Information Unit (part of the investment holding company “Finam”) held a conference on “Energy Sector 2010: The new fees and the old facilities.” Its participants predict that despite the low dynamic power consumption in Russia, the growth of value of the shares of energy companies will continue. Favorite analysts - network segment.

In 2010, Russia is not expected to significantly increase energy consumption. “According to our estimates, the consumption growth in the coming year will not exceed 2%. The greatest dynamics can show the Urals. About the company says is difficult, because the payoff is determined not only that but also the management, whose role will increase markedly in the face of continued liberalization. A typical example — WGC-4 “, which could even against the backdrop of falling energy consumption in 2009 to increase revenue. Effectiveness - this is important” - said an analyst with SG KIT Finance Alexei Serov.

Experts suggest preservation of the volume of investment programs of energy companies. “Possible revision of the parameters of projects, but in absolute terms (in capacity), a significant reduction is expected. So long as there is no reason to fear that the electricity will not have time for increased production /consumption,” - said an analyst at Finam Denis Kruglov. “More probable transfers of certain items at a later date,” - supplemented his analyst Veles Capital “Oleg Zotikov.

to favorable industry growth rates, but it can stimulate the development of non-payment problems. However, analysts do not predict a sharp aggravation of the situation in this area. “We need to take into account that the regulated tariffs in the next year will be sold at an average of 30% of the electricity, the rest - the free market. The risk of non-payment of energy is always there, but if the network or generating company on good terms with the sale, you can always use a strong weapon - disable “, - says the analyst of Bank of Moscow, Ivan Rubinov. His role and actions of regulatory nature. “NP” The market “has developed a mechanism of deprivation retailing company status of a supplier, developed a new method of financial transactions. There was also information on the possible introduction of 100% of tariff regulation in the North Caucasus, as well as non-payments reach the maximum values in this region,” - recalled Mr. Kruglov.

Mr. Rubinov predicts that, despite the rally in 2009, this year the shares of electricity companies are able to continue its growth: “The increase can be justified not only economic conditions - see how much energy has fallen in 2008. growth in value, we expect, but within 20-30%. In FSK in the next year until the news is not expected to IDC main driver of growth - the size of RAB and the period of transition, in generating companies - the launch of the market power and spot-prices. ”

Head of shares of IFD Kapital “Konstantin Gulyaev believes that the leaders of growth can be networked companies, advising investors to pay attention to the” IDC Holding “,” IDC Center, IDC Center and Volga Region “,” MRSC Volga ” “MRSC of Urals”, Grid and Lenenergo. In addition, the expert notes that at current price levels are attractive stocks RusHydro. However, for investors focused on dividenbfdd yield, energy is not of particular interest. According to Mr. Rubinov expect any significant benefits can only be from the sales companies. “In marketing you can not guess, but in principle, most likely, they will only pay” - agrees Mr. Serov.

Department of Public Relations and Media Investment Holding Finam.
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