Introduction

This section reviews the electricity sectors of Georgia's neighbours (Armenia, Azerbaijan, Iran, Russia and Turkey) and provides preliminary conclusions on the feasibility of electricity exports to these markets from prospective greenfield hydropower stations in Georgia. It is part of a package of due-diligence research prepared by EconPoyry for the Georgian Ministry of Energy and is intended for use by prospective investors in Greenfield hydropower sites being offered by the Ministry.

The analysis is based on the assumption that initial generation costs for the Greenfield plants will be about 5-6 US cents / kWh, falling to about 2 US cents / kWh by around 2019-2020, as investment costs are amortised.

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