GenCo Centrenergo (CEEN) boosted 1H10 net revenue 47.6% y/y to UAH 2,710mn (US$ 341mn), including UAH 1,193mn (US$ 151mn) in the 2Q, and posted underlying 1H net income of UAH 74mn (US$ 9mn) vs. a UAH 153mn loss in 1H09. In the 2Q alone, the GenCo reported earnings of UAH 162mn (US$ 20mn). 1H EBITDA stood at UAH 130mn (US$ 16.4mn) vs. negative EBITDA in 1H09.

Alexander Paraschiy: Centrenergo’s spectacular 27% y/y increase in 1H10 electricity output (and +76% y/y in the 2Q) was the main reason for the significant bottom line improvement – a higher capacity load allowed its power plants to raise fuel efficiency. The start of Ukraine’s full-scale power exports to Belarus helped the company’s output, as two out of Centrenergo’s plants are located near the Belarusian border. That factor also positions it well to become the fastest growing among Ukraine’s 4 traded GenCos in 2010.