Speaking at the “Electricity Market in Georgia” conference organized by the Bank of Georgia, First Vice Prime Minister and Minister of Economy Levan Davitashvili highlighted the country’s significant potential for renewable energy development, particularly beyond its traditional reliance on hydropower.

“Georgia has significant potential for electricity generation from renewable sources—not to mention hydropower, which currently dominates our energy mix,” Davitashvili said. “In addition, wind and solar power projects are increasingly attracting investment, and I believe Georgia has even greater opportunities than some of its neighbors to become a key regional energy hub. It’s crucial that we take full advantage of this potential.”

The event featured an overview of Georgia’s electricity market, transmission network development, and ongoing reforms aimed at liberalizing and modernizing the sector.

Davitashvili stressed that the energy sector is fundamental to the overall competitiveness of Georgia’s economy. “Without proper energy sector development, discussing economic competitiveness is meaningless,” he noted. He underscored the importance of inclusive, consensus-based policymaking, stating that long-term energy strategies must reflect input from all stakeholders.

“All successful policies are those that are developed in consultation with different parties and aligned with key players,” he added.

Davitashvili also pointed out that recent energy investments have primarily come from private domestic and foreign companies, and he expects continued strong interest from private investors moving forward. In this context, aligning policy with investor needs is essential, he said.

Finally, he emphasized that infrastructure development must go hand-in-hand with the expansion of energy generation. “Synchronous development and coordinated action are absolutely vital to the success of the sector,” Davitashvili concluded.