GEORGIAN RAILWAY - FY15 UPDATE
GR released its FY15 financial results. Revenue decreased 12.6% y/y to US$ 253.2mn, mainly due to weak performance in freight traffic. A 28.2% y/y weakening of GEL against US$ in FY15 resulted in a 20.6% y/y decline in operating expenses, which are mostly GEL-denominated, to US$ 170.5mn.
Georgia's Electricity Sector - Changes and Challenges Ahead
Georgia’s transmission capacity is set to improve significantly over the next decade. Total investment is estimated at EUR 809mn, according to the 10-year network development plan set out by GSE, and will accommodate an additional 4,000MW of installed capacity.
AZERBAIJAN ECONOMY - ACT TO ATTRACT
Azerbaijan’s economy contracted by 3.5% y/y in 1Q16, sending the country into a technical recession. Economic activity fell due to a 5.7% y/y decline in the non-oil sectors, with construction being the main drag.
GEORGIAN OIL AND GAS CORPORATION - CHALLENGING YEAR, SOLID OUTLOOK
FY15 was a challenging year for GOGC’s core businesses. Gas sales were largely flat, while higher cost of gas weighed on operating expenses.
GEORGIA'S ENERGY SECTOR - ELECTRICITY MARKET WATCH | MARCH 2016
Domestic electricity consumption was up 1.0% y/y in March 2016 and 1.8% y/y in 1Q16. Weaker growth was partly due to the high base in March 2015 and warmer weather compared to March of last year.
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