Electricity Market Watch – February 2026

Electricity demand increased by 1.9% y/y to 1.3TWh in February 2026. Growth was driven mainly by direct consumers, particularly amid stronger activity in energy-intensive sectors, while consumption in the retail market and the Abkhazian region declined.

Hydropower generation rose by 51.9% y/y to 672GWh. In our view, this reflected both improved hydrological conditions and a low base effect. The growth of hydro generation resulted in decrease of thermal generation and imports, tough their cumulative share still remained at high level of 47%

In February 2026, domestic generation covered 78.2% of total electricity supply, while imports accounted for the remaining 21.8%. Hydropower met 52.8% of total demand, thermal generation covered 24.8%, and wind and solar plants contributed 0.6%.

In overall, February’s electricity balance points to a partial normalization after January’s tight conditions and once again highlight Georgia’s winter supply challenge.