GEORGIA'S ENERGY SECTOR - ELECTRICITY MARKET WATCH | AUGUST 2016
Domestic consumption increased 8.1% y/y in August 2016, with DNOs being the major growth drivers. DNO consumption increased 7.2% y/y, with the greater Tbilisi area (Telasi subscribers) posting an outsized 22.3% y/y growth rate.
Georgian Railway - 1H16 update
GR released 1H16 unaudited results and Management Discussion and Analysis. Revenue decreased 33.6% y/y to US$ 87.9mn due to a drop in freight traffic.
Regional Fixed Income Market Watch
FED decided not to raise rates in the September 2016 meeting, increasing the likelihood of a rate increase in the December 2016 meeting.
GEORGIAN OIL AND GAS CORPORATION - 1H16 UPDATE
GOGC released 1H16 unaudited results. Revenue increased 30.6% y/y, boosted by electricity sales, which commenced in 3Q15. Operating expenses, dominated by cost of gas, increased 15.0% y/y. As a result, adjusted EBITDA almost doubled, compared to the same period last year, reaching US$ 47.0mn.
Regional Fixed Income Market Watch - August 2016
Latest US non-farm employment figures came in below expectations in August 2016, lowering the probability of the FED increasing rates at the September 2016 meeting.
Bank of England lowered its policy rate from 0.5% to 0.25% in August 2016, the first change in seven years. At the same time, BoE increased asset acquisition by GBP 60bn to GBP 435bn.
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