2 Aug 2010 10:34

OGK-2 genco ups Q2 earnings 15.9%

MOSCOW. Aug 2 (Interfax) - Gazprom's OGK-2 wholesale generating company boosted net profit to Russian Accounting Standards (RAS) 15.9% year-on-year in Q2 2010 to 534.9 million rubles, the company said in materials.

This was 76.2% down on Q1 2010, as sales revenue plummeted 30.55% q-on-q due to lower sales on the wholesale market caused by a seasonal drop in electricity demand and prices.

Gazprom, the Russian gas monopoly, owns 54.9% of OGK-2, which controls the Pskov, Stavropol , Surgut-1, Troitsk and Serov state district power plants with combined capacity of 8,700 MW.