Butskhrikidze: Energy is the backbone of the Georgian economy

Butskhrikidze: Energy is the backbone of the Georgian economy

“Energy is the backbone of the Georgian economy. The increased demand for electricity will persist in the coming years and it is desirable to start construction of new hydropower plants in the country “- said TBC Bank CEO Vakhtang Butskhrikidze.

“In the coming years, the demand for electricity for different sectors will increase. I would highlight the tourism sector among them. The ongoing projects are not enough for electricity demand satisfaction. Historically, electricity has been imported into the country only in winter and if supply can`t meet increased demand, the imports will grow during the summer” – said Butskhrikidze.

TBC Capital presented new research on the challenges of the electricity sector. According to the research, the increase in electricity demand over the last 6 years exceeds the growth in output. The electricity shortage in 2018 reached 0.9 twt hours. The growing trend of demand is kept in the first half of 2019 and on the background of a reduced electricity generation, net imports increased up to 0.4 twt hours, which is 185% higher than in the same period of 2018.

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