TGC-1's profit fell to the lowest since 2016 amid the cessation of deliveries abroad

Sergey Kondratiev, Principal Director on Economic Studies at the Institute for Energy and Finance, commented to the Delovoy Peterburg newspaper about the decline in TGC-1 profits.

The net profit of PJSC TGC-1 for the first 9 months of 2023 fell by 1.85 times compared to the same period last year — from 6.71 to 3.63 billion rubles, and revenue remained virtually unchanged and amounted to slightly less than 69.1 billion, follows from the company's accounting statements published on October 26.

Sergey Kondratiev calls the termination of electricity sales abroad a key factor in reducing the TGC-1 profits.

"Export deliveries were the most profitable, the united energy system of the North-West is the most affected in this regard," the expert notes.