OREANDA-NEWS. November 19, 2007.Net profit of HydroOGK, Russia's major hydroelectric power company, surged 9.2% to 8.358 billion rubles (approx. $341.28 million) under Russian Accounting Standards (RAS) in January-September 2007 compared to the same period a year earlier. The company links the rise in its net profit to its performance on the wholesale electricity market, higher tariffs and gradual liberalization of the market.

HydroOGK's revenue reached 31.709 billion rubles (approx. $1.29 billion), up 23 times compared to the same period of 2006, while prime costs rose 16.8 times to 23.806 billion rubles (approx. $972.07 million), profit amounted to 7.903 billion rubles (approx. $322.7 million) against a loss of 40.96 million rubles (approx. $1.67 million) a year earlier, and pre-tax profit climbed 11.4 times to 10.312 billion rubles (approx. $421.07 million).

Now HydroOGK is a holding that has shareholdings in different hydro generating assets, total capacity of which is about 21,000 megawatt. Now the company is conducting the process of consolidation of its assets. When this process is completed HydroOGK would consist of 49 hydro-electric power plants with the total capacity of 23.3 gigawatt. OJSC HydroOGK's shared capital comprises 140.96 billion rubles divided into the same amount of ordinary shares with the nominal value of 1 ruble. RAO UES of Russia controls 100% of the shares.