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Free electricity prices up 8% and 14% in European Russia and Siberia


Following the planned fuel tariff increase on 1 July, free electricity price in European Russia jumped 14% on the same day (compared with Sunday last week) versus 15% gas price growth; in Siberia free electricity price advanced 8% (close to CPI-linked coal price inflation), as per the electricity market exchange ATS. As yet, there are no statistics available for Monday 2 July.

Statistics are only available for the first day of July, so it is too early to draw conclusions about the free electricity market trend following the fuel price increase from 2H12. The early indication is that this is a natural free electricity price reaction and the regulator has not interfered in the pricing. However, considering the downbeat price dynamic in 1H12, the full year free electricity price growth is also likely to stay downbeat.

Mikhail Rasstrigin, Alexander Seleznev
VTB Capital analyst


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