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"Georgian International Energy Corporation" (GIEC) is one of the largest multi-function energy companies in Georgia.
Generation
"Georgian International Energy Corporation" is the only company in the country, which owns and operates hydro as well as thermal power station at the same time. The GIEC's assets include 8 hydroelectric power plants and gas-fired thermal power plants. The total installed capacity of generation of the facilities owned by the GIEC amounts350 MW. From a geographical point of view, the GIEC’s energy facilities are located throughout the territory of Georgia:
Trading
Electricity - "Georgian International Energy Corporation" actively uses the country's unique geographic location and manages trading of electricity with all four neighboring countries of Georgia. In terms of electricity trading the GIEC is the unconditional leader in Georgia. The company manages the operations of trading of the electricity generated from its own energy facilities as well the purchased electricity (export-import-transit).
Natural gas – Georgia is fully depended on imported natural gas. Although the country does not have its own natural gas, the "Georgian International Energy Corporation" is quite actively involved in natural gas trading. It is the largest player in the market after the Azerbaijani state oil company and operates in the wholesale as well as retail segments. In a retail segment the "Georgian International Energy Corporation" is represented by 33 gas stations.
Development
Since 2007 Georgia has become a net exporter of the electricity. The rapid economic development has led to a rapid increase in electricity consumption as well. In 2007-2015 years electricity consumption increased by 33% and it continues to grow rapidly. Accordingly, the issue of construction of new generation facilities has been set in the agenda. Georgia’s unique energy potential and the market deregulated for new generation facilities makes attractive the investments in this sector.
"Georgian International Energy Corporation" is clearly aware of the challenges related to energy security of Georgia and actively involves multi-million investments in the power generation facilities. By 2020 the GIEC's hydropower installed capacity will be increased by 50%. For the same period the GIEC's generation portfolio will be added wind power plants.
Employment
The "Georgian International Energy Corporation" is also one of the major employers. Currently, the company employs more than 600 employees and this number is progressively increasing in parallel with the new investment projects.