Enguri HPP lost GEL 64 million in revenue in 2025 by supplying electricity free of charge to occupied Abkhazia, according to the Fiscal Risk Analysis accompanying Georgia’s 2027 budget draft. The Finance Ministry classifies the foregone revenue as a quasi-fiscal activity. In 2024, the lost revenue amounted to GEL 45 million.
According to the report, Enguri HPP supplied 1.465 billion kWh of electricity to occupied Abkhazia in 2025. A further 1.606 billion kWh was sold domestically, while 309.2 million kWh was exported.
“If the electricity supplied free of charge to Abkhazia were excluded, the company’s profit at the end of 2025 would have been GEL 61 million. Instead, the company ended the reporting year with a loss of GEL 3.7 million,” the document says.
The company’s losses were also affected by foreign-exchange losses and negative exchange-rate differences, particularly the depreciation of the GEL against the EUR. In 2025, Enguri HPP supplied 3.381 billion kWh to the grid, while its revenue fell to around GEL 76 million, the lowest level since 2021.
