Electricity

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Electricity
December 18, 2009Zakhidenergo Goes West

The Ukrainian electricity generating company Zakhidenergo [ZAEN UZ] won access to a 100 MW power export capacity for the year 2010 through the very first auction to be held for access to electricity exports from Ukraine. As a result, now the Company will be able to sell part of its power directly to foreign clients. The auction itself signifies the liberalization of Ukrainian electricity exports and constitutes a driver for the entire power generating sector.

Electricity
April 9, 2009Oblenergos – privatization list

Finding itself in a situation characterized by a fiscal deficit and a deteriorating economic situation, both in Ukraine and worldwide, the Ukrainian Government decided to resume the privatization of large state-owned property in 2009, including the privatization of power distributing companies (oblenergos). On March 18 and April 1, 2009, Ukraine’s State Property Fund announced the auction for privatizing the blocking package of six electricity distribution companies. The auctions are scheduled on April-May 2009.

Electricity
March 2, 2009Regional electricity distribution — different identities

The energy sector in Ukraine is one of the country’s great assets. A country with a population of 47 mln and heavy industries generates significant demand for electricity. Currently there are 27 major electricity distribution companies (oblenergos) in Ukraine, 20 of which are public. This enables equity investors to play the Ukrainian electricity distribution sector on the stock market and gain benefits from the ongoing changes in the sector. The Ukrainian electricity distribution sector is one of the hottest on the stock market. After growing 208% YoY, on average, in 2007, the cumulative MCap of electricity distribution companies fell 90% YoY in 2008. Considerably low prices suggest that equities can be acquired for a penny; however, high spreads and low liquidity suggest that the investments should be held for a long time.

Electricity
July 18, 2008Five Questions on Ukrainian Gencos

Ukrainian thermal generation companies are industrial giants traded on PFTS. Built in the late 1960s, they have supplied electricity not only in Ukraine but to bordering countries as well. Reforms of the 1990s presented new challenges while, at the same time, opening up new prospects: the announced electricity sector reform, privatization of electricity companies, and possible export liberalization raise questions that need to be answered.

Electricity
May 22, 2008Flash Note: Privatization benefits for portfolio investors

The diarchy in the State Property Fund (SPF), created by the confrontation between the president and the prime minister, created grounds to question the legitimacy of the privatization that made Energy Standard group, one of the rival shareholders in 5 out of 6 oblenergos, refuse to participate until the government clears all political and judicial issues tied to privatization.

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Daily monitor

Electricity
March 4, 2010ODEN posts meager earnings, as expected

Odesaoblenergo (ODEN UZ) posted a UAH 25 thsd (USD 3 thsd) net income for 2009, which is even less that the modest UAH 5.6 mln (USd 1.1 mln) income recorded in 2008. At the same time, the Company’s net sales grew by 14% YoY in 2009 to UAH 2.2 bln (USD 0.28 bln).

Electricity
February 25, 2010LVON and KIEN disclose 2009 results

Kyivenergo [KIEN UZ] registered a UAH 130 mln net loss. KIEN's CFO noted that the Company's operating profit totaled UAH 464 mln, whereas the negative net income was mainly a result of fixed assets’ revaluation. The Company noted that the Kyiv City Administration owes KIEN compensation in the amount of UAH 1.5 bln for heat tariffs in 2008-2009.

Electricity
February 22, 2010Centrenergo and Zakhidenergo still suffer losses

The power generating companies Centrenergo [CEEN UZ] and Zakhidenergo [ZAEN UZ, HOLD] have reported net losses for 4Q09 and the full year of 2009. Notably, in 2009, CEEN posted a USD 32 mln net loss, negative USD 3 mln EBITDA, and USD 559 mln in net sales. In 4Q09, the Company carried a USD 4 mln net loss, but fortunately had a positive USD 4 mln EBITDA.

Electricity
February 19, 2010KION posts 2009 net loss, earnings for 6 other DisCos

The VS Energy-owned Kirovogradoblenergo [KION] posted a UAH 34 mln net loss, compared to the Company’s 2008 situation, when it registered a meager UAH 1.2 in earnings. Yesterday, all other Ukrainian power distributers reported that they ended 2009 with net earnings. The VS Energy-owned Odesaoblenergo [ODEN] showed a tiny net income of UAH 0.03 mln. The state-owned Kharkivoblenergo [HAON] recorded UAH 21 mln in 2009 earnings, while those figures stood at UAH 13 mln for Khmelnytskoblenergo [HMON], UAH 22 mln for Vynnytsiaoblenergo [VIEN UZ], UAH 19 mln for Krymenergo [KREN UZ], and UAH 5 mln for Mykolayivoblenergo [MOEN UK].

Electricity
February 18, 2010Ukraine’s 2009 coke exports down 8.5%, imports down 80%

According to the State Statistics Committee of Ukraine, in 2009, Ukraine’s coke imports contracted by 80% to reach 0.25 mln tonnes. At the same time, coke exports decreased by 8.5% to 0.92 mln tonnes.

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