Enel OGK-5 Boosts 2011 Profit 34% on Price; Misses Estimates

OAO Enel OGK-5, the Russian utility controlled by Italy’s Enel SpA, boosted profit 34 percent last year, missing analyst estimates, after expanding plants and benefiting from an increase in free-market power prices.

Net income climbed to 4.96 billion rubles ($168 million) from about 3.7 billion a year earlier, according to an e-mailed statement from Enel OGK-5. That missed an average estimated of 7.1 billion rubles from 11 analysts surveyed by Bloomberg.

Operating revenue rose 14 percent to 60.1 billion rubles, Enel OGK-5 said. Market prices increased by 11 percent in European Russia compared with 2010, the utility said.