30 Jul 2010 16:28

TGK-2 net losses soar 350% in Q2

MOSCOW. July 30 (Interfax) - Generating company OJSC TGK-2 saw its net losses increase 4.5-fold year-on-year to 368.9 million rubles in the second quarter, according to company materials.

The Q2 losses were seasonal in nature, as gencos typically see a dip in production and do their most repair and maintenance work in the summertime.

In Q1, the company turned net profits of 618 million rubles, a more than year-on-year doubling.

TGK-2 has generating assets in six regions: the Arkhangelsk, Vologda, Kostroma, Novgorod, Tver, and Yaroslavl regions. Combined established capacity is 2,582.5 mWt of electric power and 12,475 gCal of heat. The genco's main shareholder is the Sintez group.