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2 April 2008 - Electricity producer OGK-1 posted a profit of 44.5bn rubles ($1.9bn) last year, a 240 per cent increase on 2006.
The results, calculated to Russian accounting standards, come as Unified Energy System prepares to sell off the company later this month in the biggest auction in the electricity sector this year.
"Our profit is growing due to the electricity market liberalization, and we are building up the output due to the growing demand for the electricity," OGK-1 spokeswoman Yana Dubeykovskaya said Tuesday.
She said OGK-1 raised output by 6 per cent to 50bn kWh. The Bank of Moscow forecast that OGK-1's profit would grow 13.6 per cent to international accounting standards.
Shares in OGK-1 are to expected to be auctioned off for $7bn on April 17.
The most probable buyers are Electricite de France and TransNeftServis-S, a Russian firm controlled by former UES executive Mikhail Abyzov.
OGK-1 consists of six power plants across northwest Russia with a total generating capacity of 9.5 GW. The company is one of the 20 major generating firms being sold off by UES to introduce competition to the sector and raise badly needed investment.
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