Electricity

Western Ukraine’s power generating company, Zakhidenergo [ZAEN UZ, U/R], posted a UAH 80.7 mln (USD 10.5 mln) net loss in 1Q2009. The company’s net revenues grew 16.8% YoY in 1Q2009 to UAH 1 266.6 mln (USD 164.5 mln). Meanwhile, DTEK’s representatives claimed that ZAEN has accumulated a historically high 300 thsd metric tonnes of coal in storage.

Seven oblenergos and one power generating company, Dniproenergo [DNEN UZ, U/R], reported their 1Q09 financials yesterday.

Eastern Ukraine’s Donbasenergo [DOEN UZ, U/R] posted a UAH 26.3 mln (USD 3.4 mln) net loss for Q12009.

Today the State property Fund of Ukraine (SPF) postponed the privatisation auction on 25% stake in Poltavaoblenergo [POON UZ, BUY] on Ukrainian Interbank Currency Exchange (UMVB) by one week, to April 29.

After two years of failures, Odesaoblenergo [ODEN UZ, BUY] conducted shareholders meeting.

Kirovogradoblenergo [KION UZ: BUY] allocated 95% of its 2008 net income on dividend payout. 5% of the net income was directed to the reserve fund. Respective decisions were approved during the company’s AGM last Friday.

Ukraine’s National Energy Regulatory Commission (NERC) has introduced a 3.1X increase in power tariffs for residential users that consume over 0.6 MWh power per month, from the current UAH 244 per MWh to UAH 755 per MWh.

The Ukrainian Government suggested that the NERC increase power tariffs by 3.5 times for residential users that consume over 0.6 MWh of power per month, up from the current UAH 244 per MWh to UAH 823 per MWh.

The Ukrainian Parliament overturned the President’s veto which banned the law amending rules of electricity exports.

The AGMs of two power distributors were conducted yesterday. Sevastopolenergo [SMEN, N/R], which operates power distribution grids in the city of Sevastopol and is 96% owned by the VS Energy group, allocated 100% of its UAH 19.2 mln (USD 3.6 mln) net income for 2008 towards a dividend payout.