OAO MRSK Holding, Federal Grid Co. and OAO RusHydro were among power stocks that rose after Russia’s Federal Tariff Service forecast energy demand growth through 2013.
MRSK, the country’s largest electricity distribution company, gained 5.1 percent to 1.779 rubles by the close in Moscow. Federal Grid, Russia’s monopoly for high-voltage power transmission lines, climbed 3.1 percent to 19.57 kopeks. RusHydro, Russia’s largest hydropower company, added 3.7 percent to 78.91 kopeks. OAO Inter RAO UES, the Russian state-controlled power generator and exporter, rose 3.3 percent to 2.80 kopeks.
The Federal Tariff Service forecast total energy demand growth at 2.1 percent this year and 2 percent in 2013, which beat the estimates of analysts at Alfa Bank.
The news is “positive for generating companies across the board and for the overall power sector, as demand is the fundamental factor that drives these stocks,” analysts led by Alexander Kornilov said in an e-mailed note.
MRSK, Federal Grid and RusHydro are among the worst performers on the Micex this quarter, having lost more than 26 percent.
-- Editors: Alex Nicholson, Linda Shen