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12 Feb, 2008 03:44

New Russian blue chip is born

Shares of Hydro OGK, the world's second largest hydroelectric power company, began trading on Monday on both the RTS and MICEX in Moscow. The company has recently consolidated 21 companies and 50 hydroelectric power stations.

Currently Unified Energy System owns 78% of Hydro-OGK.

Russia's largest renewable energy producer has a market capitalisation of around US$ 17 billion.

It is expected to increase its free float to around 40% by July 1. And analysts are seeing a bright future for the new blue chip.

“Hydro OGK is a kind of special company. In terms of capacity it is about three times higher than average OGK or TGK. It is the largest energy company in Russia and maybe the largest tradable renewable energy company in the world and has state support for development of renewable energy in Russia. I guess Hydro OGK has all chances to be #1 in the world in terms of size in some period of time,” commented analyst of Aton Capital Group Dmitry Scryabin.