Source Pravda.Ru

Mosenergo Reports 2001 Profit

Mosenergo, the company that supplies electricity and heat to the Russian capital, reported a 2001 profit from a net loss the year before as higher state, regulated prices boosted revenue, the Moscow based Renaissance Capital have said.

Mosenergo's net income was $9 million from a loss of $3 million in 2000, in results prepared to US generally accepted accounting principles, Renaissance said. Revenue rose by about one third to $1.49 billion, after the government let Mosenergo raise prices and electricity consumption increased, Renaissance said.

Mosenergo said it is urging the Moscow authorities to raise energy price caps as 2002 profit will fall if government- controlled electricity bills are kept at current levels.