We have updated our valuation models for Inter RAO UES, Enel Russia, Unipro and RusHydro and reinitiated coverage of OGK-2, Mosenergo and TGK-1. We take into account their latest operating and financial results, as well as our new macro forecasts. In the next few years, the key factor for the financials will still be payments for new capacity built under capacity supply agreements (CSAs). This will entail varying performances for the different companies. We have two BUY recommendations: InterRAO...
Summary OGK-2, formerly OGK-2 OAO, is an energy company that carries out generation and supply of electricity and heat. It generates and supplies electricity and heat through its multiple power plants located in Russian Federation. OGK’s power plants have reserves of electric power and heat, raw materials for the manufacture of construction products, and the supply of chemically treated water. The company sells electricity in wholesale and retail market of electric energy including local cons...
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