Ukraine cuts electricity exports 31% yoy in 1H08

According to the Ministry of Fuel and Energy, Ukrainian electricity exports dropped by 1.65 TWh (31% yoy) in 1H08.

Electricity export, GWh
——————————
           1H08   1H07  yoy, %
Hungary   1,488  1,555      -4
Romania    64      242       -73
Slovakia    475     101       372
Poland      247     444       -44
UCTE      2,275    2,341      -3
Moldova   1,405   1,355       4
Belarus       0       686      -100
Russia        0       951       -100
CIS         1,405   2,992     -53
Total       3,679   5,333     -31
——————————

Source: Ministry of Fuel and Energy

Alexander Paraschiy: The reason for the reduction in exports was the large comparison base: in 1H07, Ukraine exported electricity to Russia and Belarus, but stopped in mid-2007. Additionally, over late 2007-1Q08, Ukraine did not export power to Poland. With a reduced comparison base in the next half of the year, we forecast Ukraine will raise exports to the CIS by 3% yoy and to the UCTE by 12% yoy in 2H08. We stick to our previous forecast of a 15% yoy export reduction in FY08.