wholesale electricity trading
• Power capacity markets
• Renewable energy auctions
• Balancing market settlement
• Energy market operator

Headquarters

HQ city

Astana

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Centralized Electricity Trading Services: KOREM operates as the operator of Kazakhstan's wholesale electricity and power market, facilitating centralized trading for energy-producing organizations, digital miners, and the Single Buyer. Revenue is generated through regulated fees for trading services.

Distribution channels4 records

Marketing channels6 records

Core offering

KOREM operates the centralized electronic trading platforms and settlement systems for Kazakhstan's wholesale electricity and power markets. It conducts centralized electricity trading between energy producing organizations and the Single Buyer (including digital miners), runs competitive auctions for renewable energy and maneuvering generation projects, and provides balancing market settlement services across the country's unified power system zones.

Product overview

KOREM operates as Kazakhstan's centralized electricity and power market platform, providing multiple interconnected trading systems for different market segments. The core offering is the Electronic Trading System (ETS) — an integrated platform for centralized electricity trading — supplemented by dedicated auction systems for renewable energy sources (RES) and maneuvering generation, power capacity trading, balancing market services, and training programs. These products serve as the market infrastructure layer for Kazakhstan's wholesale electricity market.

Differentiator

Problem solved

Functional benefit

Products and services

• Electronic Trading System (ETS) — Centralized Electricity Trading Centralized electronic trading platform enabling wholesale electricity market operations across Kazakhstan's unified power system zones (North, South, West). Supports price discovery, quote management, and transaction execution for energy producing organizations under the Single Buyer mechanism, with separate trading sessions for digital miners.
• Power Capacity Trading System Centralized trading system for electric power/capacity, enabling price discovery and procurement of generation capacity for grid reliability across Kazakhstan's unified electricity system. Participants use the platform for capacity allocation, balancing supply and demand for power capacity.
• Renewable Energy Source (RES) Auction System Auction platform for selecting renewable energy projects (wind, solar, hydro, bioenergy) through competitive bidding, managing registration, document submission, and auction session execution for RES construction projects. Auctions include both standard and free (participant-proposed site) formats, with technology-specific requirements such as energy storage systems for wind projects.
• Maneuvering Generation Auction System Auction system for selecting maneuvering generation projects (gas-turbine and other flexible generation) to ensure grid stability and address Kazakhstan's power capacity needs. Conducted via the same auction platform with dedicated maneuvering generation trading sessions.
• Balancing Market (BM) Settlement Center (RC BEM) Implementation of mutual offsets (settlement) between balancing market participants, including balance providers, contract conclusion, clearing prices, and registry of mutual settlements for grid stability, including settlements with neighboring states.
• Training and Education Services Comprehensive training programs for market participants covering trading system operation, auction participation procedures, and regulatory compliance for electricity market activities. Includes online seminars, webinars, and internet conferences on Kazakhstan's energy system topics.

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered strategic, core, major and minor.

• Asian Development BankstrategicStrategic or Co-development Partner · 19 February 2025ADB consultation on hydropower development program, discussing auction schedules, PPA requirements, and land allocation for HPP projects.
• World BankstrategicStrategic or Co-development Partner · 13 January 2025Collaboration on Central Asia Regional Electricity Integration and Trade Program (REMIT). Program aims to scale up energy interconnections in Central Asia through investments, technical assistance, and coordinated activities.
• IBA Astana DevstrategicTechnology or Integration · 1 January 2024Memorandum signed for implementation of artificial intelligence technologies in KOREM's business processes. Focus areas include improving efficiency of centralized electricity trading, data analytics, and operational process automation.
• Ministry of Energy of KazakhstancoreOthersPrimary regulatory partner overseeing KOREM's market operations. Ministry establishes auction schedules, regulatory frameworks, and policy direction for electricity and power market development.
• KEGOC (Kazakhstan Electricity Grid Operating Company)coreStrategic or Co-development PartnerSystem operator providing grid infrastructure data and coordinating power system operations. KEGOC supplies transmission capacity information for trading sessions.
• RFC (Financial Settlement Center for Renewable Energy)coreStrategic or Co-development PartnerFinancial settlement center handling payments for renewable energy projects selected through KOREM's auction mechanisms.
• Qazaq Green AssociationmajorStrategic or Co-development PartnerRenewable energy association representing RES developers in Kazakhstan. Participates as observer in auctions and provides industry perspective on RES development.
• Kazakhstan Electricity Association (KEA)majorStrategic or Co-development PartnerIndustry association representing electrical energy sector companies. Participates as observer in market operations and auctions.
• Samruk-EnergymajorChannel Partner/ Reseller/ DistributorState-owned energy holding company and major participant in electricity trading and generation in Kazakhstan.
• PwC KazakhstanminorImplementation/ SI/ Consulting PartnerProfessional services firm providing advisory services and consulting support for market development initiatives.

Scale indicators4 records

Recent moves1 record

Expansion highlights5 records

Direct peers

• European Energy Exchange (EEX): Leading European energy exchange operating power, gas, and environmental markets. Comparable as an exchange operator running centralized trading platforms with auction mechanisms and settlement services similar to KOREM's electricity and capacity trading systems.
• OPCOM: Romanian electricity market operator running day-ahead, intraday, and balancing markets. Comparable as a national market operator in an emerging European market with similar centralized trading infrastructure and auction-based price discovery.
• EPEX SPOT: European power exchange for day-ahead and intraday electricity trading across major European markets. Comparable as a wholesale electricity trading platform operator with auction mechanisms and price discovery functionality similar to KOREM's centralized trading system.
• TGE (Towarowa Giełda Energii): Polish power exchange operating electricity, gas, and property rights markets including RES auctions. Comparable as a national electricity market operator with similar auction-based trading and renewable energy certificate infrastructure.
• BSP Energy Exchange (SouthPool): Slovenian power exchange operating day-ahead and intraday markets. Comparable as a regional electricity market operator with similar centralized trading infrastructure and balancing market services.
• Nord Pool: European power exchange operating day-ahead and intraday electricity markets across Nordic and Baltic countries. Directly comparable as a regional power market operator running centralized trading, balancing, and settlement infrastructure similar to KOREM's role in Kazakhstan.
• HUPX (Hungarian Power Exchange): Hungarian power exchange operating day-ahead and intraday electricity markets with coupling to European markets. Comparable as a Central/Eastern European power market operator running auction-based centralized trading infrastructure.
• OKTE (Slovak electricity market operator): Slovak electricity market operator running day-ahead and intraday markets with coupling to European exchanges. Comparable as a small national market operator providing centralized trading and settlement infrastructure.

Others

• KEGOC: Kazakhstan Electricity Grid Operating Company, KOREM's core domestic partner and national system operator. Comparable as ecosystem participant providing grid infrastructure that KOREM's trading systems depend on for capacity data and balancing coordination.

Regional players

• SEMOpx: Single Electricity Market Operator for Ireland and Northern Ireland running day-ahead and intraday auctions. Comparable as a market operator with similar auction-based trading infrastructure, though serving a different geography.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/korem.jsc
• Instagraminstagram.com/korem_kz

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KOREM