Bloomberg News

Gazprom Power Utilities 2011 Profit Falls on Higher Fuel Prices

February 09, 2012

Feb. 9 (Bloomberg) -- OAO Gazprom, the world’s biggest gas producer, said its power utilities’ net income under Russian accounting standards fell 13 percent to 14.9 billion rubles because of higher fuel prices and financing expenses.

Electricity output declined 1.1 percent to 173 billion kilowatt-hours in 2011 after extreme cold the previous year, OOO Gazprom Energoholding, the Russian gas producer’s power division, said today in an e-mailed statement.

Revenue rose 8.4 percent to 323.5 billion rubles ($10.8 billion) as prices for electricity and heat increased, it said.

Gazprom controls OAO Mosenergo, OAO OGK-2 and OAO TGK-1.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at

To contact the editor responsible for this story: Torrey Clark at

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