2 Sep 2010 18:00

OGK-2, OGK-6 expect continued improvement in financial performance in H2

MOSCOW. Sept 2 (Interfax) - OGK-2 and OGK-6 expect their financial results in the second half of 2010 to be at least as good as in the first half, the deputy CEO for economics and finance at both companies, Natalya Vaitulenis, said in a conference call on Thursday.

The wholesale generating companies published IFRS financials for the first half of the year this week. OGK-2 posted a net profit of 1.79 billion rubles in the first half (120% more year-on-year) and OGK-6 had a net profit of 799.9 million rubles (70% less).

"The results in the final six months will not be lower," Vaitulenis said, adding that the companies plan to maintain "the favorable trend relative to maintaining a stable financial situation."

Gazprom , which has controlling stakes in OGK-2 and OGK-6, plans to merge the two gencos. A number of managers, primarily from OGK-6 and including the general director, Alexei Mityushov, and Vaitulenis are already combining positions at the two companies.

OGK-2 controls the Pskov, Stavropol, Surgut-1, Troitsk and Serov district power plants (GRES) with combined capacity of 8,700 megawatts.

OGK-6 includes the Kirishi, Novocherkassk, Ryazan, Cherepovets, Krasnoyarsk-2 and Krasnoyarsk-24 state power plants (GRES) with installed capacity of 9,162 megawatts.