Kazakh electric company returns to profitability
January 12. Central Asia Newswire
Profits of Kazakhstan’s main power distributor bounced back into the black last year on the back of renewed demand.
Production of electricity at Kazakhstan Electricity Grid Operating Company (KEGOC) rose by five percent in 2010 to help give a profit of $39 million.
The state-owned company registered a loss of $30.5 million in 2009.
“Financial performance of the company is stable. The development of the country’s economy promoted it. Last year … we exceeded our plan twofold,” the Kazakh-based Gazeta news agency Wednesday cited KEGOC Chairman Almassadam Satkaliyev telling a press conference.
The results corresponded to an expanding economy shaking off the effects of the global financial crises that forced growth down to just 1.2 percent in 2009.
Central Asia’s largest economy grew by around 7 percent GDP in 2010, according to statistics released this week by the Central Bank.
Electricity production was up 4.9 percent above the level of 2009, while consumption grew by 7.4 percent over 2009, Satkaliyev said.
At the same time, the company increased the reliability of the nation’s electricity grids, the KEGOC chief said, citing a statistic indicating the firm had reduced power outages by 11 percent last year.
The company plans a $3.4 billion expansion through 2025, the Bloomberg news agency Wednesday cited Marat Mukhamedsaliyev, a spokesman for the Astana-based operator, as saying, and may borrow some funds from the European Bank for Reconstruction and Development (EBRD) for the expansion.