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G&T announces the issuance of Nutrimax

It is planned to issue up to $10 million in 2-year bonds, with a fixed rate of 8%-8.5%.Nutrimax has been on the market since 2009. Its partner is the Dutch Trouw Nutrition. It owns a feed mill for farm animals and poultry (annual capacity 84,000 tons). Since 08/2021, it has been represented by the subsidiary "Nutrimax Petfood", which owns an extruded feed mill for companion animals (dogs and cats), as well as fish (capacity 24,000 tons).Nutrimax also operates in neighboring countries (Armenia, Azerbaijan, Kazakhstan, Uzbekistan, Moldova).Product Range Nutrimax's business lines are divided into 2 main categories:

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Georgian wine production stabilizes from record high - OIV report

According to preliminary data from the International Organization of Vine and Wine (OIV), the decline in production is due to an unusually abundant harvest in 2024, while favorable weather in 2025 allowed the country to maintain production close to the high level of recent years.Regional trendsResults in the Northern Hemisphere (outside the European Union) are mixed.Russian wine production is around 5.1 million hectoliters, which is at the same level as in 2024 and 9% above the five-year average. Moldova, after droughts and frosts in 2024, showed an 18% increase in production (1.4 million hectolitres), driven by abundant spring rainfall.Production in the European Union is 140 million hectolitres, up 2.1 million hectolitres (+2%) compared to 2024, but 8% below the five-year average. Italy (47.4 million hectolitres) has regained its position as the world’s largest producer, while France (35.9 million hectolitres) and Spain (29.4 million hectolitres) are experiencing historically low yields due to climate stress, drought and disease.Global outlookGlobal wine production is forecast to reach 232 million hectolitres in 2025. This is 3% higher than the historical low of 2024, but still 7% below the average of the last five years.USA: Production increased to 21.7 million tons (+3%), but still below the historical peak.Southern Hemisphere: Production increased by 7% (49 million tons). Australia (11.6 million tons) and New Zealand (3.7 million tons) showed increases, while Chile’s production decreased by 10% due to water shortages.Market balanceAccording to the OIV, production has been below average for the third consecutive year, reducing pressure on stocks amid falling global demand. Climate change remains a major factor determining global production levels.

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Hydropower generation down nearly 20% in April due to weak hydrology,...

For comparison, hydropower supplied 93% of total supply on average in April from 2021-24. This year, late warming delayed snowmelt, causing water levels to rise only in late April, while in previous years high hydropower generation was recorded from early April. As a result, April saw an unusually high demand for thermal power (16.5% of total supply) and imports (4.3% of total supply).In April, 3 power plants were commissioned: 2 hydropower plants were launched in test mode - Chiora HPP and Bakhvi 2B HPP, with a total installed capacity of up to 40 MW; and the 18.7 MW “Upper Wind Station” was put into operation.In April 2026, electricity imports amounted to 51 GWh (4.3% of total supply), although only half of this was commercial imports, 24.8 GWh from Turkey. Of the remaining volume, 9 GWh came from Russia for the Abkhazian region, while the 17 GWh import from Azerbaijan was fully balanced by exports of the same volume and value to Azerbaijan in the same day slot. The identical volumes of imports and exports indicate that these transactions were not commercial trade and were related to the technical needs of synchronous operation.Imports from Turkey were carried out on April 16-22, during the shutdown period of thermal power plants. Its value was $0.7 million, and the average price was 2.9 US cents per kWh. It is noteworthy that in 2026, except for February, imports from Turkey were carried out in all months, which is associated with historically low prices on the Turkish market. The price decrease, in turn, was associated with increased renewable generation due to favorable climatic conditions.As for the average price of balancing electricity, it decreased by 5% year-on-year in April and amounted to 5.8 US cents per kWh.In addition, the balancing capacity increased by 21.7% and was 0.4 TWh, which accounts for 32.6% of the total supply.

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Power consumption up by 2.1% in April, hydropower down by 19.3%

Galt & Taggart analysts note that this once again demonstrates the vulnerability caused by dependence on hydropower and the need for accelerated development of new generation sources.In the first four months of 2026, electricity consumption increased by 6.6% year-on-year to 5.1 TWh. According to Galt & Taggart, the increase is associated with a particularly cold winter and the activation of the ferroalloys sectors.In the first four months of 2026, the share of thermal generation and imports in total supply amounted to 44.3%, which exceeds the similar indicator of the previous year (39.2%). The increase was mainly associated with weak hydrology in April and low water levels in the Enguri reservoir at the beginning of the year.In addition, Turkey was among the main sources of imports for 3 out of 4 months of 2026, which indicates increased competition in imports and possible structural changes.Overall, the high share of imports and thermal generation once again emphasizes the need for accelerated development of new generation.Domestic consumption was 1.1 TWh in April 2026, up 2.1% year-on-year. This growth was driven by retail customers (+5.1% y/y) and Abkhazia (+7.3% y/y). Direct customer consumption decreased by 8.5% year-on-year, mainly due to lower activity in crypto mining and data center companies.

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GEL 21.8 MLN to be spent on construction of 6 power transmission lines...

According to Government Decree No. 945, the funds will be used to co-finance projects funded by donor organizations. These include the 500-kilovolt power transmission lines (PTLs) “Tskaltubo-Akhaltsikhe-Tortumi” and “Jvari-Tskaltubo”, “Northern Ring” (Namakhvani-Tskaltubo-Lajanuri), “Kheledula-Lajanuri-Oni”, as well as projects to strengthen the power transmission infrastructure of Guria and Kakheti.According to GSE, the 500 kV Jvari-Tskaltubo overhead line project is being implemented by the Turkish company Bozlar Yapi. Work on the project began in 2021 and is scheduled for completion in 4Q27. As for the 220 kV Khledula-Lajanuri and Oni-Lajanuri power transmission lines, a €25.6 million contract has been signed with India’s KEC International Limited for their construction, and the works are scheduled to be completed in January 2029.The aforementioned infrastructure works are being implemented within the framework of the “Large-scale Investment Program for the Improvement of the Electricity Network” (ENIP), which is being implemented in partnership with the European Union, GSE, and the German Development Bank (KfW).The total budget of the program is €270 million, which includes funding from the German government (through KfW) and the European Bank for Reconstruction and Development (EBRD), as well as a grant of $9.9 million from the European Union Neighborhood Investment Platform (EU NIP).The program, which began in 2021 and will be completed in 2028, includes the construction and expansion of 7 substations and more than 540 kilometers of power transmission lines in the regions of Imereti, Guria, Racha, Svaneti and Kakheti.

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Problematic loans have increased in HoReCa

According to the NBG statistics, as of Q1/2026, 8% of loans issued to cafes and restaurants are problematic in USD (L/Y - 6.3%) and 3.4% in GEL (L/Y - 4.6%).The share of non-performing loans in GEL and also in EUR has decreased. However, the decrease in the eurozone currency is at the expense of a decrease in Euro lending.Out of the billion GEL loans issued by banks in GEL, USD and EUR to cafes and restaurants, more than 54 million remain problematic.Of the loans denominated in USD, the equivalent of 16.6 million GEL is problematic.

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