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Moscow power utility Mosenergo's net profit up 86% in 2008


MOSCOW, March 25 (RIA Novosti) - Moscow's electric power utility Mosenergo said on Wednesday its net profit calculated to Russian Accounting Standards grew 86%, year-on-year, in 2008 to 1.4 billion rubles ($41.5 million).

Mosenergo, which unites 17 electric power plants with an electrical power capacity of 10,600 MW and thermal generation capacity of 39,000 MW, said its net profit increased in the reporting period largely due a cut in the effective tax rate.

Revenues climbed 21% in the reporting period to 94.8 billion rubles ($2.8 billion), Mosenergo said.

"The growth in revenues is attributable to larger electricity output, higher electricity and thermal power rates, and increased competitive pricing levels on the electric power wholesale market," Mosenergo said.

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