Слайд 0 - Gazprom
Слайд 0 - Gazprom
Слайд 0 - Gazprom
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
65<br />
Italy<br />
Germany<br />
Spain<br />
Austria<br />
UK<br />
Poland<br />
Portugal<br />
Sweden<br />
France<br />
Russia<br />
Value Drivers [4/5]:<br />
Expected Price Growth<br />
Electricity prices for industrial consumers Margins: <strong>Gazprom</strong> Energoholding vs. European Top-5<br />
USD/MWh Net income margin (1)<br />
93<br />
70 - 80<br />
108<br />
128<br />
140<br />
138<br />
USD 141<br />
153<br />
152<br />
165<br />
190<br />
Russian industrial<br />
electricity price is<br />
43% below<br />
European average<br />
Source: European Energy Portal, Russian Energy Trade System Administrator, company data and analysis<br />
1. IFRS data<br />
Source: Bloomberg, company data<br />
3.0%<br />
2.9%<br />
4.3%<br />
5.9%<br />
5.7%<br />
Expected price growth<br />
will likely add up to<br />
<strong>Gazprom</strong><br />
Energoholding’s<br />
margins<br />
Russian electricity prices are >40% below European averages which implies further growth potential through gradual<br />
increase in coal and gas prices<br />
Given existing prices <strong>Gazprom</strong> Energoholding operates with margins which are in line with the top European peers<br />
<strong>Gazprom</strong> Energoholding - Investor Day 2012
Change language