Georgia's Energy Sector - Electricity Market Watch | FY23
The energy sector witnessed an outstanding year in 2023, marked by record-high export revenue and a positive trade balance. Electricity exports soared to 1.5TWh, reflecting a remarkable 51.2% y/y growth, generating US$ 95.4mn in revenues, an increase of 13.2% y/y. This growth was attributed to elevated electricity prices in Turkey and increased export volumes, driven by decreased local consumption and enhanced thermal generation. Concurrently, imports were kept minimal, aligning with the reduced energy needs of the Abkhazian region, which receives electricity from Russia at USc 0.1/kWh. Consequently, the year 2023 concluded with a positive trade balance of US$94.4mn, representing a 122.0% y/y increase, and Georgia became a net exporter of electricity, with a record high net export of 0.7TWh.
- Installed capacity of Georgia increased by 28.7MW to 4.6GW in 2023
- Second capacity auction for 800MW renewable capacity announced
- GNERC decreased tariffs for retail consumers and approved new tariffs for regulated HPPs