EXPORT OF ELECTRICITY AND REGIONAL COOPERATION ISSUES

This study analyzes the electricity export indicators of the South Caucasus and former USSR countries during the years 2021–2022. Based on the data analysis, it became evident that electricity export volumes and revenues fluctuated significantly due to changes in international market prices, production capacity, and infrastructure. Georgia, being one of the largest hydroelectric producers in the region, recorded a nearly 96% increase in export volumes in 2022. As a result, Georgia’s export revenues increased more than fourfold, driven by both rising demand and higher prices. Armenia also achieved significant progress, increasing its export volumes by more than 50%. Meanwhile, Azerbaijan experienced a relatively smaller volume growth of 4.4%, but its export revenues increased by 69.7% due to higher electricity prices in the international market. The study shows that the rise in energy market prices had a significant impact on the revenues of exporting countries. Despite some countries experiencing minor changes in export volumes, the price increase allowed them to substantially boost their export revenues. This indicates that international electricity trade is becoming an increasingly important economic factor, providing new opportunities for countries to stabilize their economies. The study also revealed that steps taken toward regional cooperation and infrastructure development can significantly enhance export efficiency. Proper organization of energy policy and the introduction of new technologies enable countries to effectively utilize existing opportunities and strengthen their positions in the international market.Therefore, the countries of the South Caucasus can continue investing in the development of energy infrastructure and deepening regional cooperation to participate more effectively in the global energy market and ensure their economic growth.