【出版时间及名称】：2010年3月俄罗斯电力行业研究报告
        【作者】：VTB capital
        【文件格式】：pdf
        【页数】：38
        【目录或简介】：

Table of Contents .............................................................................. 2
Key story of the month ....................................................................... 3
February news snapshot .................................................................... 5
Key events monitor ............................................................................ 6
Stock performances .......................................................................... 7
Utilities appeared more resilient in a fragile market ......................... 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
Valuation update ............................................................................. 16
Our ratings for OGK 3 and MRKK changed to Hold;
FSK’s TP raised 2%, Sell recommendation reiterated ..................... 16
Appendix 1: Consensus tracker ....................................................... 17
Appendix 2: OGKs’ 1H09 performance............................................. 18
Operating results ........................................................................... 18
Financial results reveal OGK frontrunners ...................................... 18
Appendix 3: MRSKs 1H09 performance ........................................... 23
Appendix 4: Peers valuation ............................................................ 26
Figure 54: Fossil fuel generation, 2009-12F* .................................. 26
Figure 55: Fossil fuel generation, 2009-12F (continued)* ............... 27
Figure 56: Hydro generation, 2009-12F* ........................................ 28
Figure 57: Integrated utilities, 2009-12F* ...................................... 29
Figure 58: Integrated utilities, 2009-12F (continued) ..................... 30
Figure 59: Transmission grids, 2009-12F * ..................................... 31
Figure 60: Distribution grids, 2009-12F * ....................................... 32
Figure 61: Other RAB-regulated utilities, 2009-12F * ...................... 33
Figure 62: Russian grids (FSK and MRSKs), 2009-10F * .................. 34
Appendix 5: VTB Capital Indices – composition and methodology ... 35
Disclosures ..................................................................................... 36
VTB Capital — Equity rating definitions .......................................... 36