Electricity

Electricity consumption in Ukraine in January-March 2009 dropped 12.7% YoY to 45.9 TWh. Net electricity consumption in the country in this three months fell by 14.5% YoY to 35.4 TWh. Notably, in January-February 2009, net electricity consumption saw a considerable 16% YoY decline.

The National Energy Regulating Commission has revised the investment program of Chernivtsioblenergo [CHEN UZ, BUY] and increased it by 5.9% to UAH 32 mln (USD 4 mln).

After negotiations with the government, the NERC has cancelled its decision of March 19, 2009 to raise the electricity tariff for residential users that consume more than 0.4 MWh per month, which grew by a factor of 3.1 to UAH 726 (USD 94) per MW, including 20% VAT, as of April 1, 2009.

The State Property Fund of Ukraine announced the date of the auction for selling of state’s stake in Odesaoblenergo [ODEN UZ, BUY] - May 19, 2009.

The Energy Company of Ukraine (ECU) has transferred 52 mln shares of Odesaoblenergo [ODEN UZ, BUY] to the State Property Fund in order to privatize this stake in the company.

Dniproenergo [DNEN UZ, U/R] held its AGM yesterday, with the owners of 97.85% of the company’s shares checking in.

The Ukrainian Parliament amended the law on electricity yesterday.

The electricity tariff for residential users who consume more than 0.4 MWh per month grew by a factor of 3.1 to UAH 726 (USD 94) per MW including 20% VAT since April 1, 2009.

The third-largest Ukrainian public GenCo Zakhidenergo [ZAEN UZ: U/R] held its shareholder meeting yesterday. In 2008, the company recorded a UAH 89.8 mln (USD 17.0 mln) net loss.

At its last AGM, the western Ukrainian electricity distribution company Zakarpattyaoblenergo [ZOEN UZ, BUY] decided to pay out UAH 3.86 mln in dividends for the year 2008.