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State Electrosystem Revenues Rose by 15% in 2016

Revenues of Georgian State Electrosystem and its subsidiaries rose by 15% in 2016, from 104.3 million GEL to 120.2 million GEL as a result of growth in revenues from transmission.

At the end of 2016, the company’s cash amount on the account totaled 25.3 million GEL.

In 2016 transmission dispatching system renovation/rehabilitation payments totaled 161 million GEL, of which 13.6 million GEL was spent from the group’s own funds.

“In 2013-2014, as compared to 2012, after capital spending considerably declined as a result of completion of construction phase of Black Sea Transmission Network Project and related major payments, level of payments started rising thanks to employment of loan funds. The mentioned loan funds were allocated as part of new high-budget investment projects. 

Capital spending is expected to considerably grow in the following years. Consecutive growth in generation over the past 10 years resulted in extreme reduction in electricity imports and corresponding upturn in exports, starting 2005. As of 2016, generated electricity exceeded total consumption of electricity”, GSE representatives noted.
At the same time, annual profits without interest rates, taxes, amortization rose 1.1 times to 73.6 million GEL.