December 2023 | Electricity Market Review – Annual
22 January 2024

In 2023, Georgian power plants generated 14,396 mln. kWh of electricity, record high generation for a single year. This represents a 1% increase in total generation, compared to the previous year (in 2022, total generation was 14,247 mln. kWh). The increase in generation on a yearly basis comes from the increase in hydropower generation (1%) and thermal power (2%), while wind power generation decreased (-2%).

Among the different sources of electricity, hydropower remained dominant, reaching a record-high generation for a single year. Specifically, in 2023, hydropower (HPP) generation amounted to 10,863 mln. kWh (75.5% of total); wind power (WPP) generation was 86 mln. kWh (0.6% of total), and thermal power (TPP) generation was 3,447 mln. kWh (23.9% of the total).

Consumption of electricity in the local market was 13,070 mln. kWh. Overall, the annual decrease in electricity consumption was 8% in 2023 (compared to 2022 - 14,181 mln. kWh). In 2023, total generation exceeded consumption by 1,326 mln. kWh (due to record high TPP and HPP generation), which is approximately 10.1% of the total consumption and 9.2% of the amount generated (compared to a deficit of 65 mln. kWh in 2022, which represented 0.5% of total generation and 0.5% of total consumption for 2022).