Russia’s electricity consumption in January declined by 3.3% year on year due to warmer weather, according to the system operator statistics.
“Though the statistics refer to one month of 1Q20 only, if weather conditions do not
change in February-March, 1Q20 y/y dynamics may be quite weak for fossil fuel generating companies – InterRAO, OGKs and TGKs,” BCS Global Markets commented on February 6.
As reported by bne IntelliNews, Russian utility names are being closely watched by investors since the start of 2020, and are considered a strong Buy.
Warm weather could be beneficial for RusHydro, the hydropower major. While in January fossil fuel gencos' output was down 9% y/y, hydro production was high at 18% y/y growth.
BCS Global Markets also noted that electricity spot market y/y dynamics in January were sluggish - for the European zone, prices fell 6.6.%; for Siberia they were down by 7.7%. RusHydro previously showed 15% output growth in 4Q19, with particularly strong performance and prices for hydro generation in central Russia.
Related Articles
Russian state VTB Bank to divest non-core assets
Russia’s second-largest bank state-controlled VTB plans to divest non-core assets unrelated to banking operations within the next five years, according to Interfax citing the bank's CEO, ... more
Russian Bank Saint Petersburg to pay over 50% of profit in dividends
Russian Bank Saint Petersburg (BSPB) announced paying RUB29.72 dividend per share for 2H24, implying full-year payout of RUB56.98 per share, according to Renaissance Capital citing supervisory board ... more
Russian T-Technologies banking group posts 30% ROE in 2024
Net IFRS profit of Russian T-Technologies (former TCS) banking group reached RUB38.7bn ($518mn) in 4Q24, making RUB122.2bn ($1.63bn) in profit for full-year 2024 and a return on equity (ROE) of ... more
Most Read
-
Indonesia expands military role in government, protesters clash with police in Jakarta
1 month ago
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
1 month ago
-
US sets six conditions for Iran talks in Trump letter to Supreme Leader
30 days ago
-
Korean opposition to push for impeachment motion against acting president
1 month ago
-
Zero pressure from US as Imamoglu protesters warn Erdogan snuffing out last remnants of Turkey’s democracy
29 days ago