Hasi

Köpenicker

A0JNAC Territorial'naya Gen. Komp. 9 Registered Shares RL -,003

Gekauft 50.000.000 zu 0,00015 $ wegen dem Bauchgefühl, mal sehen was wird!


Gruss Köpenicker!

Köpenicker

09/10/2009
12:12

FSK UES paid up 218.4mln rub. to cover the 6th coupon of the 4th issue of the bonds released in the volume of 6bn rub., the company informed.

6mln bonds of 1ths rub. were issued and placed in 2006 on MICEX through the open offering at par. The maturity period covers 5 years.. The issue was arranged by Gazprombank and IG Renaissance Capital.

FSK UES provides operation of 120 ths km of electric lines and 796 substations. It has 47.073ths km lines and 153 substations in the ownership.

The remained property is rented from the main grid companies (MSKs) withdrawn from the energos within the restructuring.

The share capital is worth 238.174bn rub. split in 476347462155 common stocks of 0.5 rub. par each. The government in the name of the Federal Agency for the federal property has 16.128%; 83.87% being held by RAO UES.

The 9-month 2008 net profit (RAS) increased 2.14 fold to 7.149bn rub. from 3.338bn rub.; revenues - 13% to 51.47bn rub. from 45.551bn rub.; pretax profit - to 10.344bn rub. from 5.045bn rub.; costs - 41.617bn rub. from 36.713bn rub.

The IH 2009 net profit rose to 8.682bn rub. from 2.515bn rub. (RAS); revenues - 1.2 fold to 41.208bn rub. from 33.547bn rub.; gross profit - 1.9 fold to 11.506bn rub. from 6.131bn rub.; profit from sales being doubled to 9.543bn rub. from 4.713bn rub.; pretax profit - 3 fold to 11.573bn rub. from 3.871bn rub.

"AK&M", 09/10/2009

Hasi

Ein sensationeller OGK/TGK-Tag heute am RTS: (13.10.09)

http://stock.rbc.ru/demo/rts.1/intr...l?leader=UPPERS

OGK-5 + 37.55% 0.0956
TGK-2 + 30.43% 0.0003
OGK-3 + 22.64% 0.065
OGK-4 + 18.29% 0.0621
OGK-1 + 16.33% 0.026
OGK-6 + 11.55% 0.028
TGK-6 + 8.82% 0.0004
OGK-2 + 7.38% 0.032
TGK-1 + 6.82% 0.0005

polo-10

Oleg Deripaska has proposed splitting state-run RusHydro into four companies and taking a stake in a major Siberian dam serving his aluminum plants, Kommersant reported Wednesday.

Deripaska wrote last week to Prime Minister Vladimir Putin with a proposal that his indebted United Company RusAl take a stake in the Sayano-Shushenskaya hydroelectric dam, where 75 people were killed in an accident in August, the report said.

But the dam, which has not operated since the accident, requires 40 billion rubles ($1.4 billion) in repairs and RusAl has yet to restructure its $16.8 billion debt to foreign and Russian banks. A spokesman for Deripaska’s Basic Element holding declined to comment.

und:

National hydro power operator RusHydro has announced plans to invest $25.5m in reconstruction and re-equipment of its Novosibirsk GES hydro power station in 2010.

Under plans, the funds are to be used to install new transformers and a turbine, overhaul dehydrating system, replace water pumps and repair technical water supply systems.

Hasi

Die Neuordnung des Russischen Strommarktes:

http://www.zukunftsenergien.de/hp2/.../landia-ied.pdf

Hasi

The Ministry of Energy expects to approve rules and price ceilings for the capacity market

in the near future (November-December). We forecast that capacity terms will be quite
positive for generators, encouraging a shift of investor attention from MRSKs to the
generating sector following the recent major rally by the former. Our favorite generator is
OGK-1, which underperformed the benchmark in recent months and looks cheap on
multiples (see our report: Generators and Distributors: Waiting for the Rules coming
today).
However, 3Q and 4Q financials may put short-term pressure on OGKs/TGKs as effect of
the time lag between increase of gas and power prices will fade, causing lower margins
compared with record 1Q and 1H profitability. 9M RAS net income of OGK-2 dropped 70%
compared with 1H. OGK-4 showed 64% fall in 9M compared with 1H (there was 3.6x y-o-y
growth in 1Q 2009, 2.8x y-o-y growth in 1H 2009 and 56% y-o-y decline in 9M 2009).
OGK-1 and OGK-6 reported positive net income in 3Q, but earnings constantly decrease
q-o-q.

