Research and Markets: Ukrainian Thermal Energy Generation Report States That Five Listed Generators Are Controlled By State - Privatization, Expected In 2009-2010

Research and Markets (http://www.researchandmarkets.com/research/ea1f15/ukrainian_thermal) has announced the addition of the "Ukrainian Thermal Energy Generation" report to their offering.

The five publicly traded thermal power generation companies account for 1/3 of electricity production in Ukraine. Thermal generation will carry all the country's power demand growth: the only alternative, nuclear power plants, are close to full capacity load.

The profitability of Ukrainian thermal power generation is one of the lowest in the world, but we expect improvement with demand for thermal electricity increasing in the next couple of years. Five listed generators are controlled by state - privatization, expected in 2009-2010, would be a catalyst for the stocks.

We see three main drivers in the wings that are poised to push GenCos EBITDA up by more than tenfold in the next decade: privatization (most probable in 2010), a sharp rise in demand for thermal electricity (after 2010) and wholesale electricity market liberalization (2010-1012). We forecast EBITDA margins will start accelerating in 2011 and approach xx% by 2016.

To widen the set of tools to value Thermal power generation stocks, we employ DCF modeling, valuation by comparable deals in Russia and an asset-based approach. With inherent drawbacks in each of the methods, we do not rely on a single approach.

Key Topics Covered:

• Investment thesis
• Stock market
• L-T outlook: Energy balance is beneficial for TPPs
• S-T outlook: Over-regulation will persist
• Financials: costs will boost profits
• Corporate events
• Valuation
• Company profiles
• Appendices
• Analyst certification
• GenCos target history

Companies Mentioned:

Centerenergo, Dniproenergo, Donbasenergo, Zakhidenergo, Vostokenergo, DTEK, Kyivenergo, Kharkiv CHPP, OGK, Boralex ; Drax Group ; International Power; NRG Energy; Electric Power Development Company ; Electricity Generating Public Company; China Power International Development ; Datang International Power Generation; Huadian Power International ; Huaneng Power International ; NTPC ; OGK-1; OGK-2; OGK-3; OGK-4; OGK-5; OGK-6; Gazprom; Norilsk Nickel; E.ON; Enel; Gazprom

For more information visit http://www.researchandmarkets.com/research/ea1f15/ukrainian_thermal.