Listed GenCos reduce power output 17.5% yoy in 5M09

According to the National Energy Company of Ukraine, its related thermal generation companies (CEEN, DNEN, DOEN and ZAEN) together produced 18.0 TWh of electricity in 5M09, which is 3.8 TWh or 17.5% less than in 5M08. Alexander Paraschiy: The reality turned out to be a bit worse than our forecast of power production under a pessimistic scenario (18.3 TWh over 5M09) – mainly due to a drop in power production by Zakhidenergo, caused by problems with electricity exports in 2Q09. Taking into account that exports were resumed in June, we expect the drop in electricity production by GenCos in full year 2009 will be about 15%, or between our pessimistic and base-case scenario.