Energy advisory company OMNIA published the Electricity Market Report for October 2023. According to the document, renewable energy's share in Georgia's power generation has remained high over the last 12 months.
During this period, Georgia produced 10,580.7 GWh of hydro and wind energy, along with 3,891.9 GWh of thermal energy. Renewable energy accounted for 73.1% of the country's total power generation.
In terms of cross-border trade, Georgia remain a net exporter. The country imported 873.9 GWh of energy but exported 1,468.2 GWh, resulting in a net exchange of 594.4 GWh. Georgia exported 4.11% of its total domestic energy generation in the past twelve-month period.
Balancing Energy
The share of balancing energy in the power trade balance over the last twelve months averaged around 16.9% and reached 2,545.0 GWh during the period starting from November 2022.
The average weighted price for balancing energy during this period was 138.8 GEL/MWh. It reached a maximum of 150.0 GEL/MWh in October 2023, and a minimum of 85.2 GEL/MWh in May 2023.
The share of PPA producers in the total amount of balancing energy over the last twelve months was about 93.7 %. The share of RES PPAs was 60 %, while the share of thermal PPAs was 33.7 %.
In October 2023, the total domestic energy generation amounted to 1,043.4 GWh, which was 84.9 GWh or 7.5% less than the forecast. Actual net consumption in October 2023 was 987.0 GWh, falling short of the planned amount by 91.2 GWh or 8.5%.
Renewable energy sources (RES) generated 614.7 GWh, falling short of the plan by 185.6 GWh or 23.4%. Meanwhile, thermal generation produced 428.7 GWh, exceeding the plan by 100.9 GWh or 30.8%.
It's worth noting that in October 2023, Georgia had neither planned power exports nor imports. Its cross-border net exchange was equal to 0.01 GWh, which can be attributed to transit deviations.
Out of a total of 428.7 GWh of thermal power generated, GGCT-2 contributed 168.8 GWh. The other three TPPs, namely CCGT 1, generated 167.7 GWh, Unit 9 generated 88.9 GWh and GPower produced 3.29 GWh in October 2023.
100 % of the total energy consumed in Georgia was generated locally. Domestic generation consists of 58,9 % generated by RES sources, and 41.1 % by thermal power plants, which use natural gas.
All of the power generated in Georgia was consumed domestically. Georgia did not exchange power with the neighbouring countries for import and export purposes. The cross-border exchange took place to facilitate the transit of the power. The diagrams display the hourly volumes of system consumption and net cross-border exchange.
In October 2023, the volume of balancing energy amounted to 264.73 GWh, making up about 26% of the total net traded power for the month, including exports. This figure represents a 4,7 % increase compared to October 2022 and a 9.1 % rise compared to the twelve-month average.
Renewable energy sources accounted for 38.53 % of the balancing energy generated in October 2023.
The price of balancing energy for October 2023 was 150.02 GEL/MWh, with de-regulated power plants receiving 117.73 GEL/MWh.
When compared to October of the previous year, the balancing energy price in October 2023 was 20.7 GEL/MWh lower, translating to a 13.8% decrease. This slight difference can be attributed to the sources of the balancing energy and the exchange rate, both of which influence the balancing energy price. It's important to note that Power Purchase Agreement (PPA) producer prices are set in foreign exchange.