Hasi

OGKs were among worst performers as the market moved downwards last week. 3Q RASresults of OGKs, which were weaker than 1Q and 1H 2009 figures, may have intensifiednegative sentiment, although the weak financials were expected and RAS figures usuallyhave little impact on pricing. This week we think that TGKs and MRSKs may copy the lastweek’s underperformance by OGKs (OGKs are more liquid and tend to reflect markettrends more quickly than TGKs and MRSKs).
RMG weekly

Köpenicker

Hallo Hasi! So wie es aussieht werden die Energos bald richtig durchstarten. Versorger sind ein sicherer Hafen mit guten Dividenden. Bin voll investiert und warte nunmehr ab! Russland ist mal wieder der beste Markt und die Empfehlungen beginnen erst. Viele Werte sind noch ohne ADR´s/GDR´s und somit für viele Investoren unbekannt. Wer jetzt trotz der Gewinne noch einsteigt, wird sicher nicht bestraft werden. Der Kurswert von UES vor Splitt ist aus meiner Sicht noch nicht erreicht. Wie siehst Du das? Den Energos gehört die Zukunft das Landes!

Gruss Köpenicker!

Hasi

das sehe ich auch so Köpi,

wir sind am Ende der Hoffnungsphase, und der Erfolg mit meinen Energos ist überwältigend:
OGK-4‎ +229 %
FSK EES +221 %
MRSK South +205 %
OGK-1 +111 %
RusHydro +97 %
TGK-9 +- (seit letzter Woche im Depot)

Wachstums- und Optimismusphase liegen noch vor uns, alleine zum "VorCrashHoch" sind es ab heute, bei meinen Energo-Depotwerten nochmals weitere:

OGK-4‎ +134 % (Total seit Kauf + 1542 %)
FSK EES +14 % (Total seit Kauf + 351 %) 8-2008 aus UES entstanden (Potenzial)
MRSK South +179 % (Total seit Tausch +750 %)(gratis ex Rostovenergo Vz)
OGK-1 +645 % (Total seit Kauf + 2052 %)
RusHydro +136 % (Total seit Kauf + 360 %) 2-2008 aus UES entstanden (Potenzial)
TGK-9 +400 %

spätestens in der Optimismusphase sollten diese Kurse auch noch übertroffen werden

Hasi

IES plans to adopt RAB-based tariffs for the heating networks of some
TGKs in 2011; POSITIVE

The adoption of RAB-based heating regulation for TGKs would be a strong
boost to the valuation of these names. The current “cost-plus” tariff regulation
does not provide adequate returns on investments in heating networks. As a
result, the heating business becomes loss-making and needs to be subsidized
by TGKs’ electricity operations. We view the news as POSITIVE for all TGKs
in general, and IES’s TGKs in particular (TGK-5, TGK-6, TGK-7 and TGK-9).
According to Interfax, Integrated Energy Systems (IES) CEO Mikhail Slobodin
has stated that the company plans to ask the regulators to introduce the RABbased
framework for heating networks in some of the regions where IES’s
TGKs operate; however he did not say which regions in particular. He also
said that according to the Russian energy efficiency law, RAB-based tariff
regulation on the heating networks must be introduced in 2012. He expects
the final decision will be made on October 1, 2010.
RAB-based tariff regulation means that tariffs are set based on the fair rate-ofreturn
on the regulatory asset base (RAB), which is determined by a regulator.
Unlike the “cost-plus” system, RAB-based tariffs encourage companies to
optimize their operating costs, making its operations more predictable and
reducing its cost of capital. The Federal Grid Company adopted this tariff
system at the beginning of this year and all MRSKs must follow suit by
January 1, 2011.

Kusoke

OGK-3 expects operating profit to decline by 85% in 2010 to RUB 0.6 bn, and also expects to offer its 25% stake in Russia Petroleum to foreign investors or participants in the Kovikta project. The news is neutral for stock and we reiterate our Hold Recommendation.

