ОАО Вторая генерирующая компания оптового рынка электроэнергии


OGK-2 Free Cash Flow for 1H 2016 Grew by 30%, to RUR 7.3 bln

OGK-2 releases its operating results and Accounting Statements for 6 months of 2016, prepared in accordance with Russian Accounting Standards (RAS).

Key Highlights of the Statement of Financial Results (mn RUR)

6M 2016

6M 2015

Change (%)

Change (∆)






Cost of sales





Gross profit





Profit from sales





Net profit










Electricity production for 1H 2016 amounted to 31 bln 179 mn kWh, down by 4% or 1 bln 181 kWh (32 bln 360 mn kWh in 1H 2015). The reduction was caused by decommissioning of inefficient units at Troitskaya station (556 MW since June 1, 2016) and minimum load of the company non-marginal equipment.

In 1H 2016 production at CSA units grew by 54%, from 3 bln 445 mn kWh to 5 bln 296 mn kWh, mostly on the account of production started at CCGT-420 at Serovskaya station and STU-330 at Novocherkasskskaya station, as well as increased load of CCGT-800 at Kirishskaya station and CCGT-420 at Cherepovetskaya station. As a result, the “new” generation contribution to the total production reached 17% (11% in 1H 2015).

The Company’s revenue for the 6 months of the 2016 totaled RUR 59 bln 666 mn, increasing by 6.4% year-on-year. It was determined by growing revenue from capacity sales under CSA (CCGT-420 at Serovskaya, STU-330 at Novocherkasskskaya station and unit #2 of Ryazanskaya station), combined with lower electricity sales on the back of reducing production.

Cost of sales grew by 5.6% year-on-year and totaled RUR 53 bln 445 mn, among other things, on the account of growing amortization caused by commissioning of CSA capacity.

Gross profit increased by 14.5% year-on-year гз to RUR 6 bln 221 mn.

EBITDA grew by 31.8% year-on-year, up to RUR 7 bln 764 mn.

OGK-2 net profit totaled RUR 2 bln 787 mn, down by 10.0% year-on-year. Growing expenses for loan and credit service, resulting from CSA capacity commissioning, were one of the main factors contracting net profit.

“The main event of 1H 2016 was completion of the mandatory investment program after commissioning of units at Novocherkasskskaya and Troitskskaya stations. As a result, free operating cash flow grew by 30% year-on-year totaling RUR 7 bln 321 mn” - noted OGK-2 CEO Denis Bashuk.

Detailed information about OGK-2 performance for the 6 months of the 2016 in accordance with RAS is available at the company’s website in the RAS Accounting Reports section.

For reference:

OGK-2 is a leading heat generator comprising branches – power plants (11 operating and one under construction) with total installed capacity of 18.9 GW. Company branches produced 64 bln kW h of electricity in 2015 (about 6% of the total production in Russia). Fuel mix: 65% coal, 35% gas. The Company includes: Kirishskaya State District Power Plant, Krasnoyarskskaya State District Power Plant 2, Pskovskaya State District Power Plant, Novocherkasskskaya State District Power Plant, Ryazanskaya State District Power Plant, Serovskaya State District Power Plant, Stavropolskaya State District Power Plant, Surgutskaya State District Power Plant 1, Troitskskaya State District Power Plant, Cherepovetskaya State District Power Plant, Adlerskaya TPS and Groznenskaya TPS (under construction).

The Company’s controlling shareholder is ‘Gazprom Energoholding’ LLC (100% subsidiary of ‘Gazprom’ JSC).

  • Peterburgskoe highway 66,
  • Buid. 1, litera A, St. Peterburg, 196140, Russia
  • (812) 646-13-64
  • mail: office@ogk2.ru
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