TGC-2

Aktivs

TGK-2 is one of the largest heat and power companies in the North and North-West of Russia. The company is engaged in the production of electric and thermal energy, as well as the sale of heat (steam and hot water) to consumers. The configuration of the TGK-2 includes generating enterprises of 6 regions - Arkhangelsk, Vologda, Kostroma, Novgorod, Tver and Yaroslavl regions.

For 2012, the company manages:

• 15 CHPP,
• 11 boiler houses,
• 5 heating network enterprises (excluding leased property).

The total installed electric capacity of TGK-2 enterprises is 2532.5 MW, the installed thermal capacity is 11658.833 Gcal/h.

Performance indicators

2023: Losses - 10.73 billion rubles

Territorial Generating Company No. 2 in 2023 received 45.28 billion rubles in revenue, which is 8% more than in 2022. Net losses of the company reached 10.73 billion rubles against 85.5 million net profit in 2022. This is evidenced by data from RAS reporting, which was disclosed in early April 2024.

According to Interfax, referring to the materials of PJSC TGK-2, in 2023 the company's revenues from the sale of electricity through the wholesale electricity and capacity market (OREM) increased by 9.6% year-on-year - to 19.4 billion rubles, from sales in the retail market - by 5.8%, to 613 million rubles. Revenue from the sale of heat energy amounted to more than 23 billion rubles, an increase of 7.6% on an annualized basis.

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By the end of 2023, other revenues of TGK-2 PJSC decreased by almost 1.4 times and amounted to 1.6 billion rubles. Other expenses, on the contrary, increased 4.7 times and reached 15.36 billion rubles.

It also follows from the company's reporting that the cost of selling the company in 2023 increased by 6% (to 41.09 billion rubles), gross profit - by 35.3% (to 4.19 billion rubles). The pre-tax loss in 2023 reached 11.41 billion rubles, while in 2022 such a profit was 371.1 million rubles.

By the end of 2023, payables of TGK-2 PJSC amounted to 16.14 billion rubles against 15.69 billion rubles a year earlier. Accounts receivable decreased from 9.12 billion to 8.79 billion rubles.

As of the end of 2023, TGK-2 unites 12 thermal power plants (TPPs), 30 boiler houses and 4 heating network enterprises. The company's facilities are located in Arkhangelsk, Vologda, Kostroma, Novgorod and Yaroslavl regions, as well as in North Macedonia.

The Leninsky District Court of Yaroslavl in the summer of 2023 turned about 83.8% of the shares of TGK-2 PJSC into state revenue. ^[1]

History

2024: Transfer to Gazprom Energoholding

On October 10, 2024, it became known that the Centrenergoholding company, which is part of Gazprom Energoholding LLC, acquired the right to dispose of 83.42% of the shares of TGK-2 PJSC, having received control of significant energy assets in several regions of Russia.

According to Interfax, Tsentrenergoholding received in trust 1.23 trillion ordinary and 283.37 million preferred shares of TGK-2 owned by the state. This decision was made on the basis of the decree of Russian President Vladimir Putin, issued in July 2024.

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Freepik

The Russian government has established the term of the management contract until June 30, 2025. It is noteworthy that the agreement does not provide for remuneration and compensation for the costs of the management company. By the end of April 2025, Tsentrenergoholding is obliged to submit a financial recovery plan for TGK-2, as well as proposals for further disposal of shares.

The transfer of TGK-2 shares to the Gazprom Energoholding management was the result of the decision of the Lenin Court of Yaroslavl, adopted in the summer of 2023. The court ordered that the company's shares previously owned by various legal entities, including Kores (9.5% of the shares), Debt Agency LLC (27%), Janan Holdings Ltd. (14.5%), Litim Trading Ltd. (1.5%), Raltaka Enterprises Ltd. (7.3%) and Kostroma Kogeneratsiya Ltd. (23.59%), be turned into state revenue.

TGK-2 is a large energy holding, which includes 12 heat and power plants, 30 boiler houses and 4 heat network enterprises. The company's assets are located in the Arkhangelsk, Vologda, Kostroma, Novgorod and Yaroslavl regions of Russia, as well as in North Macedonia. The total installed capacity of TGK-2 power plants is 2.45 GW, and the thermal capacity reaches 8.8 thousand. Gcal/h.^[2]

2012: Company Mission and Strategy

The Company is going through a period of formation, consolidation, search for new ones and implementation of approved strategic solutions. OJSC "TGK-2" is confident in the chosen path and unconditional implementation of the planned plans.

The infrastructure nature of OJSC TGK-2 's activities determines the organization's mission:

Promotion of socio-economic development of regions of work through reliable and uninterrupted supply of thermal and electric energy. We work for the welfare and interests of our shareholders, consumers, employees, partners and society.

Building full-fledged relationships with its partners from the socio-economic environment on the platform of the commonality of recognized and practiced norms of behavior, business ethics and beliefs, gaining a generally recognized authority and reputation as an honest partner, worthy of trust, OJSC TGK-2 purposefully builds and maintains the achieved level of trust in the company. OJSC "TGK-2" understands that the level of trust of partners is an integral characteristic of a modern large enterprise focused on active development.

Strategic vision of TGC-2:

"We will dominate the heat markets of cities and electricity markets of regions of operation, implementing an active strategy of expanding heat markets, developing cogeneration, pursuing a balanced policy in fuel markets, building long-term partnerships with energy consumers and resource suppliers. We will increase the capital of the company by increasing the efficiency of fuel energy use, managing the value chain for the energy consumer, introducing modern production and management technologies. "

Strategic objective of JSC TGK-2:

The strategic goal of OJSC TGK-2 is to increase the investment attractiveness and capitalization of the company. This goal is fundamental in determining the strategic positions of the Company in the markets of thermal and electric energy, in relations with stakeholders (shareholders and investors, consumers, regional and local executive bodies, government regulatory and control bodies, employees, public organizations, etc.).

In order to achieve the strategic goal, OJSC TGK-2 will strive for a long-term increase in the Company's cash flows based on increasing the scale of its activities in the electric and thermal energy markets and increasing turnover, as well as building an energy-efficient economy of the enterprise and ensuring long-term profit growth within the strictly defined risk appetite of the company.

2006: Start of operations as a single company

On July 1, 2006, OJSC Territorial Generating Company No. 2 (TGK-2) began operating as a single company. The TGK-2 was joined by the Kostroma, Novgorod, Tver generating and Yaroslavl energy companies, as well as the Vologda CHPP, on May 3, 2007 - the Arkhangelsk generating company.

In 2006, Andrei Alexandrovich Wagner was appointed CEO of the company. He worked until 2009.

On September 1, 2006, new rules for the operation of wholesale and retail electricity markets came into force. In the wholesale electricity (capacity) market, as a result of the introduction of new operating rules from September 1, the transition to regulated contracts between buyers and generating companies was carried out, the free trade sector (FTC) was liquidated, the wholesale market - "day-ahead market" (RSV) was launched. By 2011, in accordance with the decision adopted by the Government of Russia on November 30, 2006, it is envisaged to gradually replace regulated contracts with free (unregulated) contracts. The rules for the functioning of retail markets imply the gradual liberalization of retail electricity markets in parallel with the liberalization of the wholesale market, while maintaining the provision of electricity to the population at regulated tariffs for the transition period.

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