Galt & Taggart recently published a report revealing that electricity consumption in Georgia has returned to an upward trend in 2024, meaning that total domestic consumption increased by 6% to 13.8 TWh on a year-on-year basis. Nevertheless, it remains 2.3% below the record high level seen in 2022.
Main contributing factors to the growth:
- Direct consumer consumption increased by 13.1%, driven by the revival of crypto mining and metallurgy sectors, with rising prices in place.
- Retail electricity consumption increased by 7.5% y/y, causing a 5.6 y/y consumption decline in the whole region of Abkhazia.
Retail Electricity Consumption Breakdown
Both major electricity distributors in Georgia saw growth in 2024:
- Telmico subscribers: increased by 8.9% y/y
- EP Georgia subscribers: increased by 6.5% y/y
Segment breakdown:
- Household consumption rose 7.5% y/y to 3.0 TWh.
- Telmico subscribers: increased by 6.8% y/y
- EP Georgia subscribers: increased by 8.0% y/y
- Commercial consumption also grew 7.5% y/y.
- EP Georgia customers: +5.4% y/y
- Telmico subscribers: +10.0% y/y
For the 2025 electricity consumption forecast, further growth is anticipated, primarily driven by direct consumers in the second quarter of 2025.
Electricity Exports and Transit Decline
Electricity exports dropped by 28.7% y/y to 1.0 TWh in 2024, while the export season ran from April and August, with Turkey still being the main market accounting for 82.6% of total exports.
- Top 3 exporters:
- Bookup Solutions
- Cross Border Trading
- Tbilisi Investment Group
Export revenue decreased to nearly half in the amount of USD 49.2 million because of:
- A 28.7% y/y decline in export volume
- A 27.9% y/y drop in export prices
Electricity transit between Georgia and Turkey decreased by 68.8% y/y to 1.1 TWh, while 94.4% of transited electricity came from Azerbaijan and Russia.
