Electricity

On Friday, the Board of the Wholesale Electricity Market (WEM) has decided to increase the minimum reserve of anthracite coal at the fossil fuelled power plants from 140 thsd mt to 200 thsd mt before October 1, 2009.

The National Electricity Regulatory Commission (NERC) has increased the expected wholesale electricity price in October by 0.8% in comparison with September's rate of 413 UAH per MWh.

National Energy Regulatory Commission of Ukraine (NERC) amended the draft which regulates auctions on power export.

The Government of Ukraine ordered the Ministry of Fuel and Energy to transfer the state stakes of power distributing companies from Energy Company of Ukraine to the State Property Fund (SPF) for further privatisation.

Power distributing company Khersonoblenergo [HOEN UZ, BUY] ended 1H09 with a net income of UAH 28.8 mln, VS Energy’s press service says. In the first half 2009 HOEN increased net revenues compared to the first half of 2008 by 19.23% to UAH 447.4 mln.

Acting head of the State Property Fund Dmitriy Parfenenko told the press yesterday that the government has initiated privatisation procedures for the power distributing companies which are owned by the state’s Energy Company of Ukraine.

Centerenergo [CEEN UZ, U/R], the last of the Ukrainian fossil fuelled power plants, reported 1H09 financial results. As with other GenCos, CEEN had all the margins in the negative.

The National Energy Regulatory Commission (NERC) has lifted gas prices for population by 20% beginning September 2009. Utility service providers will have their gas price rise 35% from October 2009. The decision still needs authorisation by the Ministry of Justice, which should not be an issue.

Cherkasyoblenergo [CHON UZ, BUY], Dniprooblenergo [DNON UZ, BUY], Kharkivoblenergo [HAON UZ, BUY], Kirovogradoblenergo [KION UZ, BUY], Krymenergo [KREN UZ, BUY] and Lvivoblenergo [LVON UZ, BUY] reported their semi-annual financials. During the fist half of 2009 CHON, KION and KREN worsened their bottom lines compared to the first half of 2008 while the rest of the oblenergos saw a little improvement in revenues.

Chernigivoblenergo [CHEON UZ, BUY], Khmelnitskoblenergo [HMON UZ, BUY], Vinnytsyaoblenergo [VIEN UZ, BUY], Volynoblenergo [VOEN UZ, BUY], Zakarpattyaoblenergo [ZOEN UZ, BUY] and Sumyoblenergo [traded OTC] reported their semi-annual financials. During the fist half of 2009 all the companies improved their revenues and net incomes, compared to the first half of 2008. Nonetheless, margins did not change materially.