【出版时间及名称】：2010年2月俄罗斯电力行业研究报告
        【作者】：VTB Capital
        【文件格式】：pdf
        【页数】：37
        【目录或简介】：

Table of Contents .............................................................................. 2
Key story of the month ....................................................................... 3
January news snapshot ..................................................................... 5
Key events monitor ............................................................................ 6
Stock performances .......................................................................... 7
Utilities kicked off the year taking the lead ...................................... 7
Price performances in selected pairs ............................................... 9
Electricity market and consumption statistics .................................. 12
Free market electricity market pricing statistics.............................. 13
Production statistics ...................................................................... 14
Consumption statistics .................................................................. 15
Appendix 1: Consensus tracker (NEW) ............................................. 16
Appendix 2: OGKs’ 1H09 performance............................................. 17
Operating results ........................................................................... 17
Financial results reveal OGK frontrunners ...................................... 17
Appendix 3: MRSKs 1H09 performance ........................................... 22
Appendix 4: Peers valuation ............................................................ 25
Figure 54: Fossil fuel generation, 2009-12F* .................................. 25
Figure 55: Fossil fuel generation, 2009-12F (continued)* ............... 26
Figure 56: Hydro generation, 2009-12F* ........................................ 27
Figure 57: Integrated utilities, 2009-12F* ...................................... 28
Figure 58: Integrated utilities, 2009-12F (continued) ..................... 29
Figure 59: Transmission grids, 2009-12F * ..................................... 30
Figure 60: Distribution grids, 2009-12F * ....................................... 31
Figure 61: Other RAB-regulated utilities, 2009-12F * ...................... 32
Figure 62: Russian grids (FSK and MRSKs), 2009-10F * .................. 33
Appendix 5: VTB Capital Indices – composition and methodology ... 34
Disclosures ..................................................................................... 35
VTB Capital — Equity rating definitions .......................................... 35