OPEX Ratio Alignment & Portfolio Valuation Overview
■
RENEWABLE ENERGY BUSINESS
OPERATING PERFORMANCE OVERVIEW
RENEWABLE ENERGY
KEY DRIVERS
2022 and 1H22 performance mainly
reflects GEL's appreciation against US$
and decrease in electricity generation, the
latter resulting from the better
environmental conditions in the
comparable 2021 periods.
In US$ terms, revenue and EBITDA were
up 2.3% and 4.4% y-o-y in 2022,
reflecting a 12.6% y-o-y increase in
average electricity selling prices.
The business paid GEL 4.2 million
dividends in 1H22.
GEL MILLION
REVENUE DEVELOPMENT
12
2
+4.8%
14
9
-7.6%
4
8
6
UT
5
2Q20
2Q21
+1.9%
-5.8%
20
19
19
3
6
+38.7%
13
+10.2%
4
8
7
2Q22
■PPA ■Non-PPA ■BI Reimbursement
12
15
-22.9%
11
EBITDA DEVELOPMENT
-5.9%
10
10
11
11
+1.0%
GEORGIA
CAPITAL
-4.3%
15
14
14
1H20
1H21
1H22
2Q20
2Q21
2Q22
1H20
1H21
1H22
- Total revenue
KEY OPERATING HIGHLIGHTS
2Q21
VS.
■ 2Q22
Change y-o-y
1H21
VS.
■1H22
Change y-o-y
Electricity
97.4
88.6
-9.1%
129.1
122.5 -5.1%
generation (GWh)
Average sales price
(US$/MWh)
43.3
48.7
+12.6%
47.7
52.1 9.2%
99
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