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UES profits slide: tariff controls blamed

UES profits slide: tariff controls blamed
Power monopoly Unified Energy Systems (UES) reported profits down 43 per cent last year, blaming state-fixed tariffs not meeting rising costs. Net profits to international accounting standards slid to $509 million, against more than $850 million the year

Operating costs rose  16 per cent.

Industry-watchers cautioned results might blur the picture of UES performance. Financials might be distorted by restructuring designed to liberalise Russia’s power market, they said.