Electricity consumption in Georgia returned to an upward trend in 2024 following the previous year’s low base. Total domestic consumption grew by 6.0% y/y to 13.8 TWh but remained 2.3% below the record-high level of 2022, - according to the report published by Galt&Taggart.
This growth was driven by increased consumption of direct consumers (+13.1% y/y) and retail consumption (+7.5% y/y), offsetting Abkhazian region’s decreased (-5.6% y/y) consumption.
Direct consumers’ sharp growth is attributed to a revival of the crypto-mining and metallurgy sectors, fuelled by rising product prices. However, ferroalloy operations were halted in Oct-24, with no timeline for their resumption. Notably, electricity consumption forecast of 2025, adopted by MoESD, foresees increase in electricity consumption levels of these entities from 2Q25.
Retail consumption in 2024 increased for both Telmico (+8.9% y/y) and Ep Georgia (+6.5% y/y) subscribers.
In the retail segment:
• Household consumption increased by 7.5% y/y to 3.0 TWh, with Telmico subscribers up by 6.8% y/y and EP Georgia subscribers up by 8.0% y/y.
• Commercial consumption also rose by 7.5% y/y, driven by an annual 5.4% increase for EP Georgia customers and a 10.0% rise for Telmico subscribers.
The electricity export volume decreased by 28.7% y/y to 1.0 TWh in 2024. The export season started in April and lasted until August. Turkey remained the main export market, with an 82.6% share of exports.
The top 3 exporters were Bookup Solutions, Cross Border Trading and Tbilisi Investment Group. Export revenue almost halved to US$ 49.2mn (-48.6% y/y) in 2024, caused by decrease in both export volume (-28.7% y/y) and export price (-27.9% y/y).
The average price of electricity export was USc 4.7 /kWh in 2024. Transit In 2024, 1.1 TWh (-68.8% y/y) of electricity was transited through Georgia to Turkey. A 94.4% of which was from Azerbaijan and the rest from Russia.
