OREANDA-NEWS. On 14 May 2009 TGC-1 presented its operational and financial results for the 1st quarter 2009. As of 1 January of the reporting period, the installed electricity generation capacity of the Company totalled (not including Murmanskaya CHPP) 6,263.45MW, while the installed heat production capacity reached 13,437 GCal/h.

Electricity and heat production at the Company’s power plants in the 1st quarter 2009 was estimated at 7,786mn  kWh and 10,068k GCal respectively.

The 1Q 2009 revenue of the Company under the Russian Accounting Standards amounted to RUR11,982mn, an increase of 19.5% from the RUR10,028mn reported in the compared period of 2008. This total revenue increase was due to a rise in earnings delivered by further deregulation of the electricity market and growing sales at non-regulated prices.

The Company’s costs, classified as production costs, were estimated at RUR9,207mn  (compared to RUR8,867mn in 2008).

Hence, the 1Q 2009 pre-tax profit totalled RUR2,229mn (compared to RUR1,205mn in 2008). Net profit nearly doubled to RUR1,720mn , compared to the previous corresponding period’s RUR864mn.

Underpinning this net profit increase were a lower-than-expected gas price growth rate and a higher water content of the rivers in the Company’s operations’ regions, which enabled the hydroelectric power plants to produce more electricity and positively affected the TGC-1’s performance in the wholesale electricity and capacity market of the Russian Federation.

Commenting on the results achieved in the 1st quarter 2009, Boris Vainzikher, General Director of the Company, stressed that, with the consent of the shareholders, the revenue would be used to finance the Investment Programme.