Russia's Mosenergo profits fall tenfold in 2007
Mosenergo, the main supplier of power to Russia's capital, saw its net profits plummet in 2007 to 837 million roubles ($35.41 million) from 8.569 billion in 2006.
The company gave no explanation for the profit fall.
Mosenergo came under attack last week from its former parent company, Unified Energy System (UES), Russia's Soviet-era electricity monopoly, which said the Moscow utility is not meeting its commitments to build new capacity.
A top official at gas export monopoly Gazprom, which controls Mosenergo, refuted the criticism in an interview published on Wednesday in the Vremya Novostey newspaper.
Denis Fyodorov, in charge of Gazprom's electricity sector development, told the paper that Mosenergo was installing four turbine units with a combined generating capacity of 1,770 megawatts, which are to come on line in the next few years.
“There will be no changes to the required investment program. That is our clear position,” Fyodorov said. (Reuters)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.