Energy advisory company OMNIA published the Electricity Market Report for May, 2024. According to the document, in May 2024, the total domestic energy generation amounted to 1,410.8 GWh, exceeding the forecast by 11.0 GWh or 0.8%. Actual net consumption in May 2024 was 1,048.0 GWh, falling short of the planned amount by 48.0 GWh or 4.4%.
Renewable energy sources (RES) generated 1,410.8 GWh, missing the plan by 11.0 GWh or 0.8%. Meanwhile, no thermal generation was operational during this period. It is noteworthy that in May 2024, Georgia only planned exports. Its cross-border net exchange amounted to 311.2 GWh, which was exported
to Türkiye and Armenia, while the cross-border exchange of power with Azerbaijan totaled 0.2 MWh.
Thermal power operation was not scheduled for May 2024.
100% of the total energy consumed in Georgia was generated locally, with domestic generation consisting entirely of RES sources.
Georgia was supplied by locally generated hydro and wind power. Part of the energy generated in May 2024 was exported. Power transit did not occur in May 2024. The diagrams illustrate the hourly volumes of system consumption and net cross-border exchange.
In May 2024, the total volume of balancing energy reached 274.41 GWh, constituting approximately 19.6% of the total net traded power for the month. This marks a 108.5% increase compared to May 2023 and a 0.8% decrease compared to the twelve-month average.
Renewable energy sources contributed 97.13% to the total balancing energy generated in May 2024.
The price of balancing energy for May 2024 was 124.13 GEL/MWh, with deregulated power plants receiving 24.12 GEL/MWh. Compared to May of the previous year, the balancing energy price in May 2024 was 38.9 GEL/MWh higher, indicating a 31.4% increase. This difference can be attributed to various factors, including the sources of balancing energy, such as the prices of PPA power plants, and exchange rate fluctuations, both of which influence the balancing energy price.
It's worth mentioning that Power Purchase Agreement (PPA) producer prices are determined in foreign exchange, and approximately 62.6 GWh of energy was traded under the price for deregulated and regulated power plants.
