Electricity

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Electricity
April 19, 2010Power distributing companies: valuation update

Over the past 12 months the PFTS index has grown 5 times whereas the MCap of Ukrainian power distributing companies (DistCos) only doubled. However, DistCos were almost not affected by the increased scrutiny of 2009 while possible sector reform and expected better 2010 results should trigger DistCos’ price growth.

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.

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Daily monitor

Electricity
September 2, 2010Ukrainian GenCos grew energy production by 9.3% YoY in 8M2010

According to the Energy Company of Ukraine, a holding company managing four Ukrainian GenCos – Dniproenergo [DNEN UK], Donbasenergo [DOEN UK], Centrenergo [CEEN UK], and Zakhidenergo [ZAEN UK] – domestic GenCos’s total electricity production rose by 9.3% YoY in 8M2010, to 31.8 bln kW. In monthly terms the output increased by 17.9% during August.

Electricity
June 2, 2010POON privatisation auction set on 9 July

State property fund announced privatisation auction on 25% stake in Poltavaoblenergo [POON UK] on July 09, 2010. SPF valued 25% stake in POON at UAH 190 mln, which suggests UAH 3.44 share price.

Electricity
June 2, 2010Kyiv raises heat tariff, will attract UAH 2 bln for KIEN

Kyiv city raised the heating tariff by 41% and the hot water tariff by 29% since July 01, 2010. Also, the government of Ukraine allowed Kyiv city to attract a UAH 2 bln loan facility to cover its debt to Kyivenergo [KIEN UZ]. Kyiv city needs to compensate the difference in heating tariffs to KIEN from the city budget, but has accumulated over UAH 2 bln outstanding to KIEN, which in turn generates losses for KIEN.

Electricity
May 27, 2010SPF talks on privatisation in electricity sector

State Property Fund’s officials announced yesterday that the Fund might privatize one of the four state-owned, fossil-fuelled generating companies [CEEN UK, DNEN UK, DOEN UK and ZAEN UK] by the end of 2010. However, massive privatisation of electricity-sector companies is more likely in 2011, the SPF notes. Regarding the privatisation of 25% stakes in four power-distributing companies, the SPF may decide to break up the shares sold on the stock exchange into smaller blocks so that the market can absorb them.

Electricity
April 19, 2010SPF may float 4 oblenergos, sell all of stake in UTLM

The State Property Fund officials told on Friday that the fund is considering sale of the state owned 25% stakes of Odessaoblenergo [ODEN UK], Prykarpattyaoblenergo [PREN UK], Poltavaoblenergo [POON UK] and Sumyoblenergo [traded OTC] on the stock exchange. Last year the SPF failed to sell the stakes in four oblenergos through the auctions.

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