Wholesale electricity price increases drive profit growth for Russian Power Generation Group
RusHydro (Russian Hydro), Russia's hydropower company, achieved a net profit of 48.4 billion rubles in the first half of 2026, up from 29.7 billion rubles during the same period last year. According to financial reports under Russian Accounting Standards (RSBU), sales profit increased by 30% year-on-year to reach 92.8 billion rubles.
As of the beginning of the year, RusHydro’s loan and credit assets grew by 10%, reaching 641.2 billion rubles—mainly due to large-scale energy projects in the Far East, which prompted significant borrowing. In its loan structure, long-term borrowings accounted for over 70%. Combined with the actual implementation of the dividend suspension policy, this helps the company manage future debt repayments.
TGC-2, an operator of several thermal power plants across European Russia: Under RSBU accounting standards, net profit reached 1.9 billion rubles in the first half of 2025, rising to 3.1 billion rubles in the same period of 2026. Electricity sales revenue on the national wholesale power market (OREM) increased from 11.1 billion rubles to 13.0 billion rubles.
Although these two companies operate in different regions and follow distinct business models, both have benefited from higher day-ahead market electricity prices. In the first half of 2026, average prices in the first pricing zone rose by 17% to 2,223 rubles per MWh; prices in the Siberian sub-region increased by 13% to 2,095 rubles per MWh; and prices in the Far Eastern sub-region rose by 6% to 3,351 rubles per MWh.
For RusHydro, another major positive factor stems from the liberalization reform of electricity pricing in the Far East: The share of hydropower generated in the region that can be sold at market-based free prices has risen from 2.5% in 2025 to 22% in 2026, and is expected to reach 100% by 2030.
Original article: toutiao.com/article/1872374705764552/
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