Mariam Chakhvashvili, Senior Analyst at Galt & Taggart, says that demand for electricity exports from Georgia to Turkey is expected to decrease in 2024, citing lower electricity prices in the Turkish market as the primary factor.
“Although Georgia generally relies on electricity imports, we also export electricity during several summer months,” Chakhvashvili explained. “Our main export market is Turkey, so developments in the Turkish electricity market directly impact Georgian exports. Over the past three years, Turkish prices rose significantly, resulting in record-high export volumes in 2022 and 2023. However, in 2024 and 2025, prices have dropped and stabilized, which has led to a relative decrease in demand for Georgian electricity exports.”
Despite the downturn, Turkey remains the dominant destination for Georgia's electricity exports. In 2023, exports to Turkey accounted for 82.6% of Georgia’s total electricity exports.
However, the total export volume dropped by 29% year-on-year, falling to 1.0 terawatt-hours (TWh). The export season typically begins in April and runs through August, when Georgia’s domestic hydroelectric generation is at its peak and electricity surplus becomes available.
According to Chakhvashvili, the decrease in Turkish electricity prices has reduced the financial incentive for Georgian exporters.
“The fall in export prices makes it less attractive for exporters to sell to Turkey, which explains the decline in overall volumes,” she noted.
As the Turkish market stabilizes at lower price levels, future export dynamics from Georgia may continue to face pressure unless alternative markets or pricing improvements emerge.
