OREANDA-NEWS. TGK-1, a St. Petersburg power company, said net profit was 598 million rubles ($23 million) last year, 2,5 times more than the utility expected.

Sales were 20,5 billion rubles under Russian accounting standards, TGK-1 said Wednesday in a statement. The utility began operating on Oct. 1, 2005. TGK-1, in which Finland's Fortum owns 25,7 percent, produced 23,2 billion kilowatt hours of electricity in 2006, the utility said.