Electricity consumption in Russia declined 3% YoY as of January-February and was down 7.6% YoY in February, according to System Operator monthly statistics.
The key reasons behind the substantial 7.6% YoY decline was the 6.50 °C warmer weather in February and the high base effect due to the leap year 2012 (i.e. an extra day in February). Adjusted for these two items, consumption from the economy was up 1.6% in February. Overall, we expect slightly poorer operating statistics from generation companies owing to weaker absolute numbers.
Mikhail Rasstrigin, Alexander Seleznev
VTB Capital analyst
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