Unified Energy System's 2001 profit more than tripled as Russia's national power utility benefited from the higher prices for electricity and heat, the company said in a report published on its Web site yesterday.
Net income rose to 14.01 billion rubles ($447.5 million), from 4.51 billion rubles the previous year, in results based on Russian accounting standards, the report said.
UES's profit growth may slow in 2002 as the government has capped any increases in prices for electricity, gas and rail transport to fight consumer price increases after the inflation rate jumped to eighteen and a half percent last year, four and a half percentage points above the target.
The company produces more than seventy percent of Russia's power. Russia's electricity industry is the world's fourth largest by capacity, after the US, China and Japan.