OREANDA-NEWS. February 11, 2010. Right after Centrenerho , two more Ukrainian GenCos, Dniproenerho and Donbasenerho , announced losses sustained in 2009 in the amount of UAH 236mn and UAH 33.6mn, respectively. As well as CEEN, both the companies showed profits in 4Q09: UAH 5.5mn for DNEN, and UAH 67mn for DOEN.

Millennium Capital has already written about the reasons for the Ukrainian GenCos losses in 2009, – such as a fall in the electricity consumption (10% y/y) and the Governmental manual mode of electricity price setting. Electricity consumption picking up in 4Q09 and electricity tariffs raises have improved the Gen Cos performance figures and give us grounds for hopes that this positive will spill over into the current year. The increase of January electricity consumption (3.3% m/m) supports our expectations. But Millennium Capital points out once again that our main expectations are related with a reform of electricity pricing.