Economy
Posted: 11 months ago

Record Electricity Exports Boost Georgia's Revenue by $80 Million in First Seven Months of 2023

In an unprecedented surge, Georgia has set a new record in electricity exports for the first seven months of 2023. According to official data, the country exported a total of 1,140.7 million kWh from January to July. This signifies a substantial uptick from the annual figure of 971.1 million kWh recorded in 2022.

Financially, this robust performance has translated into $80.1 million in revenue, marking a nearly 24% increase compared to the same period last year. Turkey emerged as the principal buyer, importing electricity valued at $71 million, a $10 million increment from the corresponding timeframe in 2022. Remarkably, the volume of electricity shipped to Turkey accounted for 85% of Georgia's total exports, amounting to 975.91 million kWh.

Furthermore, Georgia expanded its export revenue from Azerbaijan, raking in an additional $5 million. The quantity of electricity sold to Azerbaijan reached 86.16 million kWh.

In light of these achievements, the Georgian government has upwardly revised its electricity export forecast by a staggering 400 million kWh. Initially, in April 2023, projections estimated exports to reach 1,001.9 million kWh by July. However, a recent directive from Levan Davitashvili, the Minister of Economy, has elevated the annual export rate to an ambitious 1,404.3 million kWh for 2023. According to governmental forecasts, this bullish trend in electricity exports is expected to persist through August.