OGKC RX: HOLD | Fair Value: USD 0.052 | Current Price: USD 0.044 | Upside/Downside: 18%

OGK-3 expects its 2010 operating profit to decline by 85% to RUB 0.6 bn, which is close to our expectation of RUB 0.4bn. While there is to be approximately no change in the company’s 2010 flat-rate tariff over 2009, the average cost of gas is expected to increase by 26% y-o-y and OGK-3’s average market electricity price is anticipated to grow by by 27% y-o-y.
We expect 2010 revenue to remain at the 2009 level (at RUB 38.8bn), and EBITDA to decrease by almost 50% to RUB 3bn.
The company also plans to offer its 25% stake in Russia Petroleum, which it bought in 2008 for USD 576mn. In our view, the market has already priced in the decline operating profit and thus announcement should have no impact on the stock price. We reiterate our Hold recommendation.

Quelle: metropol

Kusoke

Hasi

RMG zu "Fuel-fired Generators" OGK, TGK's

Angehängte Dateien

OGK TGK 16.2.2010.pdf (87,2 KB, 70x aufgerufen)

polo-10

polo-10

mal heuer eben + 10 % +

schönes WE

Köpenicker

33% +

Gruss Köpenicker!

Hasi

Gazprom considers swapping its power assets with Fortum and IES;

Gazprom is discussing the possibility of swapping its power assets with other
companies besides Inter RAO, Interfax has reported, citing Denis Fedorov,
CEO of Gazpromenergo Holding, which manages Gazprom’s power assets.
The list of possible contenders could widen to include Finland’s Fortum, which
has a blocking stake in TGK-1 and controls the Russian Fortum (formerly
known as TGK-10), and Integrated Energy Systems (IES), which controls
TGK-5, TGK-6, TGK-7 and TGK-9. Since we do not have details on any
possible deals, and since any deal is unlikely to take place on the open market
(it is doubtful that Gazprom will increase its stakes by purchasing shares on
the market), we believe the news has no immediate implications for the
respective companies and is therefore NEUTRAL.
Gazprom had already considered increasing its stake in TGK-7 via asset
swaps with Inter RAO, the terms of which are still being negotiated. Inter RAO
is on track to obtain the stakes held by RusHydro, Federal Grid Company and
the government in various GenCos, including ~33% of TGK-7 inter alia. At the
same time, Inter RAO is in talks with Gazprom about possible asset swaps,
but the specific assets it hopes to receive as part of this deal have not been
disclosed.
Alexander

Köpenicker

http://stock.rbc.ru/demo/micex.0/in...tml?show=intra3

Alles wird gut!!!

Gruss Köpenicker!

Köpenicker

18:49 | 18/ 03/ 2010

LONDON, 18. März (RIA Novosti). Der Reingewinn des italienischen Energiekonzerns Enel ist im vergangenen Jahr um 1,9 Prozent auf rund 5,4 Milliarden Euro gewachsen, heißt es im Finanzbericht des Unternehmens.

Der Erlös ist um 4,7 Prozent auf rund 64 Milliarden Euro gestiegen. Das Ergebnis vor Steuern, Zinsen und Abschreibungen (EBITDA) nahm um 12,1 Prozent auf rund 16 Milliarden Euro zu.

Die Schulden von Enel stiegen im vergangenen Jahr um 1,8 Prozent auf 50,87 Milliarden Euro.

In dem Finanzbericht von Enel wurden auch die Einnahmen aus dem Verkauf von 25 Prozent der Anteile am spanischen Versorger Endesa in Höhe von 970 Millionen Euro mitberechnet.

Die russische Enel-Tochter Enel OGK-5 erwirtschaftete im vergangenen Jahr einen nach internationalen Rechnungslegungsstandards bilanzierten Netto-Überschuss von 3,2 Milliarden Rubel (rund 78 Millionen Euro) und hat somit ihre Finanzzahlen gegenüber 2008 fast verdoppelt. 2010 peilt Enel ein EBITDA von 16 Milliarden Euro und 2011 von 19 Milliarden Euro an. Der Konzern will außerdem seine Schulden in Höhe von 45 Milliarden Euro zum Jahr 2014 auf 39 Milliarden reduzieren.

