OREANDA-NEWS. February 08, 2010. GenCo Centrenergo finished the year with losses of UAH 244mn. The low tariff on electricity generated by the Company is one of the causes of the CEEN losses, stated Sergey Popov, CEO of the Company.

Millennium Capital: GenCos became hostages of the governments’ way of managing everything in the manual mode. A lot of campaigns seeking to help certain industries at the expense of the other industries led to an increase in the coal prices, while freezing the electricity tariffs, as the case is with GenCos. This fact and the plummeting electricity consumption caused by the current crises have led to the negative performance results of the GenCos. Despite a slight improvement of the situation in 4Q09, Millennium Capital does not expect any significant changes in the industry, unless the industry passes over to market economy operating conditions.