Bloomberg News

Gazprom Power Generating Units Climb on Revenue Forecast

November 02, 2011

(Updates with closing share prices in second paragraph.)

Nov. 2 (Bloomberg) -- OAO Gazprom and its power-generating units OAO Mosenergo and OAO TGK-1 climbed after the world’s biggest natural-gas producer forecast revenue at the utilities will grow.

Mosenergo, the Russian capital’s biggest power supplier, jumped 2.5 percent to 1.92 rubles, while St. Petersburg-based TGK-1 advanced 0.9 percent. Gazprom’s shares surged 4.3 percent to 182.62 rubles by the close in Moscow.

Mosenergo will probably increase sales 11 percent to 162 billion rubles ($5.29 billion) this year, while TGK-1 may boost revenue about 26 percent to 68 billion rubles, according to an investor presentation by the Moscow-based gas producer’s Gazprom Energoholding unit, a copy of which was obtained by Bloomberg.

--Editor: Alex Nicholson

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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