The two thermal power plants owned by the state-run Georgian Oil and Gas Corporation, Gardabani 1 and Gardabani 2, generated combined revenue of GEL 364 million in 2025, down by 10.4% year-on-year. Their combined net profit fell by 20.2% to GEL 67.9 million.
Both facilities are combined-cycle thermal power plants with installed capacity of approximately 230 MW each, bringing their total capacity to around 460 MW. They generally operate during colder months and are shut down in summer when hydropower generation increases. However, both plants also operated from July to September 2026, potentially boosting this year’s revenue.
Gardabani 2 recorded the sharper decline, with revenue falling by 20.9% to GEL 129.4 million and net profit dropping by 60.7% to GEL 7.3 million. Gardabani 1 revenue decreased by 3.4% to GEL 234.6 million, while net profit fell by 8.9% to GEL 60.6 million.
The combined cost of natural gas declined by 7.9% to GEL 206.2 million. However, some operating expenses increased, including Gardabani 2’s depreciation and amortisation costs, which rose by 24.7% to GEL 26.8 million.
At the end of 2025, the plants’ combined assets stood at GEL 935.6 million, while equity reached GEL 700.9 million and liabilities totalled GEL 234.7 million. Gardabani 1 distributed GEL 45.3 million in dividends during the year, while Gardabani 2 made no dividend payments.
A third facility, Gardabani 3, with planned capacity of 350–430 MW, was previously proposed by the Georgian Oil and Gas Corporation. Despite several announced auctions between 2020 and 2023, the project was ultimately not implemented.