Enel hält einen 55,86-prozentigen Anteil am russischen Stromerzeuger OGK-5 und 49,5 Prozent an dem größten privaten russischen Absatzunternehmen Rusenergosbyt, das jährlich im Durchschnitt 38 Milliarden Kilowattstunden strom verkauft.

polo-10

Das geht ab ...

Hasi

Quelle: Metropol
The government said it will not impose price caps for existing capacity on the long-term capacity market. We think this is positive for OGK stocks, with OGK-1, OGK-2, OGK-3 and OGK-4 benefiting most. We have put all OGKs and RusHydro under review.
OGK1 RX: UNDER REVIEW | Current Price: USD 0.044
OGK2 RX: UNDER REVIEW | Current Price: USD 0.061
OGKC RX: UNDER REVIEW | Current Price: USD 0.068
OGK4 RX: UNDER REVIEW | Current Price: USD 0.082
OGKE RX: UNDER REVIEW | Current Price: USD 0.096
OGK6 RX: UNDER REVIEW | Current Price: USD 0.047
HYDR RX: UNDER REVIEW | Current Price: USD 0.057
The Russian government has agreed not to impose price caps for existing capacity on the long-term capacity market. Although no details are available yet, a lack of price caps, along with marginal capacity pricing, would be most beneficial to OGK-1, OGK-2, OGK-3 and OGK-4, while OGK-6 and OGK-5 seem to receive less advantage from such an approach to the capacity market, in our view. We put all OGKs and RusHydro under review.


OGK-2’s EBITDA increased 5-fold, reaching RUB 3bn in 2009 and confirming our estimates. OGK-2 and OGK-6 could merge, which would optimize the cost structure for the combined companies, in our view. This should be positive for both stocks.
OGK2 RX: UNDER REVIEW | Current Price: USD 0.061
OGK-2 increased EBITDA 5-fold y-o-y in 2009 to more than RUB 3bn (close to our forecast of RUB 3.1 bn), resulting in an EBITDA margin of 8%. We estimate that EBITDA will increase by a further 170% in 2010 to RUB 5.5bn, resulting in EBITDA margin of 11%.
A merger between OGK-2 and OGK-6 would create a company with approximately 18GW of installed capacity and result in the optimization of fuel and other costs. However, there are some questions relating to the combined company’s market power, especially in the North-West, based on ownership of the Pskovskaya and Kirishskaya power stations and TGK-1, and the would need be resolved with the Federal Anti-Monopoly Service (FAS).

Hasi

RMG News zu den Energos 11.4.10

Angehängte Dateien

Power Sector Segments Poles Apart 10.4.10 2.pdf (54,5 KB, 28x aufgerufen)

Hasi

Metropol Daily News:

________________________________________
We revised our recommendation and target price for OGKs and RusHydro based on new model for the long-term capacity market. Based on DCF valuations, OGK-4 has the highest upside potential of 34%.
HYDR RX: BUY | Fair Value: USD 0.072 | Current Price: USD 0.063 | Upside/Downside: 14%
OGK1 RX: HOLD | Fair Value: USD 0.054 | Current Price: USD 0.049 | Upside/Downside: 10%
OGK2 RX: BUY | Fair Value: USD 0.073 | Current Price: USD 0.062 | Upside/Downside: 18%
OGKC RX: HOLD | Fair Value: USD 0.069 | Current Price: USD 0.067 | Upside/Downside: 3%
OGK4 RX: BUY | Fair Value: USD 0.106 | Current Price: USD 0.079 | Upside/Downside: 34%
OGKE RX: BUY | Fair Value: USD 0.111 | Current Price: USD 0.095 | Upside/Downside: 17%
OGK6 RX: SELL | Fair Value: USD 0.042 | Current Price: USD 0.05 | Upside/Downside: -16%
We change our recommendation from Hold to Buy for OGK-2 and OGK-5. For OGK-4 and RusHydro we reiterate our Buy recommendation, while we reiterate our Sell recommendation for OGK-6 and Hold recommendations for OGK-1 and OGK-3. Based on DCF valuations, OGK-4 has the highest upside potential of 34%.
Implementation of the long-term capacity market could benefit efficient stations, mainly OGK-4, OGK-2, OGK-3 and OGK-1
Given the long-term capacity market implementation in 2011, we see the potential for an increase in capacity payments for existing efficient generators that could benefit from their low flat-rate cost structure compared to the industry weighted average. We expect that the main beneficiaries from the capacity market are likely to be OGK-2 (with an increase of approximately 65% in capacity payments relative to current payments), OGK-1 and OGK-3 (increase of approximately 40% in capacity payments), and OGK-4 (increase of approximately 35% in capacity payments).
2010 short-term capacity tariffs for new capacity could indicate favorable prospects for long-term capacity payments
In 2010, the capacity tariff for the new generating unit at OGK-4’s Shaturskaya plant, for example, was set at 507,300 RUB/MW per month. The tariff for one of RusHydro’s new units reached 779,800 RUB/MW while new generating capacity at OGK-6 was priced at approximately 583,000 RUB/MW. This could indicate future prices in the long-term capacity market.
We reduced the WACC by 0.8ppts on average
We decreased the WACC based on a lower cost of debt (which we reduced by 3.2ppts on average, as the credit markets became more receptive) and a lower cost of equity, mainly due to a lower company specific risk premium given increased certainty regarding tariffs. As a result, the WACC decreased by 0.8ppts on average
A restriction on bilateral contracts to free flow zones only could result in the risk of downside to our valuations
The government could introduce 28 free flow zones (grid zones with no congestion), which is significantly higher than the number of current energy zones, and limit the bilateral contracts to contractors only to those located in the same zone. That could limit possibility for efficient generators to benefit from marginal price setting in the long term capacity market for existing generators. Though we see such possibility we believe OGK-4, OGK-2, OGK-1 and partly OGK-3 could still benefit from the long-term capacity market implementation.

