Electricity

The electricity distribution company Hmelnytskoblenergo [HMON UZ, U/R] made UAH 29.5 mln (USD 5.6 mln) in net income in 2008, which is a 258% gain compared to the 2007 net income of UAH 8.2 mln (USD 1.6 mln).

The electricity generating and distribution company Kyivenergo [KIEN UZ, U/R] failed to conduct a shareholders’ meeting yesterday. The key issues on the agenda of the failed AGM were the approval of KIEN’s 2007 financial results, distribution of 2007 net income, and changes to the company’s registrar.

State shares of Chernigivoblenergo [CHEON UZ, BUY], Lvivoblenergo [LVON UZ, BUY], Odesaoblenergo [ODEN UZ, BUY], Poltavaoblenergo [POON UZ, BUY], Prykarpatoblenergo [PREN UZ, BUY], and Sumyoblenergo are valued at approximately UAH 1 bln (USD 129 mln), according to Acting Head of the State Property Fund of Ukraine, Dmitriy Parfenenko, in an interview yesterday with the Ukrainian 5th Channel. The state holds 25% stakes in CHEON, ODEN, POON, PREN and Sumyoblenergo, respectively, and a 27% stake in LVON.

January 2009 saw another sharp fall in Ukrainian electricity production (-14.6%) and net consumption (-15.4%) compared to January 2008. The worse performance among the electricity generators was shown by the fossil-fuelled power plants: -17.5% YoY.

Volynoblenergo [VOEN UZ, BUY], a west Ukrainian electricity distribution company, ended last year with a UAH 6.5 mln (USD 1.2 mln) net income, which is a 136% gain compared to 2007 results.

Power generating company Donbasenergo [DOEN UZ, BUY], which operates fossil fuelled facilities in eastern Ukraine, has decreased its preliminary estimated net income by 35.3% to UAH 17.2 mln (USD 3.3 mln) for the year ending 31 December 2008.

Poltavaoblenergo [POON UZ, BUY] increased its net income in 2008 by 24.5% to UAH 19.9 mln. The net revenues of Poltavaoblenergo in 2008 increased by 28.3% to 1,302.0 mln UAH. In 2008, POON reduced electricity distribution by 3.2% YoY to 2,612.7 GWh. The level of payments for purchased electricity in 2008 reached 100%.

On December 25, 2008, the electricity generation company Dniproenergo [DNEN UZ, BUY] launched its unit #10, with a 282 MW capacity, at the Kryvyy Rih Fossil-Fuelled Power Plant FFPP).

On Friday, Ukraine's Parliament passed the law “On preventing the international financial crisis from hindering the construction sector in Ukraine”, which amends a series of laws.

The National Electricity Regulatory Commission of Ukraine has set key parameters for electricity distribution companies in 2009.