Energy advisory company OMNIA published Electricity Market Report for February, 2024. According to the document, on February 16, 2024, the results of the second Renewable Energy Sources capacity auction were announced. Initiated by the Ministry on December 30, 2023, this auction aimed to allocate a total capacity of 800 MW across various categories: Reservoir Hydroelectric Power Plants (300 MW), Run-of-River Hydroelectric Power Plants (100 MW), wind power plants (125 MW), solar power plants (125 MW), wind power plants with energy storage (70 MW), solar power plants with energy storage (70 MW), and other renewable energy sources (10 MW).
A total of 147 projects were submitted through closed bids, with the combined capacity of the bids totaling 1877 MW, exceeding the auction's initial target by 1077 MW.
Notably, this auction introduced regulating hydropower stations to bolster the country's energy independence, alongside solar and wind stations equipped with energy storage technologies to drive innovation in the sector.
Selected projects will benefit from government-backed price guarantees, paving the way for investment opportunities exceeding $2 billion in the energy sector.
Despite the month-to-month variation, renewable energy's share in Georgia's power generation has remained high over the last 12 months.
During this period, Georgia produced 11648.7 GWh of hydro and wind energy, along with 2845.0 GWh of thermal energy. Renewable energy accounted for 80.4% of the country's total power generation.
In terms of cross-border trade, Georgia remained a net exporter. The country imported 654.8 GWh of energy but exported 1,466.1 GWh, resulting in a net exchange of 811.5 GWh. Georgia exported 10.12 % of its total domestic energy generation in the past twelve-month period.
In February 2024, the total domestic energy generation amounted to 1022.0 GWh, which fell short of the forecast by 49.1 GWh or 4.6%. Actual net consumption in February 2024 was 1145.9 GWh, missing the planned amount by 66.2 GWh or 5.5%.
Renewable energy sources (RES) generated 680.0 GWh, exceeding the plan by 205.1 GWh or 43.1%. Meanwhile, thermal generation produced 342 GWh, failing to meet the plan by 253.6 GWh or 42.6%.
All of the power generated in Georgia was consumed domestically. Power imported to Georgia covered part of Abkhazia consumption along with Enguri and Vardnili generation. The rest of the cross border exchange took place to meet the remaining demand and facilitate the transit of the power.