Hasi

©2010 Bloomberg News

April 15 (Bloomberg) -- Xenon Capital Partners, an investment company set up to advise Russian state-owned companies on mergers and acquisitions in the energy industry, plans to hire two bankers from JPMorgan Chase & Co.

Stan Song and Hamid Gayibov quit JPMorgan last week and may join three former colleagues from the U.S. bank's M&A energy team in Moscow who are already at the firm, according to an e- mailed statement from Moscow-based Xenon. A JPMorgan spokesman declined to comment.

Competition for Moscow's bankers is intensifying as the Russian economy recovers from its worst contraction on record. Credit Suisse hired five fixed-income specialists last month, including three from Deutsche Bank AG, while Renaissance Capital appointed Credit Suisse's Nikolai Yukovich to run its emerging- markets currency team. Otkritie Financial Corp., a local brokerage part-owned by VTB Group, took on 18 people for its new debt and currency market units last month.

Xenon said it needs more bankers to handle a "range of M&A mandates for state-owned corporates in the energy sector," describing Song as one of Russia's "most reputable M&A bankers" and Gayibov as a "rainmaker" executive.

JPMorgan's former head of investment banking in Russia, Natalia Tsukanova, set up Xenon last year to advise Igor Sechin, Prime Minister Vladimir Putin's deputy for energy and chairman of OAO Rosneft, the country's largest oil company. Ex-JPMorgan M&A banker Kamil Burganov joined Xenon in February and another colleague Anton Voronin came over in March, Burganov said.

Twenty Hires

Xenon is expanding as the government consolidates state assets in industries including energy, aerospace and shipbuilding to help reduce Russia's dependence on oil and gas exports, and prepares some for sale. Russia is combining six state-owned regional airlines under OAO Aeroflot. State shipping company Sovcomflot plans to sell shares in an initial public offering in late 2010 or early 2011, Chief Executive Officer Sergei Frank, a former transport minister, told reporters in Moscow today.

Xenon plans to hire a total of 20 staff to focus on consolidation in the domestic energy industry and later help state-owned companies with foreign acquisitions, Burganov said. The company has a London office which will eventually advise companies seeking to list on the London Stock Exchange, he said.

As well as consulting on acquisitions, Xenon manages a $2 billion state-owned power utilities fund, Burganov said. The fund, called Rusenergo, holds stakes in companies including OAO Rushydro, Russia's largest hydropower producer, and electricity producers known as TGKs and OGKs, Burganov said.

"The fund is focused exclusively on the power sector," Burganov said by phone. "But our M&A advisory work for state- owned companies will cover oil, gas, oil-services, utilities and manufacturing sectors."